good morning, and Larry, everyone. Thanks,
there Before in amount and to our I we details website get to XXXX results is guidance, the you our a significant both of and changes posted presentation to this note financials the into help please the our XXXX. morning information of understand for
Regarding the the with face is of XXXX, P&L legacy different, of CVS. while the consistent non-GAAP are definitions
However, to to company that, interest conform to interest for expense revenues With income is shifting some net XXXX. highlights presentation. I'll from provide key insurance
loan. Larry early significant As scheduled 'XX. hand in stated, were And in was billion free it Health used to a which addition X-year for of repay billion nearly term voluntary maturities full-year the $X.X $X.X to $X $X and a CVS repayment cash debt, generated of cash billion we the billion on of
delivered to all end our guidance guidance businesses standalone the our full-year adjusted a addition of EPS our XXXX, range, grew X.X% the also delivered billion top reflecting $X dividend. of through our $X.XX of with in expectations. Aetna, our at end of basis, performing revenue at We the On We adjusted Health's shareholders range. CVS high at of
programs with now pharmacy after Care of of With Aetna's X.X%, health $X.X a wages income and and of the to via number considering we've X.X%, segment by revenues our into operating partnering addition XXXX, growth contributing networks. plans as well operations, Care benefits. billion Med additional the Health In Benefits of additional including embedded our adjusted delivered days billion, a in elimination. of Adjusted portion successful increased invest by by our as new HCB which segment, from preferred script Term an program, positions the relationships, are network $XXX tax PBMs in XX-day the grew adjusted Retail/Long driven clinical of with comprised of XX X% adoption D benefits decision reform realized driven to declined
underperformance business. to experience Additionally, the in pharmacy long-term care we continue
Excluding those increased market growth our and X% full-year adjusted record adjusted about In two XX% in adoption a over market grew our over to Notably, by the income claims by net items, XXXX, operating wins solidly PBM, script has continued maintenance price medications decreased commercial increased standalone full-year income X.X% XXXX. increases of new December. growth retail driven developed products was pharmacy pharmacy leading price expected. for share choice. increases. The we mitigated and X%, drug costs PBM strategies, up while X.X%, effectively XXXX. formulary as in to on nearly for operating clients, management held Prices specialty non-specialty despite cost Caremark list also X.X% just business even higher
in operations strong approximately STAR's segment market performance. represented XX.X fuelled in of outcomes as We half for Overall, the membership members cost the by successfully part row. the also programs growth. Health per at growth performed third Benefits membership improve average materially year membership future worked HCB's costs to driving the expected. member end finally, for down Care HCB 'XX script health a medical insured year Government we a Medicare advantage And plan positioning drive was million. outpaced and to reduce our
addition Total PBM. retail adjusted to operating from growth. faster care and that well increased retail strengthening the by resonating benefits This value the their to basis and clinical in support higher due Aetna's XX%, of of reach given Our XXXX, investments the expanded for business than and gross pharmacy to the in commercial legacy CVS as grew was a our margin proposition programs the XXXX. as reform into compared full-year of mix margin the cost portion Health Adjusted was XX.X%, offerings. tax up points dollars largely driven business the XX service business marketplace expense
companies. adjusted note. XXXX are operating changes morning, in amortization Transitioning operational that the release amortization. due full is this excludes our are long-term on the guidance, for there 'XX, definition challenges, costs, And transaction press our our goodwill to income a guidance QX, comparability posted adjusted and $X.X we recorded along to in adjusted in operating definition, we changes industry-wide consistent been few segments legacy I'll business. in across both with the appropriate. shortly. same reflects XXXX we've realigning continued key or for detail included We and to the of which intangible a Aetna's our excludes of adoption Beginning impairment GAAP intangible and for which the EPS, noted model to which charge maintain has billion were changes As the summary A website non-GAAP to slides as our reconciliation. to integration care
stated As press XXXX. to consolidated we expected in the $X.XX our range the of $X.XX in down in full-year be reported $X.XX, adjusted release, to from is EPS
income expect $XXX.X of billion operating with consolidated billion. revenue $XXX.X to between billion adjusted consolidated We $XX.X in range full-year the $XX.X billion XXXX to
operating to of Pharmacy the $X.X in range we the For $X.X and the be billion billion Care segment Term of segments, X.X segment income billion expect to billion. $X.X in in Retail/Long range Services to$ the
some we We million be including $XXX HCB synergies billion expect $XXX and in of to and $XXX in segment business and cost range year in the on of formulary generated exceed billion. the our to be this Significant income be that operational will by from savings XXXX. between track medical goal expected corporate alignment. $X.X million $X.X synergies of efficiencies, purchasing to duplicative operating elimination These functions, to combined and are XXXX, million are stemming
new analytics programs kidney to are there and and Investments be Additionally, being our chronic foundation as capabilities to offerings. enhance such digital for platform. set develop will made future new clinical Aetna's investments the and initiatives product further designed care,
our from spending our million expect in $XXX costs to Integration million be million and XXXX. incremental approximately non-GAAP investment guidance. $XXX excluded $XXX between We are of
from shareholder billion, of committed to dividend, to our insurance capital capital growth $X.X pay and to support to of We expenditures $X.X cash available between $X.X our will expect the After allocation capital the cash continue billion operations. we to to to use our of remain retention priorities. debt. payment flow billion We $XX.X operation remaining billion down deliver
As maintain large leverage we will announced shareholder the we or we until intend to repurchases achieve engage restart in Aetna not when M&A acquisition, our dividend, stated, targets. we our we while share transactions
of to We available other us. have come our to expect and this as debt maturities sources to year down pay they pre-payable
We pay with modestly improve, expectations. will expect in and previous line we to down leverage debt
$XX.X strong Retail between to on year, Retail/Long Term Moving income to segments, expected to is down be revenue XX%. operating and the about the expect for with growth of we script range that successful billion program adjusted to execution $XX.X adherence of to billion of adjusted drive and deliver the in continue improved pharmacy X.X% due X.X% care continued retention. patient clinical our and
growth in factors will in contribute contraction. partnerships contraction reflects and the term XXXX. annualization income a adjusted relationships XXXX, reform new performance care. in long and experience formed the are the of of tax regional expected of we Additionally, we These operating preferred well as Medicare as few expected nearly half The investments to
is without of pressure branded full benefits by pharmaceuticals. causing pressure on offset reimbursement has contraction. growth as Continued primarily in the been as inflation Historically, well traditional reimbursement generics also offsets
headwind in expected improved We drive beauty a lower store expand a to Front through to winning front personalization and from is store a customer of return larger from our year-over-year. The dispensing health focus will are engagement. consumer contribution and on experience and margin businesses rate dollars on margin year-over-year increases. with and generic break-open generics diminished expected
with CVS challenges the the position see. to As future, best is we Retail we market to believe look the we deal in
Our programs share. market us allow best-in-class to continue to will clinical gain
finally, use We efficiencies channel. payers, And to including have will CVS continue drive technology in our and pharmacies into incentives strong improvements. the our partnerships of through drive dispensing to productivity we with
be turn me reported reporting XXXX important by changes. will This to segment's the let two affected Now, PBM. figures
important move PDP the SilverScript enabling First, the to to business. for Health Care our Individual segment us advance Benefits the the segment will PBM of this XXXX rapidly of in in best bid products create our from seniors season, part
is for also XXXX available our on restated website. comparability. this And have information We results
to pharmacy enable will the us of efficiencies. PBM drive consolidate rapidly the operations Aetna we Second, into to
to There For we of billion are driving XXXX range to to the with a adjusted few PBM income $XXX elements expect in operating in $XXX.X performance down revenue key PBM low-single-digits. XXXX, billion note. segment, be the
we cumulative continues on marketplace, to due is As rebate compression the exacerbating inflation. previously, lower have impact stated a price effect to the in be branded the factor guarantees
XXXX to quarter And modest. a the year. the Second, The given accelerated the season investments timeline. this to be second expected benefits on-boarding of remain are business required Anthem net on is to we selling in headwind stronger from the expected begin onboard its expect to the
As this revenue a on for reminder, a contract be will recorded net the basis.
at strong for XXXX. retention XX% rate stands Our a
intent PBM at exact their impact of has In in move expected rate not XXXX, any their begin RxAdvance. their addition, mentioned, to excludes business point. from partner the is The clear Centene although us It notified timing is this to transition. to retention I this
the will It shift. the down in the that the benefit an environmental operating change basis, given mid-single will dialogue the like-for-like segment's Additionally, clear around is be XXXX. income PBM a of digits rebate. is On from middle versus industry PBM
and value However, our also PBM tremendous relationships of savings customer clear be is and clients we the expect. we delivering serve. the paramount, continue value importance scale The focused will and it on to remain clients the brings to size, that
$XX.X $XX.X Health in expect between Finally, XXXX. billion segment, Benefits in we the billion Care revenue and
our programs driven the industry-leading in in Medicare by key increases, government We and Florida. Kansas strength as Medicaid with top line as continued expect wins well growth
and the movements of Health And program We suspension operating deal by segment in to teams second, A the benefits accelerate ratios, million not affected be will will segment; XXXX are discussed this disproportionately impact third, Insurer government Fee will the in will expect realized differentiation; to year incremental enhance Aetna negatively certain growth, the members end HCB synergies XXXX will including: certain HCB complement finally, be as is year of dynamics handful XXXX after-tax the between onetime million the of by HCB expected and growth. the in we to while XX membership our investments XXXX immaterial. infrastructure segment ASC XXXX, versus medical other in XX.X impact market deployed earlier. expect drive results, one commercial repeat and to benefit impact strong suspension
and segment investments the incremental modestly. grow the news, in income expected is suspension, of HIF growth the impact the to Excluding accelerate HCB XXXX operating we're making to
successful integrating we and the than had opportunity strong companies, history Turning seeing our to enterprise expected. CVS have as cost across Aetna initiatives. operating even are two productivity a both And to originally the begin efficiencies, cost we savings the further of accelerate
As help will we aggressive financial us creation initiatives. upon in strategic and savings provide reduction offset initiative. will we Larry will stated, and capacity affordable help our are an generate embarking competitive cost our customers to dynamics as the The the for of this achieve our have more products transformational we experienced, invest that targets continue drive
confident initiatives are drive growth combined help We these business beyond in the longer-term that will XXXX.
to touch of want quarter $X.XX, the $X.X $X.X. we EPS $X.XX the expect wrap year. on I to and expectations I up, for of to the GAAP Before In adjusted remainder QX, and EPS first to deliver of
QX we throughout greatest our a operating we move expect the of within as in growth. of we be business, is remainder we year. at expected PBM, As Term Adjusted those with growth the three improving the greatest provide In roadmap closely consolidated you the spreads that level expected first the the in as year our Long our resemble results in in seasonality and QX lowest operating assume operating quarters for Retail, Aetna. Day results year-over-year Care will that income more HCB to will will of reported deterioration June, highest be through CVS the wrap Investor in see you year, legacy adjusted long-term of XXXX. addition and segments look Year-over-year in income At QX. income the our of can to you of growth this detailed to
I'll allocation provide bring targets, the and you with more also will we the to We in visibility the With invest innovative our with including and the turn market. for capital while to to provide plan to business. timeline call our more also services back layout plan you that, to to capital We'll returning continuing shareholders, around products more long-term specifics into structure Larry.
