Robust Q2, AET expected to close in Q3/early Q4
CVS reported a robust Q2, with revenues beating in both segments. Within retail pharmacy, script volumes grew +9.5%, driving an overall comp beat (+5.9% vs. +5.4%). Operating margins were broadly in-line, with adj. EPS coming in ~5% ahead. FY op profit guidance was narrowed (same mid-point), while the low-end of EPS guidance was raised $0.11, with the range now above consensus. The AET deal is expected to close in Q3 or early Q4. Overall, a robust quarter, although a $3.9bn non-cash goodwill impairment charge indicates the on-going challenges within long-term care (LTC).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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