CVS Health reports third quarter results

CVS Health reports net revenues for the 3 months ended September 30, 2018, increased 2.4%, or $1.1 billion, to approximately $47.3 billion, up from $46.2 billion in the 3 months ended September 30, 2017. Revenues in the Pharmacy Services Segment increased 2.6% to approximately $33.8 billion.

CVS Health reports net revenues for the 3 months ended September 30, 2018, increased 2.4%, or $1.1 billion, to approximately $47.3 billion, up from $46.2 billion in the 3 months ended September 30, 2017. Revenues in the Pharmacy Services Segment increased 2.6% to approximately $33.8 billion. This increase was primarily driven by growth in pharmacy network and mail choice claim volume as well as brand inflation, partially offset by continued price compression. Pharmacy network claims processed during the 3 months ended September 30, 2018 increased 5.4%, on a 30-day equivalent basis, to 394.5 million, compared with 374.2 million in the same quarter of the prior year. Same store sales increased 6.7% and pharmacy same store sales increased 8.7%. Front store same store sales increased 0.8%. CVS in October received preliminary approval from the Department of Justice to move forward with its roughly $69 billion acquisition of Aetna. The company still needs a handful of states to clear the deal, including New York, where state officials are considering blocking parts of the deal. CVS says it has received approval from 23 of the 28 states it has filed with and is "well down the line" with the remaining five. The company expects to close the deal before Thanksgiving.