New Offerings Demonstrate Power and Potential of Combined Company
Leadership Focused on Being at Forefront of Health Care Transformation
WOONSOCKET, R.I. — CVS Health Corporation (NYSE: CVS) today announced it has successfully completed the first year of combined operations following the acquisition of Aetna in late 2018. The combined company has met or exceeded its first-year integration goals while introducing new, consumer-focused offerings as a result of its unmatched capabilities. CVS Health remains on track to meet its most recent 2019 net synergy guidance and remains confident in its net synergy targets for 2020 and 2021.
"A full year of integration is a significant milestone in our long-term strategy to create the world's most consumer-centric health company," said Larry J. Merlo, President and CEO, CVS Health. "We're already seeing the benefits of our differentiated business model, which is delivering value to customers and patients across the country. I'm incredibly proud of the progress we've made, and I'm confident we will continue to raise the bar on what's possible in 2020."
CVS Health has been focused on four enterprise priorities to accelerate growth, as outlined at its Investor Day in June:
- Growing and differentiating its businesses;
- Delivering transformational products and services;
- Creating a consumer-centric technology infrastructure; and
- Modernizing enterprise functions and capabilities.
Merlo continued, "By executing on our strategy we've been able to develop and implement unique offerings that are resonating with consumers. Our HealthHUB model, which launched in Houston this year and will expand to a projected 1,500 locations by the end of 2021, has already shown an ability to improve patient outcomes and enhance customer satisfaction. We've also invested in a suite of in-home and digital offerings to better meet consumers where they are, such as our home hemodialysis device which is the subject of a clinical trial to support a future request for FDA clearance, and new virtual health services available through the CVS Pharmacy app. What's good for consumer health will be good for business, and the early results back that up.
"The evolution of health care will accelerate in 2020, and we're extremely well-positioned to lead. The private sector, and CVS Health in particular, will be the engine that drives health care innovation next year and beyond."
About CVS Health
CVS Health is the nation's premier health innovation company helping people on their path to better health. Whether in one of its pharmacies or through its health services and plans, CVS Health is pioneering a bold new approach to total health by making quality care more affordable, accessible, simple and seamless. CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has approximately 9,900 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with more than 102 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year and expanding specialty pharmacy services. CVS Health also serves an estimated 38 million people through traditional, voluntary and consumer-directed health insurance products and related services, including rapidly expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company believes its innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.
Cautionary Statement Concerning Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. Statements in this press release that are forward-looking include information related to 2019 net synergy guidance and net synergy targets for 2020 and 2021, and information in Mr. Merlo's quoted statement. By their nature, all forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and in our most recently filed Quarterly Report on Form 10-Q.
You are cautioned not to place undue reliance on CVS Health's forward-looking statements. These forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.