How did CVS's revenue segments perform in 2024?

CVS's revenue segments demonstrated varied performance in 2024, with some showing strong growth while others faced challenges:

1. Pharmacy and Consumer Wellness: This segment performed well, with a significant increase of approximately 12% year-over-year in revenue, reaching about $32.4 billion. The growth was driven by increased prescription volumes and contributions from vaccinations. Same-store pharmacy sales experienced nearly a 20% year-over-year increase, and same-store prescription volumes rose by about 9%.
2. Health Care Benefits: The Health Care Benefits segment reported approximately $33 billion in revenue, marking an over 25% increase year-over-year. Medical membership grew by 178,000 members sequentially, reaching approximately 27.1 million. However, the segment faced increased costs, with the medical benefit ratio rising to 95.2%, an increase of 950 basis points from the prior year quarter. The adjusted operating loss for Health Care Benefits was reported at approximately $924 million.
3. Health Services: This segment experienced a decrease of approximately 6% year-over-year in revenue, reaching $44.1 billion. Despite the decline, the adjusted operating income increased by approximately 17% year-over-year, reaching approximately $2.2 billion. The segment's performance was impacted by loss of a large client and price improvements.
4. Overall Performance: CVS's total revenue for 2024 was approximately $95.4 billion, marking a 6% increase year-over-year. The company's adjusted earnings per share (EPS) were $1.09, and the adjusted operating income was approximately $2.5 billion. The cash flow from operations was approximately $7.2 billion year-to-date.

In conclusion, CVS's Pharmacy and Consumer Wellness segment showed strong performance, while the Health Services segment faced a decline. The Health Care Benefits segment experienced growth in revenue but faced increased costs. The overall performance of CVS in 2024 was positive, with total revenue growth and improvement in adjusted EPS and operating income.