Summary by Moomoo AI
CVS Health reported mixed financial results for the third quarter of 2024, with total revenues increasing by 6.3% year-over-year to $95.428 billion, driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments. However, operating income saw a significant decline of 77.5% to $832 million, primarily due to increased utilization and premium deficiency reserves in the Health Care Benefits segment. Net income attributable to CVS Health also decreased sharply by 96.2% to $87 million. The Health Services segment experienced a revenue decrease of 5.9% due to the loss of a large client and pharmacy client price improvements, partially offset by improved purchasing economics. The Pharmacy & Consumer Wellness segment's revenues increased by 12.3%, with prescription volume growth contributing to this rise. CVS Health's future...Show More
