A good start to FY18
CVS reported a strong Q1, particularly within the retail business, as the company starts to benefit from recent partnerships, with script volumes up +8.5%, at the high-end of guidance. The PBM was more in-line with expectations, but EPS was still $0.07 ahead. FY guidance was reaffirmed for operating profit growth, while FY EPS guidance was introduced. While we are unsure what consensus assumes, the guidance range adj. for AET costs brackets our forecast. CVS continues to expect AET to close in H2. A solid start to FY18.CVS Health is a health company. The company's segments are: Pharmacy Services, which provides a range of pharmacy benefit management solutions, including plan design offerings and administration, formulary management, and retail pharmacy network management services; Retail/Long-Term Care (LTC), which sells prescription drugs and general merchandise, including over-the-counter drugs, provides health care services through its MinuteClinic? walk-in medical clinics and conducts LTC pharmacy operations; and Health Care Benefits, which provides a range of voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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