CVS Health
Total revenues in 2024 were $372.8 billion, a 4.2% increase from 2023. Fourth quarter revenues were $97.7 billion.
Operating income in 2024 was $8.5 billion, a 38% decrease from 2023.
Net income was $4.6 billion in 2024, down from $8.4 billion in 2023. Fourth quarter net income was $1.6 billion, down from $2 billion during the same period last year.
Healthcare benefits segment
Total revenues in 2024 were $130.7 billion, up 23.7% year over year. Total revenues in the fourth quarter were $33 billion. The segment recorded an adjusted operating loss of $439 million in Q4 and $307 million in adjusted operating income in 2024, primarily driven by increased utilization, the unfavorable impact of 2024 Medicare Advantage star ratings, and the impact of higher acuity Medicaid members following redeterminations.
The medical benefit ratio increased from 86.2% in 2023 to 92.5% in 2024.
Medical membership as of Dec. 31 was 27.1 million, an increase of 1.4 million over the same period last year. There are 18.9 million commercial, 4.4 million Medicare Advantage, and 2.1 million Medicaid members.
Health Services Segment
Total revenues in 2024 were $173.6 billion, down 7.1% year over year. Revenue in the fourth quarter was $47 billion.
Adjusted operating income was $7.2 billion in 2024, down 1% year over year, driven by continued pharmacy client price improvements and a large client loss.
Total pharmacy claims processed decreased 18% in 2024 to 1.9 billion.
Pharmacy and Consumer Wellness
Total revenues in 2024 were $124.5 billion, up 6.6% year over year. Revenue in the fourth quarter was $33.5 billion.
Adjusted operating income was $4.7 billion in 2024, a 3.2% decrease from 2023, driven by continued pharmacy reimbursement pressures and lower store volumes.
Prescriptions filled on a 30-day equivalent basis increased 4% in 2024 to 1.7 billion total.
