Welcome to our dedicated page for CVS Health news (Ticker: CVS), a resource for investors and traders seeking the latest updates and insights on CVS Health stock.
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, in collaboration with the New Spiritual Light Missionary Baptist Church and Peer Plus Education and Training Advocates, is launching free rapid COVID-19 testing at the Chicago Baptist Institute. This initiative aims to increase testing access, particularly in underserved communities significantly affected by the virus. Testing will be available by appointment, with results provided on-the-spot. CVS is expanding its efforts nationwide, offering drive-thru testing at over 4,000 locations, targeting areas in need according to the CDC's Social Vulnerability Index.
On November 11, 2020, CVS Health announced that Daniel Finke will take over as Executive Vice President and President of the Health Care Benefits Segment effective February 1, 2021. He succeeds Karen S. Lynch, who will become President and CEO. Finke brings over 25 years of experience in health care, including leadership roles at Aetna and EmblemHealth. His commitment focuses on enhancing member health experiences through digital solutions and integrated products, serving over 34 million members in the segment.
CVS Health (NYSE: CVS) is investing $8.7 million in constructing a 116-unit affordable housing complex in Orlando, Florida, part of its commitment of nearly $600 million over five years to address racial inequity. The project, located in the Mercy Drive neighborhood, will provide supportive services for residents, including those experiencing homelessness. Additionally, CVS plans to expand its no-cost preventive health screening program, Project Health, to Orlando in 2021, offering free biometric screenings to identify chronic conditions in underserved communities.
CVS Health Corporation has appointed Karen S. Lynch as the new President and CEO, effective February 1, 2021. Lynch, currently the Executive Vice President and President of Aetna, will also join the Board of Directors. She succeeds Larry J. Merlo, who has served as CEO for 10 years and will remain on the Board until May 2021. The leadership transition is seen as timely, marking the two-year anniversary of CVS Health's unified presence. Lynch is recognized for her customer-focused approach and significant growth achievements, including a 30% increase in Medicare Advantage membership in 2019.
CVS Health reported third quarter revenues of $67.1 billion, a 3.5% increase year-over-year. GAAP diluted EPS was $0.93, down from $1.17 in the prior year, with adjusted EPS at $1.66. The company doubled COVID-19 testing sites to over 4,000, processing over six million tests. Full-year guidance for GAAP diluted EPS has been raised to $5.60–$5.70, while cash flow from operations guidance increased to $12.75–$13.25 billion.
Aetna, a CVS Health company, announced that for the seventh consecutive year, its 2021 Medicare Advantage Prescription Drug plans have outperformed the industry, with 83% of its members enrolled in plans rated 4 stars or higher by CMS, compared to 77% for the industry. The plans' ratings reflect Aetna's commitment to providing quality healthcare, particularly important during the COVID-19 pandemic. Enrollment for these plans begins on October 15, 2020, and will be effective from January 1, 2021.
CVS Health is expanding its COVID-19 testing services to include rapid-result tests at nearly 1,000 locations by year-end. They have already administered over 5 million tests since March and currently operate 4,000 drive-thru sites across 33 states and Washington, D.C. Rapid-result diagnostics will allow for quicker identification of COVID-19, helping to reduce community spread. Patients eligible for the no-cost tests must register in advance. Nearly 100 sites are set to operate this week, with testing available for ages 12 and up. More details can be found on CVS's website.
CVS Pharmacy has launched QuickRenew, an online tool for at-home contact lens prescription renewals, leveraging technology from Premium Vision. This service is aimed at improving healthcare accessibility, particularly amid the pandemic, allowing customers in 32 states to renew prescriptions quickly and order lenses online. Customers must be 18-55 and meet specific eye health criteria. Additionally, CVS Optical has introduced an online glasses store with competitive pricing, starting at $79, enhancing their digital offering and customer experience.
CVS Health will host a conference call on November 6, 2020, at 8:00 a.m. ET to discuss its third-quarter 2020 financial results. Interested parties can access the live audio webcast on the CVS Health website. The call will be archived for one year post-event. CVS Health focuses on becoming the most consumer-centric health company, with nearly 10,000 local touchpoints, and aims to transform health through innovative programs and HealthHUB® locations, creating simpler, affordable healthcare experiences.
On October 21, 2020, CVS Health announced new initiatives aimed at preventing opioid misuse amid the pandemic. The programs include a digital curriculum, "Dose of Knowledge," developed in collaboration with Discovery Education, to educate students on drug misuse. CVS Health has committed nearly $3 million in grants to local organizations for addiction treatment and prevention. Additionally, CVS is enhancing access to naloxone, offering free delivery of the overdose-reversal drug in 30 states. CVS will also participate in the National Prescription Take Back Day to promote safe medication disposal.