CVS Health reports second quarter results; diversified assets deliver strong enterprise results

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CVS Health Corporation to hold second quarter 2020 earnings conference call

CVS Health Corporation to hold second quarter 2020 earnings conference call
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WOONSOCKET, R.I. — CVS Health Corporation ("CVS Health") (NYSE:CVS) will hold a conference call with analysts and investors on Wednesday, August 5, 2020, at 8:00 a.m. (ET) to discuss its financial results for the second quarter of 2020.

An audio webcast of the conference call will be broadcast simultaneously through the Investor Relations portion of the CVS Health website for all interested parties. To access the webcast, visit http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company in the world. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings - from HealthHUB locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at http://www.cvshealth.com.

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CVS Health joins the charge in collectively thinking “Beyond the Bag”

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It’s estimated that the U.S. alone uses 100 billion plastic bags per year, and less than 10 percent of these bags are recycled.https://www.epa.gov/sites/production/files/2019-11/documents/2016_and_2017_facts_and_figures_data_tables_0.pdf

At the same time, the average retail plastic bag is only used for 12 minuteshttps://www.epa.gov/sites/production/files/2019-11/documents/2016_and_2017_facts_and_figures_data_tables_0.pdf, but can last 500 to 1,000 years on Earth.

CVS Health recognizes and shares the concerns that many people have about the impact of single-use plastics on our environment and believes the retail bag needs reinventing.
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That’s why CVS Health recently joined Closed Loop Partners, and other leading retailers, including Target and Walmart, to launch a new initiative to reinvent the single-use retail plastic bag.  The Beyond the Bag Initiative aims to identify, pilot and implement new design solutions and models to create an improved customer experience without unintended environmental consequences.  

“We came to this initiative with both the health of the planet and the health of all people in mind,” said Eileen Howard Boone, SVP, Corporate Social Responsibility & Philanthropy and Chief Sustainability Officer, CVS Health.  “We know they are inextricably linked.”

CVS Health’s participation in this initiative recognizes that reinventing the retail bag requires a coordinated industry approach and brings together many types of retailers to look at this question from a variety of angles.  The work will consider customers at all of the nearly 10,000 CVS Pharmacy locations, in rural, suburban and urban communities, where the need for a retail bag can be different.  Working with Closed Loop Partners and other companies that are part of this initiative, CVS Health will carefully consider the consumer experience as part of the work to innovate in this space.

The company’s participation in and its financial commitment to this initiative is just one step on its journey to transform health over the next decade. Launched in May, the company’s Transform Health 2030 corporate social responsibility roadmap outlines CVS Health’s commitment to positively impacting the people and communities it serves, while supporting the health of its business and the planet. In addition to working with the Beyond the Bag Initiative, CVS Health has set goals to reduce its overall environmental impacts and made commitments related to responsible sourcing and chemical management.

CVS Health’s commitment to this initiative is driven by the company’s purpose of helping people on their path to better health. Creating an innovative retail bag solution for the millions of customers the company serves will help to make both local communities and the whole planet a healthier place.

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CVS Pharmacy institutes face covering policy at all locations

CVS Pharmacy institutes face covering policy at all locations
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WOONSOCKET, R.I. — CVS Health (NYSE: CVS) Chief Operating Officer Jon Roberts provided the following update on the use of face coverings at CVS Pharmacy locations:

"Since the pandemic began, we've done everything we can to keep people safe and healthy. This includes requiring that store employees wear face coverings and encouraging our customers to do so as well. In any community with state or local laws mandating the use of face coverings, we've made that very clear through signage and other reminders.

"With the recent spike in COVID-19 infections, we're joining others in taking the next step and requiring all customers to wear face coverings when entering any of our stores throughout the country effective Monday, July 20. To be clear, we're not asking our store employees to play the role of enforcer. What we are asking is that customers help protect themselves and those around them by listening to the experts and heeding the call to wear a face covering."

More information on steps CVS Health has taken to address the COVID-19 pandemic is available at the company's frequently updated COVID-19 resource center.

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings from HealthHUB locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at www.cvshealth.com.

Media contact

T.J. Crawford
212-457-0583
crawfordt2@aetna.com

A medical face mask illustration in the shape of a CVS Health heart on a red background.
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20 U.S. cities and counties pledge to improve local systems and policies to advance health equity with $2 million in grants from the Aetna Foundation

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APHA, NACo and Healthy Places by Design to collaborate on capacity-building efforts to accelerate community change

WASHINGTON — The Aetna Foundation, together with the American Public Health Association (APHA) and the National Association of Counties (NACo), today announced the organizations selected to receive a grant as part of the Healthiest Cities & Counties Challenge to support communities that are changing the way they work together across sectors to reduce disparities in chronic disease outcomes. This grant program will award a total of $2 million to teams of organizations that will work together to change the food access and health care systems in their communities and engage community residents as leaders in their work.

"Access to health care and healthy food can significantly impact rates of chronic disease and other health outcomes, with average life spans varying by up to 20-30 years in communities that are just a few miles apart," said Aetna Foundation President Eileen Howard Boone. "We are proud to partner with APHA and NACo to support the work of the teams taking on the Healthiest and Cities & Counties Challenge to drive change and address these social determinants of health work that is now more important than ever, given the COVID-19 pandemic."

The Challenge teams will each receive $100,000 to implement multi-year projects to advance health equity in communities where individuals are disproportionately impacted by health disparities. In addition to the funding, Challenge teams will participate in one-on-one technical assistance provided by APHA and NACo and co-create a supportive peer-learning network led by Healthy Places by Design over the course of the two years.

The project teams are located in the following cities and counties:

  • Chula Vista, California

  • Tompkins County, New York

  • Collier County, Florida

  • Cumberland County, North Carolina

  • Deerfield Beach, Florida

  • Wilkes County, North Carolina

  • Dougherty County, Georgia

  • Cincinnati, Ohio

  • Cumming/Forsyth County, Georgia

  • Cleveland, Ohio

  • Perry County, Kentucky

  • Cambria County, Pennsylvania

  • New Brunswick, New Jersey

  • Pittsburgh, Pennsylvania

  • Paterson, New Jersey

  • Kerrville, Texas

  • Orange County, New York

  • Greenbrier County, West Virginia

  • Rochester, New York

  • Wheeling, West Virginia

"There is no one-size-fits-all approach to achieving health equity," said APHA Executive Director Georges C. Benjamin, MD. "Successful, lasting change comes from cross-sector partnerships and engaging affected individuals and communities, which is why this challenge is so powerful. Together, communities in the Healthiest Cities & Counties Challenge will be able to achieve enduring transformations to public health."

Added NACo President Mary Ann Borgeson, "Counties play an essential role in protecting, promoting and improving health in our communities across the country. The Healthiest Cities & Counties Challenge recognizes the positive impact of cross-sector partnerships and offers opportunities for counties to develop innovative approaches to meet residents' health needs."

The project teams intend to use what they learn over the next two years to produce models and resources that can inform work in other similarly sized cities and counties across the country. Challenge communities have proposed strategies including:

  • Increasing access points for purchasing fresh produce and receiving health care;

  • Leveraging local schools as partners;

  • Addressing barriers to transportation;

  • Building more equitable models for food procurement and distribution;

  • Increasing coordination and data-sharing across organizations;

  • Improving health care referral systems;

  • Developing community advisory boards; and

  • Informing local policies.

An expert review panel selected the teams following a rigorous review process, which looked at a variety of factors including: level of innovation of their proposed approaches; intended impacts on systems and policy change; and alignment of diverse partners around common priorities.

The Aetna Foundation, which first launched the Healthiest Cities & Counties Challenge in partnership with APHA and NACo in 2016, is an independent, charitable and philanthropic affiliate of CVS Health.

The American Public Health Association champions the health of all people and all communities. We are the only organization that combines a nearly 150-year perspective, a broad-based member community and the ability to influence federal policy to improve the public's health.

Contact

Erin Britt
CVS Health
401-318-3962

APHA Media Relations
202-777-3913

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CVS Health launches "Time for Care" encouraging individuals to prioritize primary health care needs

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WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced the official launch of Time for Care, a campaign that reinforces the importance of accessing primary health care. Throughout the COVID-19 pandemic, many Americans have appropriately focused on staying home to keep themselves and others healthy. Although this kind of physical distancing is still an essential component of preventing the spread of COVID-19, it is critical for people to continue prioritizing health care needs.

"While we remain focused on reducing the spread of COVID-19, we also need to make sure that we're encouraging people to get the care they need to avoid worse health outcomes in the future particularly people with chronic health conditions like diabetes, high blood pressure and heart disease," said Garth Graham, MD, MPH, Vice President, Community Health and Chief Community Health Officer for CVS Health. "The 'Time for Care' campaign drives that message home while reminding everyone of the precautions they can take to prevent the spread of COVID-19."

Time for Care includes a national television ad, which launches today, along with a microsite, digital content, and Aetna member program components that address concerns for people with chronic health conditions, including diabetes, high blood pressure and heart disease, as well as specific health issues such as high-risk pregnancies due to preeclampsia. To help inform the campaign's design, Aetna and Morning Consult initiated a national survey among 4,400 Americans to identify barriers to accessing care amid COVID-19.

Key findings include:

  • Nearly 60 percent of Americans said they have canceled or delayed a health care appointment due to concerns about exposure to COVID-19 since the pandemic began

  • Half of Americans have concerns the pandemic has negatively affected their own health or the health of someone in their household

  • Nearly 60 percent of people with chronic conditions are concerned the pandemic has negatively affected their own health or the health of someone in their household

  • Fifty percent of pregnant mothers are not confident their primary care physicians have put the necessary measures in place to prevent the spread of COVID-19

COVID-19 has deeply affected the Black and Hispanic communities across the U.S. where higher rates of chronic conditions are common. CVS Health is actively working to address these racial and ethnic health disparities by expanding community-based testing in underserved areas. More information is available on CVS Health’s COVID-19 testing information and locations page.

Dr. Graham added, "Now is the time to reevaluate both our physical and mental health needs not only for our families, but for ourselves. We all need to find ways to actively and safely reconnect with health care providers and encourage loved ones to do the same."

To learn more, visit aetna.com/timeforcare and follow #TimeForCare to join the conversation.

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings from HealthHUB locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at www.cvshealth.com.

Contact

Ethan Slavin
SlavinE@aetna.com
860-273-6095

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Amidst a pandemic, consumers say they want accessible, affordable and technology-enabled health care, new CVS Health study finds

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Path to Better Health Study also reveals desire for digital health care solutions to support chronic care, mental health needs.

WOONSOCKET, R.I. — The American health care system is undergoing a period of rapid transformation. In recent months, the COVID-19 pandemic has exposed new challenges and opportunities to accelerate advances in health care delivery, solve for systemic health inequities, dramatically improve care outcomes, and better meet consumer expectations for convenience and affordability.

With a global pandemic as the backdrop, CVS Health (NYSE:CVS) fielded the 2020 Path to Better Health Study, where consumers and providers were asked for their thoughts on the state of health care and how they are navigating this evolving landscape. While certain attitudes may have evolved as a result of COVID-19, the study reveals that consumers need more accessible, personalized and technology-driven health care than ever before and are seeking simplicity in the way they engage in their own health.

The use of technology and data analytics in health care is reaching new heights, and the pandemic is accelerating the adoption of digitally based solutions. Consumers are eagerly embracing tech, especially when it comes to communicating with their providers. Forty-eight percent said they would be more likely to communicate with health care professionals if they were able to do so through digital messaging (up from 41% in 2019), via telehealth (32%, up from 19% in 2019) and through virtual office visits such as Skype or FaceTime (29%, up from 20% in 2019). Additionally, 40% of consumers said they would be very likely to receive care for mental and behavioral health virtually.

"The pandemic has forced countless Americans to rethink their approach to health and explore different avenues of care," notes Larry Merlo, CEO of CVS Health. "Whether in the community, in the home or in the palm of their hand, people are discovering new ways to conveniently and affordably address their health care needs, including mental and behavioral health. We expect these changes will transform the way care is delivered moving forward."

The need to manage chronic conditions and mental health concerns is clearly top of mind for many consumers. A significant number of people indicated that members of their households are struggling with high blood pressure (41%), obesity (35%), mental illness (28%) and diabetes (17%).

Addressing mental health concerns is also of growing importance, especially among those aged 18 34 and 35 50, where social isolation is a top concern. For example, 44% of those aged 18 to 34 and 45% of those aged 35 to 50 indicated they no longer have a desire to be social, while only 29% of those aged 51 to 64 said the same. This resembles the 2019 findings, in which 48% of those 18 to 34 and 45% of those 35 to 50 reported they did not have a desire to be social, versus 35% of people aged 51 to 64.

The desire for accessibility is pushing people to explore new avenues of care. While a majority (62%) of consumers still go to their primary care physician (PCP) to treat a minor illness or injury, nearly one-third (31%) are likely to visit a non-emergency walk-in clinic. This is up from 2019, in which 59% of consumers reported going to their PCP for a minor illness or injury, while 28% said they would visit a non-emergency walk-in clinic. Digital solutions such as telemedicine are also growing in popularity with both patients and providers.

Most consumers (92%) said it is very or somewhat important that health care be convenient a factor that has only become more critical as a result of COVID-19.

About one-third (35%) of people said health care costs are an obstacle to staying healthy, and close to half (49%) have not visited a doctor when they had a minor illness or injury due to cost. Despite cost emerging as a top barrier to care, it is not often a topic of discussion between patients and health care providers. Two-thirds of patients (66%) said their PCP and other health care providers had not asked about the "affordability" of health care and/or discussed resources to assist with these costs, up slightly from 64% in the 2019 Path to Better Health Study.

Other highlights from the study include:

  • Health care providers are increasingly turning to digital tools and technologies to care for and connect with their patients. Telemedicine is of particular interest, with 40% of providers saying it is very valuable for communicating with patients, up from 22% in the 2019 study. The future outlook for incorporating predictive analytics or artificial intelligence into provider practices also looks strong, with more than one-third (39%) indicating they already have or are very or somewhat likely to integrate these technologies into their practices within the next several years.

  • Providers are expressing the need for additional support for important community resources, but access is improving. For example, many providers said they have fair or poor access to substance abuse counselors (56%) and mental health counselors (50%), down from 63% and 55% in our 2019 study, respectively.

  • Many providers are experiencing burnout symptoms. Three-fourths (75%) of all providers said they feel burned out very frequently, frequently or sometimes. About one-quarter (27%) said the main cause of burnout is time spent documenting care/electronic record systems, followed by administrative/management requirements/paperwork (25%).

Read the full study.

About the study

The Path to Better Health Study by CVS Health, first released in 2018 and called the Health Ambitions Study, was conducted in March 2020 and included two surveys fielded by Market Measurement, a national market research consulting firm. The consumer survey comprised 1,000 participants 18 and older, located throughout the U.S. It also oversampled 12 metropolitan statistical areas Atlanta, Austin, Boston, Cleveland, Dallas, Houston, Los Angeles, New York City, Philadelphia, Providence, Hartford, San Francisco, Tampa and among two ethnic groups: African American and Hispanic people. The survey of 400 providers focused on primary care physicians and specialists with at least two years' experience, as well as nurse practitioners, physician assistants and pharmacists.

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings from HealthHUB locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at www.cvshealth.com.

Contacts

Kathleen Biesecker
bieseckerk@aetna.com
703-472-8466

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Aetna Medicare waives out-of-pocket costs for telehealth services

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Aetna, a CVS Health company, will waive out-of-pocket costs for in-network primary care and specialist telehealth visits for all Individual and Group Medicare Advantage plan members through September 30, 2020.

“While seniors are encouraged to stay home to limit their exposure to COVID-19, that doesn’t mean they have to forego medical care during the pandemic,” said Christopher Ciano, President of Aetna Medicare. “It’s important our Medicare members continue getting essential preventive and primary care to keep small problems from becoming big ones. To help with this, Aetna Medicare is continuing to take steps to remove barriers to care and make care more affordable for our members.”

This action is in addition to the cost-share waivers we announced on May 13:

  • Waiving member out-of-pocket costs for all in-network primary care visits, whether done in-office or via telehealth, for any reason, for all Medicare Advantage plan members through September 30, 2020.

  • Extending all member cost-sharing waivers for in-network telehealth visits for outpatient behavioral and mental health counseling services for all Medicare Advantage plan members through September 30, 2020.

We are closely monitoring the progress of the pandemic, federal and state policies and the associated impact on our members, customers and providers. We’ll continue to adjust our policies, as appropriate, to ensure access to care.

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company. We’re evolving based on changing consumer needs and meeting people where they are, whether that’s in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings — from HealthHUB® locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions — are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we’re transforming health at www.cvshealth.com.

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CVS Health Corporation announces quarterly dividend

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WOONSOCKET, R.I. — CVS Health Corporation (NYSE: CVS) today announced that its board of directors has approved a quarterly dividend of $0.50 (50 cents) per share on the corporation’s common stock. The dividend is payable on August 3, 2020, to holders of record on July 23, 2020.

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company in the world. We’re evolving based on changing consumer needs and meeting people where they are, whether that’s in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings – from HealthHUB® locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions - are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we’re transforming health at http://www.cvshealth.com.

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CVS Health commits nearly $600 million to address racial inequality

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WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced it will invest nearly $600 million over five years to advance employee, community and public policy initiatives that address inequality faced by Black people and other disenfranchised communities. The investment follows a commitment from President and CEO Larry Merlo to evaluate how the company operates and how it can use its influence to be a force for good in communities across the country.

"Our nearly 300,000 employees are a microcosm of America, and a reflection of the diversity that is foundational to who we are as a country," said Merlo. "The strategic agenda we're laying out today will harness the strength of that diversity and focus on the areas where we can have the greatest impact."

CVS Health's investment will focus on improving the employee experience, supporting communities the company serves, and influencing public policy. Collectively the company will invest nearly $600 million in the following areas to build on its longstanding commitment to diversity:

  • Mentoring, sponsorship, development and advancement of diverse employees;

  • Company-wide training and corporate culture programs, with a focus on promoting inclusion;

  • Workforce initiatives, including building on the company's highly successful partnerships to provide employment services and training to underserved communities;

  • Social determinants of health, with a particular emphasis on increasing access to affordable housing, which is inextricably linked to health;

  • Access to health care, including expanding Project Health and other investments that address health disparities; and

  • Partnerships with civil rights and social justice organizations to support shared goals.

CVS Health will also use its position to advocate for public policy that addresses the root causes of systemic inequalities and barriers, including efforts to address socioeconomic status, education, and access to health care.

"The private sector must take action to get to the heart of institutional racism," Merlo continued. "As we learn from the perspectives of our Black colleagues and the diverse communities we serve, we'll use that input to inform our advocacy agenda going forward."

About CVS Health

CVS Health employees are united around a common goal of becoming the most consumer-centric health company. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings from HealthHUB locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at www.cvshealth.com.

Media contact

Erin Britt
erin.britt@cvshealth.com

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