CVS Health Corporation operates an integrated health care model that combines retail pharmacy, pharmacy benefit management, health insurance, medical clinics, specialty and mail pharmacy support, and related consumer health services. Recurring company news includes quarterly results and guidance, segment performance across Health Services, Health Care Benefits, and Pharmacy & Consumer Wellness, and capital returns through common-stock dividends.
Updates also cover CVS Caremark formulary decisions, biosimilar adoption, Aetna prior authorization and plan-administration initiatives, community health investments by the CVS Health Foundation, and developments involving Omnicare, the company's long-term care pharmacy subsidiary.
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.
CVS Health has announced a partnership with the American Diabetes Association (ADA), committing $10 million over three years to support diabetes prevention and management. This initiative, part of ADA's Project Power, aims to improve health equity and eliminate disparities in diabetes care. The funding will also support research into health inequalities faced by underserved communities. Additionally, CVS will hold fundraising campaigns in-store to further support diabetes awareness and education, especially during American Diabetes Month.
Evolv Technology (NASDAQ: EVLV) has appointed Mario Ramos as Chief Financial Officer, effective November 1, 2021. Ramos, who previously served as CFO at Edelman Financial Engines and held key roles at CVS Health, will oversee the company's finance, accounting, risk compliance, IT, and investor relations. His extensive experience in high-growth environments is expected to support Evolv’s strategic growth initiatives. Ramos succeeds Peter Faubert, who transitions to Senior VP of Strategic Finance. This appointment aligns with Evolv’s mission to enhance security technology in a rapidly growing market.
Aetna, a CVS Health company, launched its Gene-based, Cellular, and Other Innovative Therapies (GCIT) network to improve access to new therapies for rare genetic diseases. Starting January 1, 2022, the network will offer gene therapy services, including Luxturna, Spinraza, and Zolgensma, as part of Aetna's medical benefits. With over 75 designated GCIT service providers, the network aims to manage therapy costs and enhance patient outcomes. A dedicated clinical team will assist members through the healthcare process and provide financial protection for clients lacking traditional stop-loss insurance.
Aetna®, a CVS Health company, announced that 76% of its 2022 Medicare Advantage Prescription Drug (MAPD) members are enrolled in plans rated 4.5 stars or higher, significantly outperforming the industry average of 54%. Furthermore, 87% of members are in plans rated 4 stars or above, with two plans achieving the highest 5-star rating. The announcement reflects Aetna's commitment to quality care amid challenges posed by the COVID-19 pandemic, highlighting their focus on member accessibility and health management. Enrollment for Aetna's Medicare Advantage plans started on October 15, 2021.