Cvs Health Corp Stock Price, News & Analysis

CVS Health has announced a $9.2 million investment to create 41 affordable housing units in Washington, D.C.. This initiative aligns with CVS's commitment to address racial inequity and social determinants of health in underserved areas. The project, named 17 Mississippi Apartments, will provide mixed-income housing and support for individuals experiencing homelessness. Expected completion is set for mid-2023. This investment is a step toward improving community health through housing accessibility.

CVS Pharmacy has launched its Spoken Rx™ service across nearly 10,000 locations, including over 1,700 inside Target stores. This technology, created with the American Council of the Blind, offers audio prescription labels to assist visually impaired patients in accessing their prescription details. The service is free and can be utilized through the CVS Pharmacy App or via stand-alone devices. Spoken Rx aims to enhance healthcare accessibility and provides privacy and independence for blind and visually impaired customers.

CVS Health has completed the installation of time delay safe technology in all 851 CVS Pharmacy locations in Texas. This initiative aims to deter pharmacy robberies and reduce the diversion of controlled substances, including opioids. The technology, first introduced in Indianapolis, has shown a 70% decrease in robberies. CVS has already implemented these safes in 19 states, achieving a 50% decline in robberies across those areas. The company also emphasizes its ongoing commitment to community health and safety through various opioid misuse prevention programs.

CVS Health will invest $7.7 million in the Uptown Sky project, a 61-unit multifamily apartment development in Tampa. This initiative aims to address racial inequity and improve social determinants of health in underserved communities. Approximately 75% of Tampa residents identify as Black or Latino, with 60% living below the poverty line. The project will provide reduced rent units and on-site supportive services, including workforce training and health programs. CVS collaborates with Blue Sky Communities and the University Area Community Development Corporation for this undertaking.

CVS Health has announced a strategic shift to enhance healthcare affordability and accessibility. Prem Shah has been appointed as the Chief Pharmacy Officer to lead the omnichannel pharmacy strategy, while Michelle Peluso will co-lead retail operations starting January 1, 2022. CVS plans to close approximately 300 stores annually for three years, resulting in a fourth-quarter impairment charge of $1.0 to $1.2 billion, affecting EPS guidance, which has been revised down to $5.46 to $5.67. The company maintains its 2021 Adjusted EPS guidance of $7.90 to $8.00.

Scipher Medicine has appointed Sam Asgarian, M.D., MBA, as its new chief medical officer. Dr. Asgarian brings significant experience from Thrive Earlier Detection Corp., a subsidiary of Exact Sciences (EXAS), and from leadership roles at CVS Health (CVS). His expertise aims to enhance Scipher Medicine's mission to match patients with effective therapies, improving outcomes while reducing costs. The company's flagship test, PrismRA, targets rheumatoid arthritis, addressing the substantial issue of ineffective medication prescriptions that costs over $552 billion annually.

CVS Health (NYSE: CVS) will hold its 2021 Investor Day on December 9 in New York City. The event, starting at 8 AM ET, will feature insights from the executive leadership team on the company's strategy and long-term financial goals, along with financial guidance for 2022. The presentation will be accessible via a live audio and video webcast on the CVS Health Investor Relations website, with materials available prior to the event and archived for one year.

CVS Health (NYSE: CVS) will offer the Pfizer-BioNTech COVID-19 pediatric vaccine to children aged 5-11 starting November 7, 2021. This announcement follows CDC and FDA authorization. Nearly 1,700 CVS locations across 46 states, Puerto Rico, and Washington D.C. will provide the vaccine, which is one-third the adult dose. Appointments can be scheduled online or through the CVS App. CVS has administered around 43 million COVID-19 vaccines and has experience in providing other vaccinations. CVS emphasizes parental involvement and has trained staff to ensure a supportive experience for families.

CVS Health reported third-quarter results for 2021, with total revenues increasing to $73.8 billion, a 10.0% rise from the previous year. GAAP diluted earnings per share (EPS) grew 29.0% to $1.20, while adjusted EPS rose 18.7% to $1.97. However, operating income decreased 5.8% to $3.1 billion, impacted by a $431 million goodwill impairment charge. The company revised its full-year GAAP EPS guidance to $6.13 to $6.23 and raised adjusted EPS guidance to $7.90 to $8.00.