Insurance, Retail Segments Help CVS Beat Expectations in Second Quarter
Although many people still associate CVS Health Corp. with its ubiquitous retail pharmacy locations, executives during the company’s second-quarter 2022 earnings call highlighted the Health Care Benefits segment — which houses legacy health insurer Aetna — as one of the firm’s strongest business assets. Meanwhile, the Rhode Island-based company said it’s planning to acquire more care-delivery assets by the end of the year.
During an Aug. 3 conference call to discuss quarterly financial results, CEO Karen Lynch touted the Health Care Benefits segment’s “strong quarter,” noting that the business line saw revenue growth of nearly 11% compared to the prior-year period. The firm’s medical loss ratio (MLR) of 82.9% also improved by 120 basis points year over year, “reflecting medical cost trends that remain modestly favorable to our pricing assumptions,” according to Chief Financial Officer Shawn Guertin.
Meet Our Reporters
-
Lauren Flynn Kelly Executive Editor, AIS Health, and Managing Editor, Radar on Medicare Advantage
View Lauren Flynn Kelly's Profile -
Angela Maas Managing Editor, Radar on Specialty Pharmacy and Spotlight on Market Access
View Angela Maas's Profile -
Leslie Small Managing Editor, Health Plan Weekly and Radar on Drug Benefits
View Leslie Small's Profile -
Peter Johnson Senior Editor, Health Plan Weekly and Radar on Drug Benefits
View Peter Johnson's Profile -
Tim Casey Reporter, Health Plan Weekly and Radar on Drug Benefits
View Tim Casey's Profile -
Carina Belles Reporter, Radar on Medicare Advantage and Spotlight on Market Access
View Carina Belles's Profile -
Jinghong Chen Reporter, Health Plan Weekly and Radar on Drug Benefits
View Jinghong Chen's Profile