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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to_________

Commission File Number: 001-01011

cvshealtha39.jpg
CVS HEALTH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware05-0494040
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One CVS Drive,Woonsocket, Rhode Island02895
 (Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:     
(401)765-1500
Former name, former address and former fiscal year, if changed since last report:
N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of July 31, 2024, the registrant had 1,257,979,270 shares of common stock issued and outstanding.







Part I.Financial Information

Item 1.Financial Statements

Index to Condensed Consolidated Financial Statements
Page
Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2024 and 2023
Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended June 30, 2024 and 2023 and the three months ended March 31, 2024 and 2023
Notes to Condensed Consolidated Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm


1

CVS Health Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
In millions, except per share amounts2024202320242023
Revenues:
Products$56,212 $60,539 $109,936 $118,686 
Premiums30,667 25,108 61,058 49,460 
Services3,961 3,000 7,829 5,445 
Net investment income394 274 848 608 
Total revenues91,234 88,921 179,671 174,199 
Operating costs:
Cost of products sold49,998 53,536 98,071 104,991 
Health care costs27,853 21,782 55,656 42,230 
Operating expenses10,338 9,873 20,628 19,453 
Restructuring charge
 496  496 
Loss on assets held for sale   349 
Total operating costs88,189 85,687 174,355 167,519 
Operating income
3,045 3,234 5,316 6,680 
Interest expense732 686 1,448 1,275 
Other income(24)(22)(49)(44)
Income before income tax provision
2,337 2,570 3,917 5,449 
Income tax provision
569 656 1,025 1,393 
Net income
1,768 1,914 2,892 4,056 
Net (income) loss attributable to noncontrolling interests
2 (13)(9)(19)
Net income attributable to CVS Health$1,770 $1,901 $2,883 $4,037 
Net income per share attributable to CVS Health:
Basic$1.41 $1.48 $2.29 $3.15 
Diluted$1.41 $1.48 $2.28 $3.13 
Weighted average shares outstanding:
Basic1,256 1,283 1,258 1,283 
Diluted1,259 1,287 1,263 1,289 
Dividends declared per share$0.665 $0.605 $1.33 $1.21 
See accompanying notes to condensed consolidated financial statements (unaudited).
2

CVS Health Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
In millions2024202320242023
Net income
$1,768 $1,914 $2,892 $4,056 
Other comprehensive income (loss), net of tax:
Net unrealized investment gains (losses)(27)(64)(135)406 
Change in discount rate on long-duration insurance reserves53 60 121 (14)
Foreign currency translation adjustments 2  1 
Net cash flow hedges(4)19 (8)13 
Other comprehensive income (loss)22 17 (22)406 
Comprehensive income1,790 1,931 2,870 4,462 
Comprehensive (income) loss attributable to noncontrolling interests2 (13)(9)(19)
Comprehensive income attributable to CVS Health$1,792 $1,918 $2,861 $4,443 

See accompanying notes to condensed consolidated financial statements (unaudited).
3

CVS Health Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amountsJune 30,
2024
December 31,
2023
Assets: 
Cash and cash equivalents$12,507 $8,196 
Investments3,755 3,259 
Accounts receivable, net32,385 35,227 
Inventories16,068 18,025 
Other current assets5,237 3,151 
Total current assets69,952 67,858 
Long-term investments25,028 23,019 
Property and equipment, net13,032 13,183 
Operating lease right-of-use assets16,901 17,252 
Goodwill91,272 91,272 
Intangible assets, net28,311 29,234 
Separate accounts assets3,187 3,250 
Other assets4,798 4,660 
Total assets$252,481 $249,728 
Liabilities:
Accounts payable$14,416 $14,897 
Pharmacy claims and discounts payable24,188 22,874 
Health care costs payable 13,885 12,049 
Policyholders’ funds1,051 1,326 
Accrued expenses21,163 22,189 
Other insurance liabilities1,041 1,141 
Current portion of operating lease liabilities1,911 1,741 
Short-term debt 200 
Current portion of long-term debt3,731 2,772 
Total current liabilities81,386 79,189 
Long-term operating lease liabilities15,537 16,034 
Long-term debt62,643 58,638 
Deferred income taxes4,052 4,311 
Separate accounts liabilities3,187 3,250 
Other long-term insurance liabilities5,039 5,459 
Other long-term liabilities5,526 6,211 
Total liabilities177,370 173,092 
Shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding
  
Common stock, par value $0.01: 3,200 shares authorized; 1,777 shares issued and 1,256 shares outstanding at June 30, 2024 and 1,768 shares issued and 1,288 shares outstanding at December 31, 2023 and capital surplus
49,371 48,992 
Treasury stock, at cost: 521 shares at June 30, 2024 and 480 shares at December 31, 2023
(36,919)(33,838)
Retained earnings62,797 61,604 
Accumulated other comprehensive loss
(319)(297)
Total CVS Health shareholders’ equity74,930 76,461 
Noncontrolling interests181 175 
Total shareholders’ equity75,111 76,636 
Total liabilities and shareholders’ equity$252,481 $249,728 

See accompanying notes to condensed consolidated financial statements (unaudited).
4

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
In millions20242023
Cash flows from operating activities:
Cash receipts from customers$173,728 $175,567 
Cash paid for inventory, prescriptions dispensed and health services rendered(90,845)(101,318)
Insurance benefits paid (52,485)(41,108)
Cash paid to other suppliers and employees(21,124)(17,686)
Interest and investment income received839 801 
Interest paid(1,392)(1,131)
Income taxes paid(729)(1,779)
Net cash provided by operating activities7,992 13,346 
Cash flows from investing activities:
Proceeds from sales and maturities of investments4,418 3,640 
Purchases of investments(6,781)(4,499)
Purchases of property and equipment(1,343)(1,575)
Acquisitions (net of cash and restricted cash acquired)(73)(16,474)
Other60 32 
Net cash used in investing activities(3,719)(18,876)
Cash flows from financing activities:
Commercial paper borrowings (repayments), net(200)1,000 
Proceeds from issuance of short-term loan 5,000 
Repayment of short-term loan (5,000)
Proceeds from issuance of long-term debt4,959 10,898 
Repayments of long-term debt(37)(1,787)
Repurchase of common stock(3,024)(2,016)
Dividends paid(1,698)(1,574)
Proceeds from exercise of stock options228 120 
Payments for taxes related to net share settlement of equity awards(176)(168)
Other(30)(121)
Net cash provided by financing activities
22 6,352 
Net increase in cash, cash equivalents and restricted cash
4,295 822 
Cash, cash equivalents and restricted cash at the beginning of the period8,525 13,305 
Cash, cash equivalents and restricted cash at the end of the period$12,820 $14,127 

5

CVS Health Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
In millions20242023
Reconciliation of net income to net cash provided by operating activities:
Net income$2,892 $4,056 
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,289 2,105 
Stock-based compensation270 307 
Deferred income taxes and other items
(341)87 
Change in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, net2,798 (804)
Inventories1,937 1,800 
Other assets(2,241)(913)
Accounts payable and pharmacy claims and discounts payable1,191 (118)
Health care costs payable and other insurance liabilities1,581 4,334 
Other liabilities(2,384)2,492 
Net cash provided by operating activities$7,992 $13,346 

See accompanying notes to condensed consolidated financial statements (unaudited).

6

CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
Attributable to CVS Health
Number of shares
outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20231,768 (480)$48,992 $(33,838)$61,604 $(297)$76,461 $175 $76,636 
Net income— — — — 1,113 — 1,113 11 1,124 
Other comprehensive loss
— — — — — (44)(44)— (44)
Stock option activity, stock awards and other
3 — 244 — — — 244 — 244 
Purchase of treasury shares, net of ESPP issuances— (39)(27)(2,935)— — (2,962)— (2,962)
Common stock dividends
— — — — (844)— (844)— (844)
Other decreases in noncontrolling interests— — — — — — — (4)(4)
Balance at March 31, 20241,771 (519)49,209 (36,773)61,873 (341)73,968 182 74,150 
Net income— — — — 1,770 — 1,770 (2)1,768 
Other comprehensive income (Note 9)
— — — — — 22 22 — 22 
Stock option activity, stock awards and other6 — 159 — — — 159 — 159 
Purchase of treasury shares, net of ESPP issuances— (2)3 (146)— — (143)— (143)
Common stock dividends— — — — (846)— (846)— (846)
Other increases in noncontrolling interests
— — — — — — — 1 1 
Balance at June 30, 20241,777 (521)$49,371 $(36,919)$62,797 $(319)$74,930 $181 $75,111 
_____________________________________________
(1)Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2024, March 31, 2024 and December 31, 2023.
(2)Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2024, March 31, 2024 and December 31, 2023.

See accompanying notes to condensed consolidated financial statements (unaudited).
7

CVS Health Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(Unaudited)
Attributable to CVS Health
Number of shares
outstanding
Common
Stock and
Capital
Surplus (2)
Treasury
Stock (1)
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
CVS Health
Shareholders’
 Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
Common
Shares
Treasury
Shares (1)
In millions
Balance at December 31, 20221,758 (458)$48,193 $(31,858)$56,398 $(1,264)$71,469 $300 $71,769 
Net income— — — — 2,136 — 2,136 6 2,142 
Other comprehensive income
— — — — — 389 389 — 389 
Stock option activity, stock awards and other1 — 122 — — — 122 — 122 
Purchase of treasury shares, net of ESPP issuances— (22)(18)(1,944)— — (1,962)— (1,962)
Common stock dividends— — — — (781)— (781)— (781)
Other increases (decreases) in noncontrolling interests
— — 9 — — — 9 (108)(99)
Balance at March 31, 20231,759 (480)48,306 (33,802)57,753 (875)71,382 198 71,580 
Net income
— — — — 1,901 — 1,901 13 1,914 
Other comprehensive income (Note 9)
— — — — — 17 17 — 17 
Stock option activity, stock awards and other5 — 345 — — — 345 — 345 
Purchase of treasury shares, net of ESPP issuances— (2)2 (131)— — (129)— (129)
Common stock dividends— — — — (786)— (786)— (786)
Acquisition of noncontrolling interests
— — — — — — — 66 66 
Other decreases in noncontrolling interests
— — (4)— — — (4)(1)(5)
Balance at June 30, 2023
1,764 (482)$48,649 $(33,933)$58,868 $(858)$72,726 $276 $73,002 
_____________________________________________
(1)Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2023, March 31, 2023 and December 31, 2022.
(2)Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2023, March 31, 2023 and December 31, 2022.

See accompanying notes to condensed consolidated financial statements (unaudited).
8

Notes to Condensed Consolidated Financial Statements (Unaudited)

1.Significant Accounting Policies

Description of Business 

CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), has more than 9,000 retail locations, more than 1,000 walk-in medical clinics, 207 primary care medical clinics, a leading pharmacy benefits manager with approximately 90 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 36 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”). The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs.

The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers (“providers”), governmental units, government-sponsored plans, labor groups and expatriates. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.” The Company sold Insured plans directly to individual consumers through the individual public health insurance exchanges (“Public Exchanges”) in 17 states as of June 30, 2024.

Health Services Segment
The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. During 2023, the Company completed the acquisition of two key health care delivery assets – Signify Health, Inc. (“Signify Health”), a leader in health risk assessments, value-based care and provider enablement services, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Company also launched CordavisTM, a wholly owned subsidiary that works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“CMS”), plans offered on Insurance Exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.

Pharmacy & Consumer Wellness Segment
The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and ancillary services to long-term care facilities and other care settings, and provides pharmacy fulfillment services
9


to support the Health Services segment’s specialty and mail order pharmacy offerings. As of June 30, 2024, the Pharmacy & Consumer Wellness segment operated more than 9,000 retail locations, as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services.

Corporate/Other Segment
The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:

Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources and finance departments, information technology, digital, data and analytics, as well as acquisition-related transaction and integration costs; and
Products for which the Company no longer solicits or accepts new customers, such as its large case pensions and long-term care insurance products.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”).
 
In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.
 
The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary.

Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company.

Restricted Cash

Restricted cash included in other current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members and funds held in escrow in connection with agreements with accountable care organizations. Restricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in demand deposits, time deposits and money market funds.

10


The following is a reconciliation of cash and cash equivalents on the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash on the unaudited condensed consolidated statements of cash flows:
In millionsJune 30,
2024
December 31,
2023
Cash and cash equivalents$12,507 $8,196 
Restricted cash (included in other current assets)54 90 
Restricted cash (included in other assets)259 239 
Total cash, cash equivalents and restricted cash in the statements of cash flows$12,820 $8,525 

Accounts Receivable

Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations. Accounts receivable, net at June 30, 2024 and December 31, 2023 was composed of the following:
In millionsJune 30,
2024
December 31,
2023
Trade receivables$9,793 $11,908 
Vendor and manufacturer receivables13,528 15,711 
Premium receivables4,430 3,714 
Other receivables4,634 3,894 
   Total accounts receivable, net$32,385 $35,227 

The Company’s allowance for credit losses was $355 million and $343 million as of June 30, 2024 and December 31, 2023, respectively. When developing an estimate of the Company’s expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The Company’s accounts receivable are short duration in nature and typically settle in less than 30 days.

Health Care Contract Acquisition Costs

Insurance products included in the Health Care Benefits segment are cancellable by either the customer or the member monthly upon written notice. Acquisition costs related to prepaid health care and health indemnity contracts are generally expensed as incurred. For certain long-duration insurance contracts, acquisition costs directly related to the successful acquisition of a new or renewal insurance contract, including commissions, are deferred and are recorded as other current assets or other assets on the unaudited condensed consolidated balance sheets. Contracts are grouped by product and issue year into cohorts consistent with the grouping used in estimating the associated liability and are amortized on a constant level basis based on the remaining in-force policies over the estimated term of the contracts to approximate straight-line amortization. Changes to the Company’s assumptions, including assumptions related to persistency, are reflected at the cohort level at the time of change and are recognized prospectively over the estimated terms of the contract. The amortization of deferred acquisition costs is recorded in operating expenses in the unaudited condensed consolidated statements of operations.

The following is a roll forward of deferred acquisition costs for the six months ended June 30, 2024 and 2023:
Six Months Ended
June 30,
In millions20242023
Deferred acquisition costs, beginning of the period$1,502$1,219
Capitalizations271274
Amortization expense(146)(128)
Deferred acquisition costs, end of the period$1,627$1,365


11


Revenue Recognition

Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source in each segment for the three and six months ended June 30, 2024 and 2023:
In millionsHealth Care
Benefits
Health
Services
Pharmacy &
Consumer
Wellness
Corporate/
Other
Intersegment
Eliminations
Consolidated
Totals
Three Months Ended June 30, 2024
Major goods/services lines:
Pharmacy$ $39,499 $24,013 $ $(12,532)$50,980 
Front Store  5,281   5,281 
Premiums30,654   13  30,667 
Net investment income (loss)
300 (2) 96  394 
Other1,521 2,674 544 2 (829)3,912 
Total$32,475 $42,171 $29,838 $111 $(13,361)$91,234 
Health Services distribution channel:
Pharmacy network (1)
$21,848 
Mail & specialty (2)
17,651 
Other2,674 
Net investment income (loss)(2)
Total$42,171 
Three Months Ended June 30, 2023
Major goods/services lines:
Pharmacy$ $44,706 $22,614 $ $(12,258)$55,062 
Front Store  5,629   5,629 
Premiums25,095   13  25,108 
Net investment income205  1 68  274 
Other1,447 1,509 540 2 (650)2,848 
Total$26,747 $46,215 $28,784 $83 $(12,908)$88,921 
Health Services distribution channel:
Pharmacy network (1)
$27,477 
Mail & specialty (2)
17,229 
Other1,509 
Total$46,215 
12


In millionsHealth Care
Benefits
Health
Services
Pharmacy &
Consumer
Wellness
Corporate/
Other
Intersegment
Eliminations
Consolidated
Totals
Six Months Ended June 30, 2024
Major goods/services lines:
Pharmacy$ $77,225 $46,797 $ $(24,645)$99,377 
Front Store  10,651   10,651 
Premiums61,033   25  61,058 
Net investment income (loss)
653 (2) 197  848 
Other3,025 5,233 1,115 4 (1,640)7,737 
Total$64,711 $82,456 $58,563 $226 $(26,285)$179,671 
Health Services distribution channel:
Pharmacy network (1)
$42,312 
Mail & specialty (2)
34,913 
Other5,233 
Net investment income (loss)$(2)
Total$82,456 
Six Months Ended June 30, 2023
Major goods/services lines:
Pharmacy$ $88,443 $44,394 $ $(24,990)