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 is administering COVID-19 vaccines in skilled nursing facilities across 49 states, starting in 36 states and Washington, D.C. The first doses are expected to be completed by January 25. Approximately 8,000 out of 15,000 skilled nursing facilities have partnered with CVS. While the uptake among residents is high, initial staff vaccination rates are low, attributed to staggered visits. CVS plans to expand vaccine availability at retail locations based on state decisions. The company can administer 20-25 million shots per month.
CVS Health Corporation (NYSE: CVS) has declared a quarterly dividend of $0.50 per share on its common stock. This dividend will be payable on February 1, 2021, to shareholders of record as of January 22, 2021. CVS Health continues to enhance its health services, engaging nearly one in three Americans annually and focusing on improving healthcare accessibility and affordability through innovative services and community presence.
CVS Health Corporation (NYSE: CVS) announced its participation in the J.P. Morgan 39th Annual Healthcare Conference on January 12, 2021. Key executives will include President and CEO Larry Merlo, CFO Eva Boratto, and incoming CEO Karen Lynch, who will engage in a fireside chat at 10:50 a.m. ET. Additionally, Lynch will take part in a vaccine panel discussion at 12:45 AM ET on January 13, 2021. CVS Health continues to focus on improving healthcare accessibility and affordability.
CVS Health Corporation announced cash tender offers totaling $4.5 billion for three groups of senior notes: up to $1.5 billion for 2023 Notes, $1.049 billion for 2025 Notes, and $1.950 billion for 2028 Notes. The total consideration and reference yields for the notes were detailed in the press release. The offers are open to registered holders until January 6, 2021, and the early settlement date is December 22, 2020. CVS expects to accept validly tendered notes on a prorated basis due to maximum amounts being reached.
CVS Health has launched its COVID-19 vaccination program for long-term care facilities, addressing the needs of residents disproportionately affected by the pandemic. Starting December 21, CVS teams will administer the Pfizer vaccine in 12 states, aiming to vaccinate up to four million individuals across more than 40,000 facilities. The program will involve three visits per facility for each resident and staff member. CVS anticipates completing the vaccination efforts in about 12 weeks, with plans to expand availability to all pharmacy locations in the coming months.
CVS Health Corporation (CVS) announced an increase in the Aggregate Maximum Amount of its cash tender offers from $4 billion to $4.5 billion. The updated amounts for specific notes include $1.049 billion for 2025 Notes and $1.95 billion for 2028 Notes. The tender offers are aimed at holders of 2023, 2025, and 2028 Senior Notes. On December 21, 2020, the company will pay for notes validly tendered by December 18, 2020, with an early payment incentive of $30 per $1,000 principal amount. The expiration date has been shifted to January 6, 2021.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) for Aetna Life Insurance Company and its subsidiaries under CVS Health (CVS). The Long-Term Issuer Credit Ratings are also rated at 'a'. Aetna Health & Life Group's ratings reflect very strong balance sheet strength and robust operating performance. However, dividend payments exceeding $2 billion annually could impact capital. Notably, Aetna's Medicare Advantage membership growth has been strong, with 23.3 million individuals covered, while maintaining an industry-leading market share in Medicare Part D.
CVS Health has implemented time delay safe technology in all 79 Oklahoma CVS Pharmacy locations to combat pharmacy robberies and ensure safety. The technology, which delays access to controlled substances, has resulted in a 70% decline in robberies in Indianapolis stores since its introduction in 2015. In total, more than 15 states have adopted this measure, achieving a 50% reduction in similar incidents. The initiative is part of CVS's broader commitment to prevent opioid misuse and enhance community safety.
CVS Health (NYSE: CVS) has announced a commitment of nearly $3 million to enhance flu vaccine access for underserved communities. The initiative will allocate $2 million to the National Association of Free and Charitable Clinics to distribute flu vaccines, particularly in states like California, Florida, and Texas. Partnering with Bank of America and General Motors, the project aims to provide vouchers for free vaccines in cities such as Boston and Los Angeles. This initiative is critical as flu prevention remains vital during the ongoing COVID-19 pandemic.
CVS Health announced nearly $1.25 million in grants to support underserved communities in Ohio. This includes $1 million for telehealth services in collaboration with the National Association of Free and Charitable Clinics, and $100,000 for local food banks through Feeding America to provide meal kits. Additionally, the CVS Health Foundation will invest $150,000 in Cleveland Clinic's mobile health unit. This initiative expands healthcare access and addresses food insecurity amid the COVID-19 pandemic, following a previous $300,000 commitment from Aetna Better Health of Ohio.