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CVS Caremark Reports Record Second Quarter Results
Date:8/5/2014

WOONSOCKET, R.I., Aug. 5, 2014 /PRNewswire/ -- 

Second Quarter Year-over-year Highlights:

  • Net revenues increased 10.7% to approximately $34.6 billion
  • Operating profit increased 11.9% to approximately $2.2 billion
  • Adjusted EPS increased 16.5% to $1.13, while GAAP diluted EPS from continuing operations increased 16.7% to $1.06
  • Year-to-date Highlights:

  • Generated free cash flow of $2.2 billion
  • Cash flow from operations of $3.1 billion
  • 2014 Guidance:

  • Full-year Adjusted EPS range raised and narrowed to $4.43 to $4.51, up from $4.36 to $4.50
  • GAAP diluted EPS from continuing operations range raised and narrowed to $4.16 to $4.24, up from $4.09 to $4.23
  • Provided third quarter Adjusted EPS guidance of $1.11 to $1.14 and GAAP diluted EPS from continuing operations guidance of $1.04 to $1.07
  • Full year free cash flow range confirmed at $5.5 to $5.8 billion; cash flow from operations raised to $7.2 to $7.5 billion, up from $7.0 to $7.3 billion
  • CVS Caremark Corporation (NYSE: CVS) today announced operating results for the three months ended June 30, 2014.

    RevenuesNet revenues for the three months ended June 30, 2014, increased 10.7%, or approximately $3.4 billion, to $34.6 billion compared to the three months ended June 30, 2013.

    Revenues in the Pharmacy Services Segment increased 16.2%, or $3.0 billion, to $21.8 billion in the three months ended June 30, 2014. The increase was driven by net new business, growth in specialty pharmacy including the acquisition of Coram and the impact of Specialty Connect®, drug inflation and product mix, partially offset by an increase in generic dispensing. Pharmacy network claims processed during the three months ended June 30, 2014 increased 2.2% to 210.4 million compared to 205.9 million in the prior year. The increase in the pharmacy network claim volume was primarily due to net new business, partially offset by a decrease in Medicare Part D claims. Mail choice claims processed during the three months ended June 30, 2014 decreased 1.0% to 20.5 million, compared to 20.7 million in the prior year. The decrease in mail choice claims was driven by a decline in traditional mail volumes, which was partially offset by growth in our Maintenance Choice program.

    Revenues in the Retail Pharmacy Segment increased 4.5%, or $732 million, to $16.9 billion in the three months ended June 30, 2014. Same store sales increased 3.3% versus the second quarter of last year, with pharmacy same store sales up 5.0% and front store same store sales down 0.4%. Pharmacy same store prescription volumes rose 3.9% on a 30-day equivalent basis. Front store same store sales were positively impacted by approximately 80 basis points from the shift of the Easter holiday from March in 2013 to April in 2014. Front store same store sales were negatively impacted by softer customer traffic, partially offset by an increase in basket size. In addition, front store same store sales would have been approximately 110 basis points higher if tobacco and the estimated associated basket sales were excluded. Pharmacy same store sales were negatively impacted by approximately 160 basis points from recent generic drug introductions and by approximately 130 basis points from the implementation of Specialty Connect. The implementation of Specialty Connect had a greater effect on revenues than prescription volumes due to the higher dollar value of specialty products.

    Specialty Connect integrates the Company's mail and retail capabilities, providing members with the choice to bring their specialty prescriptions to any CVS/pharmacy® location. Whether submitted through our mail order pharmacy or at CVS/pharmacy, all prescriptions are filled through the Company's specialty mail order pharmacies, so all revenue from this specialty prescription services program is recorded within the Pharmacy Services Segment. Members then can choose to pick up their medication at their local CVS/pharmacy or have it sent to their home through the mail.

    For the three months ended June 30, 2014, the generic dispensing rate increased approximately 180 basis points in the Pharmacy Services Segment, to 82.4%, and approximately 160 basis points in the Retail Pharmacy Segment, to 83.5%, compared to the prior year.

    Net IncomeNet income for the three months ended June 30, 2014, increased 10.9%, or approximately $122 million, to $1.2 billion, compared with approximately $1.1 billion during the three months ended June 30, 2013. The Pharmacy Services and Retail Pharmacy segments both benefited from the impact of increased generic drugs dispensed and, consistent with our guidance, from the State of California's finalization of Medicaid reimbursement rates relative to our historic rate estimates. The Pharmacy Services Segment was positively impacted by growth in specialty pharmacy and favorable purchasing economics. The Retail Pharmacy Segment was positively impacted by increased sales and an improved margin rate, partially offset by incremental store operating costs associated with operating more stores. Adjusted earnings per share (Adjusted EPS) for the three months ended June 30, 2014 and 2013, was $1.13 and $0.97, respectively, an increase of 16.5%. Adjusted EPS in the three months ended June 30, 2014 excludes $133 million and $124 million in 2014 and 2013, respectively, of intangible asset amortization related to acquisition activity. GAAP earnings per diluted share for the three months ended June 30, 2014 and 2013, was $1.06 and $0.91, respectively, an increase of 16.7%.

    President and Chief Executive Officer Larry Merlo stated, "I'm extremely pleased with our strong performance this quarter. With Adjusted EPS increasing 16.5%, we came in two cents above the high end of our expectations. This was fueled by solid results across the enterprise, as both the PBM and retail businesses exceeded revenue expectations while delivering strong gross margins. Operating profit in the PBM increased 30%, exceeding expectations, while operating profit in the retail business grew 6.5%, at the high end of our expectations." Mr. Merlo continued, "Additionally, we have generated significant free cash flow through the first half of this year. Between dividends and share repurchases, we have returned $2.6 billion to our shareholders year-to-date, and remain on track to achieve our goal of returning more than $5 billion in 2014."

    GuidanceThe Company raised and narrowed its earnings guidance range for the full year 2014. The Company now expects to deliver Adjusted EPS of $4.43 to $4.51, up from $4.36 to $4.50. GAAP diluted EPS from continuing operations was raised to $4.16 to $4.24, up from $4.09 to $4.23. The Company continues to expect to deliver 2014 free cash flow of $5.5 billion to $5.8 billion, while the 2014 cash flow from operations range was raised to $7.2 billion to $7.5 billion, up from $7.0 to $7.3 billion. The Company expects to deliver Adjusted EPS of $1.11 to $1.14 and GAAP diluted EPS from continuing operations of $1.04 to $1.07 in the third quarter of 2014.

    Real Estate ProgramDuring the three months ended June 30, 2014, the Company opened 34 new retail drugstores and closed four retail drugstores. In addition, the Company relocated eight retail drugstores. As of June 30, 2014, the Company operated 7,859 locations in 47 states, the District of Columbia, Puerto Rico and Brazil. These locations included 7,705 retail drugstores, 860 health care clinics, 17 onsite pharmacies, 24 retail specialty pharmacy stores, 11 specialty mail order pharmacies, four mail service dispensing pharmacies, and 84 branches and six centers of excellence for infusion and enteral services.

    Teleconference and WebcastThe Company will be holding a conference call today for the investment community at 8:30 am (EDT) to discuss its quarterly results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Caremark website at http://info.cvscaremark.com/investors. This webcast will be archived and available on the website for a one-year period following the conference call.

    About the CompanyCVS Caremark is dedicated to helping people on their path to better health as the largest integrated pharmacy company in the United States. Through the Company's more than 7,700 retail pharmacy stores; its leading pharmacy benefit manager serving nearly 65 million plan members; and its retail health clinic system, the largest in the nation with more than 860 MinuteClinic® locations, it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. As a pharmacy innovation company, CVS Caremark continually strives to improve health and lower costs by developing new approaches such as its unique Pharmacy Advisor® program that helps people with chronic diseases such as diabetes obtain and stay on their medications. Find more information about CVS Caremark at http://info.cvscaremark.com/.

    Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the federal securities laws. By their nature, all forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2013 and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Quarterly Report on Form 10-Q.

     

     CVS CAREMARK CORPORATIONCondensed Consolidated Statements of Income(Unaudited)Three Months EndedJune 30,Six Months EndedJune 30,In millions, except per share amounts2014201320142013Net revenues$

    34,602$

    31,248$

    67,291$

    61,999Cost of revenues28,27825,40755,02550,581Gross profit6,3245,84112,26611,418Operating expenses4,1163,8698,0347,752Operating profit2,2081,9724,2323,666Interest expense, net158126316252Income before income tax provision2,0501,8463,9163,414Income tax provision8047211,5411,335Income from continuing operations1,2461,1252,3752,079Loss from discontinued operations, net of tax(1)(1)Net income$

    1,246$

    1,124$

    2,375$

    2,078Basic earnings per share:Income from continuing operations$

    1.07$

    0.92$

    2.03$

    1.69Loss from discontinued operations$

    $

    $

    $

    Net income$

    1.07$

    0.92$

    2.03$

    1.69Weighted average basic shares outstanding1,1651,2271,1721,230Diluted earnings per share:Income from continuing operations$

    1.06$

    0.91$

    2.01$

    1.68Loss from discontinued operations$

    $

    $

    $

    Net income$

    1.06$

    0.91$

    2.01$

    1.68Weighted average diluted shares outstanding1,1741,2361,1821,238Dividends declared per share$

    0.275$

    0.225$

    0.550$

    0.450 

     CVS CAREMARK CORPORATIONCondensed Consolidated Balance Sheets(Unaudited)June 30,December 31,In millions, except per share amounts20142013Assets:Cash and cash equivalents$

    1,612$

    4,089Short-term investments10088Accounts receivable, net9,5338,729Inventories11,36011,045Deferred income taxes979902Other current assets554472Total current assets24,13825,325Property and equipment, net8,8208,615Goodwill28,12626,542Intangible assets, net9,9069,529Other assets1,6031,515Total assets$

    72,593$

    71,526Liabilities:Accounts payable$

    5,780$

    5,548Claims and discounts payable4,9184,548Accrued expenses4,8124,768Current portion of long-term debt1,119561Total current liabilities16,62915,425Long-term debt12,25212,841Deferred income taxes4,0913,901Other long-term liabilities1,4891,421Commitments and contingenciesShareholders' equity:CVS Caremark shareholders' equity:Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstandingCommon stock, par value $0.01: 3,200 shares authorized; 1,688 shares issued and 1,160shares outstanding at June 30, 2014 and 1,680 shares issued and 1,180 sharesoutstanding at December 31, 20131717Treasury stock, at cost: 527 shares at June 30, 2014 and 500 shares at December 31,2013(22,131)(20,169)Shares held in trust: 1 share at June 30, 2014 and December 31, 2013(31)(31)Capital surplus30,18629,777Retained earnings30,22128,493Accumulated other comprehensive income (loss)(132)(149)Total CVS Caremark shareholders' equity38,13037,938Noncontrolling interest2Total shareholders' equity38,13237,938Total liabilities and shareholders' equity$

    72,593$

    71,526 

     CVS CAREMARK CORPORATIONCondensed Consolidated Statements of Cash Flows(Unaudited)Six Months EndedJune 30,In millions20142013Cash flows from operating activities:Cash receipts from customers$

    62,932$

    56,446Cash paid for inventory and prescriptions dispensed by retail network pharmacies(50,268)(44,657)Cash paid to other suppliers and employees(7,787)(7,452)Interest received62Interest paid(331)(267)Income taxes paid(1,483)(1,530)Net cash provided by operating activities3,0692,542Cash flows from investing activities:Purchases of property and equipment(891)(804)Proceeds from sale-leaseback transactions5Proceeds from sale of property and equipment711Acquisitions (net of cash acquired) and other investments(2,248)(300)Purchase of available-for-sale investments(161)Sale or maturity of available-for-sale investments103Net cash used in investing activities(3,185)(1,093)Cash flows from financing activities:Decrease in short-term debt(690)Repayments of long-term debt(41)Dividends paid(647)(553)Proceeds from exercise of stock options266309Excess tax benefits from stock-based compensation6534Repurchase of common stock(2,001)(748)Net cash used in financing activities(2,358)(1,648)Effect of exchange rates on cash(3)(2)Net decrease in cash and cash equivalents(2,477)(201)Cash and cash equivalents at the beginning of the period4,0891,375Cash and cash equivalents at the end of the period$

    1,612$

    1,174Reconciliation of net income to net cash provided by operating activities:Net income$

    2,375$

    2,078Adjustments required to reconcile net income to net cash provided by operating activities:Depreciation and amortization965951Stock-based compensation7766Deferred income taxes and other non-cash items4482Change in operating assets and liabilities, net of effects of acquisitions:Accounts receivable, net(584)(575)Inventories(235)192Other current assets(74)165Other assets(23)(138)Accounts payable and claims and discounts payable52198Accrued expenses33(401)Other long-term liabilities(30)24Net cash provided by operating activities$

    3,069$

    2,542 

    Adjusted Earnings Per Share
    (Unaudited)For internal comparisons, management finds it useful to assess year-over-year performance by adjusting diluted earnings per share for amortization, which primarily relates to acquisition activities.

    The Company defines adjusted earnings per share as income before income tax provision plus amortization, less adjusted income tax provision, divided by the weighted average diluted shares outstanding.

    The following is a reconciliation of income before income tax provision to adjusted earnings per share:Three Months EndedJune 30,Six Months EndedJune 30,In millions, except per share amounts2014201320142013Income before income tax provision$

    2,050$

    1,846$

    3,916$

    3,414Amortization133124264246Adjusted income before income tax provision2,1831,9704,1803,660Adjusted income tax provision(1)8567701,6451,432Adjusted net income$

    1,327$

    1,200$

    2,535$

    2,228Weighted average diluted shares outstanding1,1741,2361,1821,238Adjusted earnings per share$

    1.13$

    0.97$

    2.15$

    1.80(1) The adjusted income tax provision is computed using the effective income tax rate computed from the condensed consolidated statement of income. 

    Free Cash Flow
    (Unaudited)The Company defines free cash flow as net cash provided by operating activities less net additions to properties and equipment (i.e., additions to property and equipment plus proceeds from sale-leaseback transactions).

    The following is a reconciliation of net cash provided by operating activities to free cash flow:Six Months EndedJune 30,In millions20142013Net cash provided by operating activities$

    3,069$

    2,542Subtract: Additions to property and equipment(891)(804)Add: Proceeds from sale-leaseback transactions5Free cash flow$

    2,183$

    1,738 

    Supplemental Information
    (Unaudited)The Company evaluates its Pharmacy Services and Retail Pharmacy Segment performance based on net revenue, gross profit and operating profit before the effect of nonrecurring charges and gains and certain intersegment activities. The Company evaluates the performance of its Corporate Segment based on operating expenses before the effect of nonrecurring charges and gains and certain intersegment activities. The following is a reconciliation of the Company's segments to the accompanying consolidated financial statements:

     

    In millionsPharmacyServicesSegment(1)RetailPharmacySegmentCorporateSegmentIntersegmentEliminations(2)ConsolidatedTotalsThree Months EndedJune 30, 2014:Net revenues$

    21,836$

    16,871$

    $

    (4,105)$

    34,602Gross profit1,1955,299(170)6,324Operating profit (loss)8781,705(205)(170)2,208June 30, 2013:Net revenues18,80016,139(3,691)31,248Gross profit9635,005(127)5,841Operating profit (loss)6751,600(176)(127)1,972Six Months EndedJune 30, 2014:Net revenues42,03133,351(8,091)67,291Gross profit2,12910,483(346)12,266Operating profit (loss)1,5183,455(395)(346)4,232June 30, 2013:Net revenues37,11132,179(7,291)61,999Gross profit1,7319,952(265)11,418Operating profit (loss)1,1743,132(375)(265)3,666Total Assets:June 30, 201441,18930,8031,790(1,189)72,593December 31, 201338,34330,1914,420(1,428)71,526Goodwill:June 30, 201421,2336,89328,126December 31, 201319,6586,88426,542(1) Net revenues of the Pharmacy Services Segment includes approximately $2.0 billion of retail co-payments for the three months ended both June 30, 2014 and 2013, as well as $4.2 billion of retail co-payments for the six months ended both June 30, 2014 and 2013.(2) Intersegment eliminations relate to two types of transaction: (i) Intersegment revenues that occur when Pharmacy Services Segment customers use Retail Pharmacy Segment stores to purchase covered products. When this occurs, both the Pharmacy Services and Retail Pharmacy segments record the revenue on a stand-alone basis, and (ii) Intersegment revenues, gross profit and operating profit that occur when Pharmacy Services Segment customers, through the Company's intersegment activities (such as the Maintenance Choice® program), elect to pick up their maintenance prescriptions at Retail Pharmacy Segment stores instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail Pharmacy segments record the revenue, gross profit and operating profit on a standalone basis. The following amounts are eliminated in consolidation in connection with the intersegment activity described in item (ii) above: net revenues of $1.2 billion and $1.1 billion for the three months ended June 30, 2014 and 2013, respectively, and $2.3 billion and $2.0 billion for the six months ended June 30, 2014 and 2013, respectively; and gross profit and operating profit of $170 million and $127 million for the three months ended June 30, 2014 and 2013, respectively, and $346 million and $265 million for the six months ended June 30, 2014 and 2013, respectively. 

    Supplemental Information
    (Unaudited)Pharmacy Services SegmentThe following table summarizes the Pharmacy Services Segment's performance for the respective periods:Three Months EndedJune 30,Six Months EndedJune 30,In millions2014201320142013Net revenues$

    21,836$

    18,800$

    42,031$

    37,111Gross profit1,1959632,1291,731Gross profit % of net revenues5.5

    %5.1

    %5.1

    %4.7

    %Operating expenses317288611557Operating expense % of net revenues1.5

    %1.5

    %1.5

    %1.5

    %Operating profit8786751,5181,174Operating profit % of net revenues4.0

    %3.6

    %3.6

    %3.2

    %Net revenues(1)(4):Mail choice(2)$

    7,753$

    6,036$

    14,587$

    11,905Pharmacy network(3)14,02512,70927,32725,100Other5855117105Pharmacy claims processed(1):Total230.9226.6458.7454.3Mail choice(2)20.520.740.341.3Pharmacy network(3)210.4205.9418.4413.0Generic dispensing rate(1):Total82.4

    %80.7

    %82.0

    %80.6

    %Mail choice(2)74.6

    %75.8

    %72.5

    %75.6

    %Pharmacy network(3)83.2

    %81.1

    %83.0

    %81.0

    %Mail choice penetration rate21.6

    %22.4

    %21.4

    %22.3

    %(1) Pharmacy network net revenues, claims processed and generic dispensing rates do not include Maintenance Choice, which are included within

    the mail choice category.(2) Mail choice is defined as claims filled at a Pharmacy Services mail facility, which include specialty mail claims, as well as 90-day claims filled at

    retail under the Maintenance Choice program.(3) Pharmacy network is defined as claims filled at retail pharmacies, including our retail drugstores, but excluding Maintenance Choice activity.(4) In May 2014, the Company implemented Specialty Connect, which integrates the Company's mail and retail capabilities, providing members with

    the choice to bring their specialty prescriptions to any CVS/pharmacy location. Whether submitted through our mail order pharmacy or at

    CVS/pharmacy, all prescriptions are filled through the Company's specialty mail order pharmacies, so all revenue from this specialty prescription

    services program is recorded within the Pharmacy Services Segment. Members then can choose to pick up their medication at their local

    CVS/pharmacy or have it sent to their home through the mail. 

    Supplemental Information
    (Unaudited)Retail Pharmacy SegmentThe following table summarizes the Retail Pharmacy Segment's performance for the respective periods:Three Months EndedJune 30,Six Months EndedJune 30,In millions2014201320142013Net revenues$

    16,871$

    16,139$

    33,351$

    32,179Gross profit5,2995,00510,4839,952Gross profit % of net revenues31.4

    %31.0

    %31.4

    %30.9

    %Operating expenses3,5943,4047,0286,819Operating expense % of net revenues21.3

    %21.1

    %21.1

    %21.2

    %Operating profit1,7051,6003,4553,132Operating profit % of net revenues10.1

    %9.9

    %10.4

    %9.7

    %Retail prescriptions filled (90 Day = 3 Rx) (1)230.3219.7457.4440.1Net revenue increase:Total4.5

    %2.0

    %3.6

    %1.1

    %Pharmacy5.4

    %2.4

    %4.8

    %0.6

    %Front store1.1

    %1.1

    %(0.6)

    %2.1

    %Total prescription volume (90 Day = 3 Rx) (1)4.8

    %5.9

    %3.8

    %5.7

    %Same store increase (decrease)(2):Total sales3.3

    %0.5

    %2.4

    %(0.4)

    %Pharmacy sales5.0

    %1.0

    %4.4

    %(0.8)

    %Front store sales(0.4)

    %(0.4)

    %(2.1)

    %0.5

    %Prescription volume (90 Day = 3 Rx) (1)3.9

    %5.0

    %3.0

    %4.8

    %Generic dispensing rate83.5

    %81.9

    %83.2

    %81.6

    %Pharmacy % of total revenues69.6

    %69.1

    %69.8

    %69.0

    %Third party % of pharmacy revenue98.7

    %97.8

    %98.5

    %97.8

    %(1) Includes the adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these

    prescriptions include approximately three times the amount of product days supplied compared to a normal 30-day prescription.(2) Same store sales exclude revenues from MinuteClinic and stores in Brazil. 

    Adjusted Earnings Per Share Guidance
    (Unaudited)The following reconciliation of estimated income before income tax provision to estimated adjusted earnings per share contains forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2013 and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Quarterly Report on Form 10-Q. For internal comparisons, management finds it useful to assess year-over-year performance by adjusting diluted earnings per share for amortization, which primarily relates to acquisition activities.

     

    In millions, except per share amountsYear EndingDecember 31, 2014Income before income tax provision$

    8,041$

    8,178Amortization518520Adjusted income before income tax provision8,5598,698Adjusted income tax provision3,3713,422Adjusted income from continuing operations$

    5,188$

    5,276Weighted average diluted shares outstanding1,1721,170Adjusted earnings per share from continuing operations$

    4.43$

    4.51In millions, except per share amountsThree Months EndingSeptember 30, 2014Income before income tax provision$

    2,007$

    2,064Amortization125127Adjusted income before income tax provision2,1322,191Adjusted income tax provision841863Adjusted income from continuing operations$

    1,291$

    1,328Weighted average diluted shares outstanding1,1681,167Adjusted earnings per share from continuing operations$

    1.11$

    1.14 

    Free Cash Flow Guidance
    (Unaudited)The following reconciliation of net cash provided by operating activities to free cash flow contains forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2013 and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Quarterly Report on Form 10-Q. For internal comparisons, management finds it useful to assess year-over-year cash flow performance by adjusting cash provided by operating activities, by capital expenditures and proceeds from sale-leaseback transactions.

    In millionsYear EndingDecember 31, 2014Net cash provided by operating activities$

    7,150$

    7,450Subtract: Additions to property and equipment(2,300)(2,200)Add: Proceeds from sale-leaseback transactions600500Free cash flow$

    5,450$

    5,750 

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