CVS Health Reports Q3 Revenue of $95.4B, EPS $1.09, Appoints Steve Nelson as Aetna Head

Nov 6, 2024, 11:45 AM

CVS Health has announced its third quarter 2024 results, reporting total revenues of $95.4 billion, a 6.3% increase compared to the prior year. The company posted an adjusted EPS of $1.09, which fell short of the estimated $1.55 and included charges to record premium deficiency. CVS also reported a GAAP diluted EPS of $0.07. The Health Care Benefits Segment saw a revenue increase of 25.5% year-over-year to $32.996 billion but recorded an adjusted operating loss of $924 million. In leadership changes, CVS named Steve Nelson, a former UnitedHealth executive and former ChenMed CEO, as the head of Aetna. This move is part of new CEO David Joyner's strategy to turn the company around. Additionally, Prem Shah has been appointed as the head of Caremark and Pharmacy. The earnings miss was preannounced in mid-October.