CVS Health Corp (CVS) 2020 Q4 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the CVS Health Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded.

女士們，先生們，早上好，歡迎來到 CVS Health 第四季度和 2020 年全年收益電話會議。 （操作員說明）提醒一下，今天的會議正在錄製中。

I would now like to turn the call over to Valerie Haertel, Senior Vice President of Investor Relations for CVS Health. Please go ahead.

我現在想把電話轉給 CVS Health 投資者關係高級副總裁 Valerie Haertel。請繼續。

Thank you, and good morning, everyone. Welcome to the CVS Health Fourth Quarter and Full Year 2020 Earnings Call. I'm Valerie Haertel, Senior Vice President of Investor Relations for CVS Health. I am joined this morning by Karen Lynch, President and CEO; and Eva Boratto, Executive Vice President and CFO. Following our prepared remarks, we'll host a question-and-answer session that will include Jon Roberts, Chief Operating Officer; and Alan Lotvin, President of Caremark.

謝謝大家，早上好。歡迎來到 CVS Health 第四季度和 2020 年全年收益電話會議。我是 CVS Health 投資者關係高級副總裁 Valerie Haertel。今天早上，總裁兼首席執行官 Karen Lynch 加入了我的行列；和 Eva Boratto，執行副總裁兼首席財務官。在我們準備好的發言之後，我們將主持一個問答環節，其中包括首席運營官喬恩·羅伯茨 (Jon Roberts)；和 Caremark 總裁 Alan Lotvin。

Our press release and slide presentation have been posted to our website, along with our annual report on Form 10-K that we filed with the SEC this morning.

我們的新聞稿和幻燈片演示以及我們今天早上向美國證券交易委員會提交的 10-K 表格年度報告已發佈到我們的網站上。

During this call, we will make certain forward-looking statements reflecting our current views related to our future financial performance, future events, industry and market conditions as well as the expected consumer benefits of our products and services and our financial projections. Our forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from what may be indicated in them. We strongly encourage you to review the information in the reports we file with the SEC regarding these risks and uncertainties, in particular, those that are described in the cautionary statement concerning forward-looking statements and Risk Factors section in this morning's earnings press release and included in our Form 10-K.

在此次電話會議中，我們將做出某些前瞻性陳述，反映我們當前對未來財務業績、未來事件、行業和市場狀況的看法，以及我們產品和服務的預期消費者利益以及我們的財務預測。我們的前瞻性陳述受重大風險和不確定性的影響，這些風險和不確定性可能導致實際結果與其中可能表明的結果存在重大差異。我們強烈建議您查看我們向美國證券交易委員會提交的有關這些風險和不確定性的報告中的信息，特別是那些在今天上午的收益新聞稿中有關前瞻性陳述和風險因素部分的警告聲明中描述的信息，並包括在內在我們的 10-K 表格中。

During this call, we will use non-GAAP financial measures when talking about the company's performance and financial condition. In accordance with SEC regulations, you can find a reconciliation of these non-GAAP measures to the comparable GAAP measures in this morning's earnings press release and the reconciliation document posted on the Investor Relations portion of our website.

在此次電話會議中，我們將在談論公司的業績和財務狀況時使用非公認會計原則財務指標。根據美國證券交易委員會的規定，您可以在今天上午的收益新聞稿和我們網站投資者關係部分發布的調節文件中找到這些非 GAAP 措施與可比的 GAAP 措施的調節。

Today's call is being broadcast on our website, where it will be archived for 1 year.

今天的電話會議正在我們的網站上播出，並將在網站上存檔 1 年。

Now I would like to turn the call over to Karen.

現在我想把電話轉給凱倫。

Thank you, Valerie, and good morning, everyone, and thank you for joining our call today. Before we begin, I'd like to acknowledge Larry Merlo's leadership. He set a bold path for CVS Health to change the health care industry in this country. Larry did an incredible job bringing together our unique assets and establishing the foundation for our future.

謝謝瓦萊麗，大家早上好，感謝您今天加入我們的電話會議。在我們開始之前，我想感謝 Larry Merlo 的領導。他為 CVS Health 開闢了一條大膽的道路，以改變這個國家的醫療保健行業。拉里做了一項令人難以置信的工作，將我們獨特的資產整合在一起，為我們的未來奠定了基礎。

Our transformation over the last decade has enabled us to become the nation's leading diversified health services company. As one of the most trusted brands in America, our presence in communities across the country allows us to meet consumers where they are and become a bigger part of their everyday health. Our unparalleled capabilities, reach and relationship with over 100 million people uniquely positions us to support them for every meaningful moment of health throughout their lifetime.

我們在過去十年的轉型使我們成為美國領先的多元化健康服務公司。作為美國最值得信賴的品牌之一，我們在全國各地社區的存在使我們能夠在消費者所在的地方與他們會面，並成為他們日常健康的重要組成部分。我們無與倫比的能力、影響力和與超過 1 億人的關係使我們能夠在他們一生中每一個有意義的健康時刻為他們提供支持。

These are unprecedented times, and our purpose to help people on their path to better health has never been more important. CVS colleagues are on the front lines every day helping millions of Americans with COVID testing and vaccines, in-home and virtual care services and face-to-face care in our CVS locations. We understand our responsibility to support our customers, members and communities during these difficult times, and we are delivering. I am proud of the nearly 300,000 colleagues on the CVS Health team and all that we've achieved in this past year.

這是前所未有的時代，我們幫助人們改善健康的目標從未像現在這樣重要。 CVS 的同事每天都在前線幫助數百萬美國人進行 COVID 測試和疫苗、家庭和虛擬護理服務以及我們 CVS 地點的面對面護理。我們了解在這些困難時期支持我們的客戶、成員和社區的責任，並且我們正在兌現承諾。我為 CVS Health 團隊的近 300,000 名同事以及我們在過去一年取得的成就感到自豪。

Turning to performance. Our strong results in 2020 show that both our strategy and business model are working. We exceeded our earnings commitments while delivering 6% year-over-year adjusted EPS growth. We grew revenue growth 4.5% to achieve adjusted revenues of $268 billion. We delivered continued strong growth in our PBM and Government Services business, once again achieving solid results in Medicare Advantage. We generated strong cash flow from operations of nearly $16 billion as we continue to delever while investing in our business for future growth. We served a prominent role in supporting our customers, providers and communities during one of the biggest public health crisis in our nation's history. We continue to progress against our strategic road map, and we set 2021 adjusted EPS guidance of $7.39 to $7.55, with mid-single-digit growth from our baseline. Eva will go into much more detail about our performance and our outlook.

轉向性能。我們在 2020 年取得的強勁業績表明我們的戰略和商業模式都在發揮作用。我們超出了盈利承諾，同時實現了 6% 的調整後每股收益同比增長。我們的收入增長了 4.5%，實現了 2680 億美元的調整後收入。我們在 PBM 和政府服務業務方面實現了持續強勁增長，再次在 Medicare Advantage 方面取得了可觀的成果。隨著我們繼續去槓桿化，同時投資於我們的業務以實現未來增長，我們從近 160 億美元的運營中產生了強勁的現金流。在我們國家歷史上最大的公共衛生危機之一期間，我們在支持我們的客戶、供應商和社區方面發揮了重要作用。我們繼續按照我們的戰略路線圖取得進展，我們將 2021 年調整後的每股收益指引定為 7.39 美元至 7.55 美元，與我們的基線相比實現了中個位數增長。 Eva 將更詳細地介紹我們的表現和前景。

Turning to our 3 business segments. We delivered strong results in 2020 in the Health Care Benefits segment. We grew total revenue by 8% for the year with increases in our Government businesses, partially offset by declines in our commercial business. In the fourth quarter, we saw utilization of total health care services in the aggregate return to more near-normal seasonal levels as higher COVID-related costs were partially offset by somewhat lower levels of traditional services. Adjusted operating income was in line with expectations. As we head into 2021, we demonstrated growth within each of our Medicare product lines in January. Overall, we are on track for another very strong year of Medicare growth.

轉向我們的 3 個業務部門。 2020 年，我們在醫療保健福利領域取得了強勁的業績。隨著政府業務的增長，我們今年的總收入增長了 8%，但部分被商業業務的下滑所抵消。在第四季度，我們看到總體醫療保健服務的利用率恢復到更接近正常的季節性水平，因為與 COVID 相關的較高成本被略低的傳統服務水平部分抵消。調整後營業收入符合預期。在進入 2021 年之際，我們在 1 月份展示了我們每條 Medicare 產品線的增長。總體而言，我們有望迎來另一個非常強勁的 Medicare 增長年。

For years, we've used our voice to advocate for policies, programs and regulations at the local, state and national levels that support access to affordable care for all Americans. After careful consideration, we have decided to reenter the individual public exchange market as of January 1, 2022. As the ACA has evolved, there is evidence of market stabilization and remedies to earlier issues. It is now time for us to participate in these markets. We will show that we can bring great value to those who seek coverage. You can expect to hear more about our exchange reentry plans in future updates.

多年來，我們一直在地方、州和國家層面倡導政策、計劃和法規，以支持所有美國人獲得負擔得起的醫療服務。經過慎重考慮，我們決定從 2022 年 1 月 1 日起重新進入個人公共交易市場。隨著 ACA 的發展，有證據表明市場趨於穩定，並且對早期問題採取了補救措施。現在是我們參與這些市場的時候了。我們將證明我們可以為那些尋求報導的人帶來巨大的價值。您可以期待在未來的更新中聽到更多關於我們的交換重新進入計劃的信息。

Turning to our PBM. Our Pharmacy Services segment has been resilient through the pandemic. We demonstrated the value we bring to our customers and our members. We achieved strong retention rates and positive momentum in winning new business in 2021.

轉向我們的 PBM。我們的藥房服務部門在大流行期間一直保持彈性。我們展示了我們為客戶和會員帶來的價值。 2021 年，我們在贏得新業務方面取得了強勁的保留率和積極勢頭。

And finally, in our Retail/Long-Term Care segment, we continue to advance our clinical programs which improved medication adherence and health outcomes. We increased the level of engagement with our loyalty and subscription customers, and we also achieved high customer satisfaction results.

最後，在我們的零售/長期護理部門，我們繼續推進我們的臨床計劃，以提高藥物依從性和健康結果。我們提高了與忠誠客戶和訂閱客戶的互動程度，我們也取得了很高的客戶滿意度。

During the last year, we delivered new market solutions, and we strengthened our role as a personal and trusted health care partner in response to COVID 19. We pivoted and rapidly innovated to meet customer needs for COVID testing in the community. We also advanced our digital capabilities to create a seamless experience across CVS Health touch points. Today, we remain the largest community testing organization in the U.S. We've administered approximately 15 million tests at our more than 4,800 testing locations nationwide. Over 50% of these tests have been administered in communities with significant need for support according to the CDC Social Vulnerability Index.

在過去的一年裡，我們提供了新的市場解決方案，並加強了我們作為個人和值得信賴的醫療保健合作夥伴的角色，以應對 COVID 19。我們調整併迅速創新，以滿足客戶對社區 COVID 測試的需求。我們還提升了我們的數字功能，以創建跨 CVS Health 接觸點的無縫體驗。今天，我們仍然是美國最大的社區測試組織。我們在全國 4,800 多個測試點進行了大約 1500 萬次測試。根據 CDC 社會脆弱性指數，超過 50% 的測試是在非常需要支持的社區進行的。

Additionally, we launched our Return Ready solution to help employers and universities as they execute their return to work and school strategies. To date, 100 clients have enrolled, representing over 1.5 million individuals with interest continuing to grow. Such leadership enabled us to establish new relationships with approximately 8 million consumers through our COVID testing efforts. These are people who are new to CVS Health.

此外，我們還推出了 Return Ready 解決方案，以幫助雇主和大學執行重返工作和學校戰略。迄今為止，已有 100 名客戶註冊，代表超過 150 萬個人，他們的興趣還在不斷增長。這種領導力使我們能夠通過我們的 COVID 測試工作與大約 800 萬消費者建立新的關係。這些人是 CVS Health 的新手。

Turning to vaccines. We've been working with the federal government on vaccine distribution readiness for several months. We were selected as 1 of the partners for vaccine administration and long-term care facilities. We've administered more than 3 million vaccine doses to the patients and staff in over 40,000 long-term care facilities across the country. We completed the first doses of vaccine administration in all skilled nursing facilities and we'll complete the second doses by the end of the month as planned. We are on track to complete both doses of vaccine administration for assisted living facilities by mid-March. This will fulfill our commitment to administer vaccines in long-term care facilities.

轉向疫苗。幾個月來，我們一直在與聯邦政府合作準備分發疫苗。我們被選為疫苗管理和長期護理機構的合作夥伴之一。我們已經為全國 40,000 多個長期護理機構的患者和工作人員接種了超過 300 萬劑疫苗。我們在所有專業護理機構完成了第一劑疫苗接種，我們將按計劃在月底前完成第二劑疫苗接種。我們有望在 3 月中旬之前完成輔助生活設施的兩劑疫苗接種。這將履行我們在長期護理機構中接種疫苗的承諾。

We've also been selected as one of the national partners for the federal Pharmacy Partnership program. This is the linchpin of the Biden administration's plan to vaccinate 300 million Americans by the end of the summer. As part of this program, we are administering approximately 250,000 COVID immunizations across 11 states and in over 350 CVS locations each week. Early feedback from customers has been very positive on their overall experience across both our in-person and digital channels. We will continue to add stores as the vaccine supply increases. With the commitment and hard work of our employees, we have the capacity to administer 20 million to 25 million doses per month depending on supply availability.

我們還被選為聯邦藥房合作計劃的全國合作夥伴之一。這是拜登政府計劃在夏季結束前為 3 億美國人接種疫苗的關鍵。作為該計劃的一部分，我們每週在 11 個州和 350 多個 CVS 地點進行大約 250,000 次 COVID 免疫接種。客戶的早期反饋對他們在我們的面對面和數字渠道中的整體體驗非常積極。隨著疫苗供應的增加，我們將繼續增加商店。憑藉我們員工的承諾和辛勤工作，我們有能力每月管理 2000 萬至 2500 萬劑，具體取決於供應情況。

Millions of new customers will engage with CVS Health for the first time through testing and vaccine administration services. We will use this opportunity to shape a health experience that demonstrates the value we bring. It will create the opportunity to expand our customer base while deepening relationships with current customers.

數百萬新客戶將首次通過測試和疫苗管理服務與 CVS Health 接觸。我們將利用這個機會塑造一種健康體驗，展示我們帶來的價值。它將創造機會擴大我們的客戶群，同時加深與現有客戶的關係。

We have made measurable and important progress with our strategy as a health services company that utilizes all our assets, that integrates them for a superior consumer experience and firmly addresses the total cost of care. For example, we are creating health platforms that combine local points of care, remote biometric monitoring and access to health care professionals, all within a personalized consumer-centric model.

我們作為一家利用我們所有資產的健康服務公司的戰略取得了可衡量的重要進展，將它們整合起來以獲得卓越的消費者體驗並堅定地解決總護理成本問題。例如，我們正在創建健康平台，將本地護理點、遠程生物識別監控和醫療保健專業人員聯繫起來，所有這些都在一個以消費者為中心的個性化模型中。

Our new diabetes program is an example of this. We have approximately 1.4 million members in this new program, with about 50% representing integrated Caremark-Aetna plan members. We've had strong reception to our fully integrated plan, the Aetna Connected Plan, and expect to add 15 markets in 2021. Key features include $0 co-pays at MinuteClinic locations, standard formulary and use of our Coram infusion services.

我們新的糖尿病項目就是一個例子。我們在這個新計劃中擁有大約 140 萬名成員，其中約 50% 代表綜合 Caremark-Aetna 計劃成員。我們完全整合的計劃 Aetna Connected Plan 受到了熱烈歡迎，預計 2021 年將增加 15 個市場。主要功能包括在 MinuteClinic 地點支付 0 美元的共付額、標準處方集和使用我們的 Coram 輸液服務。

We deepened our pharmacy penetration in the Health Care Benefits segment through increased cross-sell of medical and pharmacy plans. This is expected to result in approximately $350 million in incremental revenue in 2021.

我們通過增加醫療和藥房計劃的交叉銷售，加深了我們在醫療保健福利領域的藥房滲透。預計這將在 2021 年帶來約 3.5 億美元的增量收入。

We are bringing dialysis services into the home to better manage chronic kidney disease. This program offers a simpler, more patient-centered approach. It delays the onset of end-stage renal disease, reduces hospital admissions and supports people with treatment options. Our kidney program will engage a targeted cohort across businesses currently available to over 7.5 million eligible members.

我們正在將透析服務帶入家庭，以更好地管理慢性腎病。該計劃提供了一種更簡單、更以患者為中心的方法。它可以延緩終末期腎病的發作，減少住院率並為人們提供治療選擇。我們的腎臟計劃將吸引目前超過 750 萬符合條件的會員的跨企業目標人群。

And finally, our oncology program helps patients start on the best treatment and matches eligible patients to clinical trials. Our goal is to improve patient outcomes and lower overall costs at every point of the cancer care journey. Our program has expanded to more than 125 provider systems across 28 states, covering over 30% of Aetna's insured oncology population.

最後，我們的腫瘤學計劃幫助患者開始最佳治療，並將符合條件的患者與臨床試驗相匹配。我們的目標是在癌症治療過程的每個階段改善患者的治療效果並降低總體成本。我們的計劃已擴展到 28 個州的超過 125 個提供者係統，覆蓋了 Aetna 超過 30% 的投保腫瘤科人群。

As we engage consumers in addressing their most prevalent, costly and complex health conditions impacting their lives, we are also concentrating on expanding access to affordable, quality care. We launched new medical benefit plans designed with low co-pay or no co-pay at MinuteClinics to offer broader access to care. We have approximately 6 million commercial and Medicare members enrolled to date. In our small group product, which was the first to adopt, we achieved 25% greater use of MinuteClinics, and CVS Pharmacy retail scripts increased from 30% to 65%. This continues to strongly demonstrate the value of bringing CVS assets together to support across their health care needs.

當我們讓消費者參與解決影響他們生活的最普遍、最昂貴和最複雜的健康狀況時，我們還專注於擴大獲得負擔得起的優質護理的機會。我們在 MinuteClinics 推出了低共付額或無共付額的新醫療福利計劃，以提供更廣泛的醫療服務。迄今為止，我們有大約 600 萬名商業和醫療保險會員。在我們率先採用的小團體產品中，我們實現了 MinuteClinics 的使用率提高了 25%，CVS 藥房零售腳本從 30% 增加到 65%。這繼續有力地證明了將 CVS 資產整合在一起以支持其醫療保健需求的價值。

We continue to expand access through our integrated care delivery approach. We ended 2020 with just over 650 HealthHUBs nationwide, including locations in underserved communities. HealthHUBs are one of many channels we have to engage with consumers for their health, that also complement the traditional health care system.

我們通過我們的綜合護理提供方法繼續擴大訪問範圍。到 2020 年底，我們在全國擁有超過 650 個 HealthHUB，包括服務欠缺社區的地點。 HealthHUB 是我們為了消費者的健康而必須與他們接觸的眾多渠道之一，它也是對傳統醫療保健系統的補充。

We continue to expand our virtual care capabilities. We launched our e-clinic service in our MinuteClinic across 33 states and in the district of Columbia. Consumers are now able to interact with nurse practitioners for comprehensive virtual care in a convenient way. Through this offering, we can help customers with both episodic care and provide a longitudinal integrated care experience.

我們繼續擴大我們的虛擬護理能力。我們在 33 個州和哥倫比亞特區的 MinuteClinic 推出了電子診所服務。消費者現在能夠以方便的方式與執業護士進行全面的虛擬護理互動。通過此產品，我們可以幫助客戶進行偶發護理，並提供縱向綜合護理體驗。

We launched our virtual-first primary care program. Members engage with providers virtually. They are then directed to lower-cost, high-quality sites of care, such as MinuteClinic, or other face-to-face in-network provider care settings as needed. We are delivering value by creating a superior system that is centered around the consumer, where they want and need health care.

我們啟動了我們的虛擬優先初級保健計劃。會員以虛擬方式與提供商互動。然後，他們會根據需要被引導到成本更低、質量更高的護理場所，例如 MinuteClinic 或其他面對面的網絡內提供者護理場所。我們通過創建一個以消費者為中心的卓越系統來提供價值，他們想要並需要醫療保健。

In closing, we are starting 2021 with strong momentum. We are accelerating our pace of progress to drive our consumer-centric strategy, a strategy built upon the fundamental belief that solving consumer health needs will create value for all: Our customers, our communities, our people and our shareholders.

最後，我們以強勁的勢頭開啟了 2021 年。我們正在加快前進步伐，以推動我們以消費者為中心的戰略，該戰略建立在解決消費者健康需求將為所有人創造價值的基本信念之上：我們的客戶、我們的社區、我們的員工和我們的股東。

We will further develop and refine our strategy to leverage the rapid shift in health care underway in the U.S., trends that we are not only on top of, but in many places, driving. As we move forward with this work, the touchstones of our strategy will remain focused in the following areas. We will demonstrate the integrated value of CVS Health's unique portfolio of products and assets. We will enhance the consumer experience through the expansion of digital services and platforms that seamlessly connect to in-person channels. We will expand our portfolio with new, innovative consumer-oriented solutions that improve health, lower medical costs while creating better health outcomes. We will continue to build a high-performing organization that is passionate about our purpose that reflects the diverse populations we serve and is empowered to do the right thing the right way for consumers' health and well-being.

我們將進一步製定和完善我們的戰略，以利用美國正在發生的醫療保健領域的快速轉變，我們不僅掌握了這些趨勢，而且在許多地方都在推動這些趨勢。隨著我們推進這項工作，我們戰略的試金石將繼續集中在以下領域。我們將展示 CVS Health 獨特的產品和資產組合的綜合價值。我們將通過擴展與面對面渠道無縫連接的數字服務和平台來提升消費者體驗。我們將通過新的、創新的面向消費者的解決方案擴展我們的產品組合，這些解決方案可以改善健康、降低醫療成本，同時創造更好的健康結果。我們將繼續建立一個高績效組織，對我們的目標充滿熱情，反映我們所服務的不同人群，並有權以正確的方式為消費者的健康和福祉做正確的事。

I am confident in our future and our ability to help people on their path to better help. CVS Health will lower costs, improve customer experience, enhance access and be their trusted health care partner.

我對我們的未來以及我們幫助人們獲得更好幫助的能力充滿信心。 CVS Health 將降低成本、改善客戶體驗、增強訪問並成為他們值得信賴的醫療保健合作夥伴。

Now I'll turn it over to our Chief Financial Officer, Eva Boratto.

現在我將把它交給我們的首席財務官 Eva Boratto。

Thanks, Karen, and good morning, everyone. As Karen stated, our strong performance across the enterprise continued in the fourth quarter as we executed on our strategy during this challenging time. For the full year, we delivered $7.50 adjusted earnings per share, and importantly, achieved over $900 million of integration synergies, above the high end of our expectations. We've hit the 2021 run rate and the synergies are fully embedded in the business.

謝謝，凱倫，大家早上好。正如 Karen 所說，在這個充滿挑戰的時期執行我們的戰略時，我們整個企業的強勁表現在第四季度得以延續。全年，我們實現了 7.50 美元的調整後每股收益，重要的是，實現了超過 9 億美元的整合協同效應，超出了我們預期的上限。我們已經達到了 2021 年的運行率，協同效應已完全融入業務中。

During the quarter, we generated $3.6 billion of cash from operations, bringing our full year to $15.9 billion, which is above the high end of our expectations. And we paid down $2.5 billion of net debt in the quarter, exiting the year at a low 4x leverage ratio. Since the close of the Aetna transaction, we have paid down more than $12.2 billion in net debt and remain on track with our low 3x leverage ratio goal in 2022. We maintained our dividend while we also invested in our enterprise to support our colleagues and customers during the pandemic and to accelerate future growth.

本季度，我們從運營中產生了 36 億美元的現金，使我們的全年收入達到 159 億美元，高於我們預期的上限。我們在本季度償還了 25 億美元的淨債務，以 4 倍的低杠桿率結束了這一年。自 Aetna 交易結束以來，我們已經償還了超過 122 億美元的淨債務，並繼續朝著 2022 年 3 倍的低杠桿率目標邁進。我們維持了股息，同時還投資於我們的企業以支持我們的同事和客戶在大流行期間並加速未來的增長。

Looking at our fourth quarter results by segment. Our Health Care Benefits segment's total adjusted revenues increased 9.6% year-over-year driven by membership growth in our government products and the reinstatement of the HIF. Adjusted revenues exclude the ACA risk corridor payment received during the fourth quarter. Adjusted operating income was $153 million, in line with our expectations, largely reflecting the planned COVID-19-related investments benefiting customers, testing and treatment costs and the divestitures of the Aetna PDP and our Workers Comp business.

按部門查看我們的第四季度業績。我們的醫療保健福利部門的調整後總收入同比增長 9.6%，這得益於我們政府產品的會員增長和 HIF 的恢復。調整後的收入不包括第四季度收到的 ACA 風險走廊付款。調整後營業收入為 1.53 億美元，符合我們的預期，主要反映了計劃中與 COVID-19 相關的投資使客戶受益、測試和治療成本以及 Aetna PDP 和我們的 Workers Comp 業務的剝離。

Total membership increased about 140,000 sequentially, with Medicaid membership of about 90,000 as states continue to respond to the COVID-19 pandemic by suspending eligibility redeterminations. Additionally, our Medicare portfolio continues to show growth with strong Medicare Advantage and MedSup membership growth increasing sequentially about 90,000, up over 2%. These increases were partially offset by a modest sequential decrease in commercial membership of about 35,000 members driven by additional membership attrition due to COVID-19.

隨著各州繼續通過暫停資格重新確定來應對 COVID-19 大流行，會員總數增加了約 140,000 人，其中 Medicaid 會員人數增加了約 90,000 人。此外，我們的 Medicare 產品組合繼續呈現增長勢頭，Medicare Advantage 和 MedSup 會員人數環比增長約 90,000 人，增幅超過 2%。這些增長部分被 COVID-19 導致的額外會員流失所導致的約 35,000 名商業會員的適度連續減少所抵消。

Our adjusted MBR for the quarter, excluding the ACA payment, was 88.3% and in line with our expectations, representing an increase of 260 basis points compared to the prior year. The higher MBR was driven by COVID-19-related investments, testing and treatment costs, the divestiture of the PDP business, partially offset by the reinstatement of the HIF. Overall, fourth quarter utilization was generally in line with our baseline, including higher COVID-19-related costs. Days claims payable were 48 days for Q4 2020, consistent with our Q4 '19 and a day lower than Q3 2020, largely driven by pharmacy payments. We remain confident in the adequacy of our reserves.

我們本季度調整後的 MBR（不包括 ACA 付款）為 88.3%，符合我們的預期，比去年同期增加 260 個基點。更高的 MBR 是由與 COVID-19 相關的投資、測試和治療成本、PDP 業務的剝離推動的，部分被 HIF 的恢復所抵消。總體而言，第四季度的利用率總體上與我們的基線一致，包括較高的 COVID-19 相關成本。 2020 年第四季度應付索賠天數為 48 天，與我們的 19 年第四季度一致，比 2020 年第三季度低一天，這主要是受藥房付款的推動。我們對儲備的充足性仍然充滿信心。

Moving to Pharmacy Services. Total revenues declined approximately 2% versus last year primarily driven by the previously disclosed client losses and continued price compression. The decline in revenue was partially offset by growth in specialty pharmacy of approximately 4% and brand drug price inflation. Total pharmacy claims grew 0.7% in Q4 compared to last year driven by net new business.

轉向藥房服務。總收入與去年相比下降了約 2%，這主要是由於之前披露的客戶流失和持續的價格壓縮。收入下降部分被專業藥房增長約 4% 和品牌藥價格上漲所抵消。在淨新業務的推動下，第四季度藥房索賠總額比去年增長了 0.7%。

Momentum in Pharmacy Services continues, with adjusted operating income increasing 7.9% compared to the fourth quarter last year. Improvements in purchasing economics and the ongoing benefit to our clients and CVS Health from several generic launches and our continued success with customers in managing specialty pharmacy continues to fuel the growth. The quarter also reflected higher investments to support our successful 2021 welcome season.

藥房服務的勢頭仍在繼續，與去年第四季度相比，調整後的營業收入增長了 7.9%。採購經濟性的改善以及我們的客戶和 CVS Health 從幾款仿製藥的推出中獲得的持續利益，以及我們與客戶在管理專業藥房方面的持續成功，繼續推動增長。本季度還反映了為支持我們成功的 2021 迎新季而增加的投資。

And finally, Retail/Long-Term Care total revenues grew 6.6% year-over-year driven by a 2% increase in prescription volume, including strong flu immunizations as well as benefits from our diagnostic testing and brand inflation, partially offset by a 1.6% decline in front store sales. Our COVID-19 diagnostic testing program contributed nearly $400 million in the quarter. Prescription growth was driven in part by continued adoption of our patient care programs. Offsetting the growth was lower incidence of flu and flu-like illness, which reduced flu-related scripts nearly 40% and affected cough and cold sales in the front store by approximately 30%. Gross margins for the segment declined 140 basis points versus 2019 driven by continued reimbursement pressure and mix, partially offset by testing. Adjusted operating income declined 12.6% year-over-year, reflecting the items I have discussed as well as costs related to COVID-19.

最後，零售/長期護理總收入同比增長 6.6%，這得益於處方量增加 2%，包括強大的流感免疫接種以及我們的診斷測試和品牌通脹帶來的好處，部分被 1.6 所抵消前店銷售額下降百分比。我們的 COVID-19 診斷測試計劃在本季度貢獻了近 4 億美元。處方藥增長的部分原因是我們繼續採用患者護理計劃。流感和流感樣疾病的發病率降低抵消了增長，這使與流感相關的腳本減少了近 40%，並影響了前店的咳嗽和感冒藥銷售約 30%。由於持續的報銷壓力和組合，該部門的毛利率比 2019 年下降了 140 個基點，部分被測試所抵消。調整後營業收入同比下降 12.6%，反映了我討論過的項目以及與 COVID-19 相關的成本。

Moving to other items on the income statement. We incurred lower interest expense as a result of our continued debt paydown. And the adjusted tax rate was higher in Q4 compared to Q4 '19 primarily due to the return of the HIF.

轉到損益表上的其他項目。由於我們持續償還債務，我們產生了較低的利息支出。與 19 年第四季度相比，第四季度調整後的稅率更高，這主要是由於 HIF 的回歸。

Transitioning to 2021 guidance. Full year adjusted EPS is expected to be in the range of $7.39 to $7.55, an increase of approximately 4% to 6% from our 2020 baseline of about $7.11 and in line with our mid-single-digit growth expectation. Consistent with our practice, net realized capital gains or losses and prior year's development are excluded from our outlook.

過渡到 2021 年指南。全年調整後每股收益預計在 7.39 美元至 7.55 美元之間，比我們 2020 年約 7.11 美元的基準增長約 4% 至 6%，符合我們的中等個位數增長預期。根據我們的慣例，已實現的淨資本收益或損失以及上一年的發展不包括在我們的展望中。

We expect to generate between $12 billion and $12.5 billion of cash flow from operations in 2021. This includes the impact of timing of certain payables and receivables that contributed to our 2020 outperformance. Our gross capital expenditure expectations of $2.7 billion to $3 billion is above historical levels as we expand our investments in technology and digital, enhancing our app and systems workflow, and we continue to invest in our HealthHUBs.

我們預計 2021 年的運營現金流將在 120 億美元至 125 億美元之間。這包括對我們 2020 年的出色表現做出貢獻的某些應付賬款和應收賬款時間安排的影響。隨著我們擴大對技術和數字的投資，增強我們的應用程序和系統工作流程，我們將繼續投資於我們的 HealthHUB，我們的總資本支出預期為 27 億美元至 30 億美元，高於歷史水平。

As noted over the course of 2020, there were positive and negative impacts from COVID-19, many that offset across our segments, stemming from changes in consumer behavior. We are pleased with our ability to pivot, to deliver the products and services in demand to drive continued growth at our enterprise as we create a better way to deliver health care. In 2021, COVID-19 is expected to have an immaterial impact on our adjusted earnings per share. As we have highlighted in our slides, COVID-19 is expected to have a benefit to the Retail/Long-Term Care segment and have an unfavorable temporal impact to the Health Care Benefits segment.

正如在 2020 年期間所指出的那樣，COVID-19 產生了積極和消極的影響，其中許多影響在我們的細分市場中被抵消，這源於消費者行為的變化。隨著我們創造更好的醫療保健方式，我們很高興能夠轉向、提供所需的產品和服務以推動我們企業的持續增長。 2021 年，COVID-19 預計將對我們調整後的每股收益產生非實質性影響。正如我們在幻燈片中強調的那樣，COVID-19 預計會對零售/長期護理部門產生好處，並對醫療保健福利部門產生不利的暫時影響。

Importantly, we will continue to drive our enterprise cost savings initiatives, which we expect to deliver between $900 million and $1.1 billion and will ramp as we move throughout the year. Key drivers of savings include: Ongoing digitization of our businesses along with system technology improvements in our operations, such as our call centers; real estate changes, including our decision to reduce office space by about 30% resulting from COVID-19 and workforce management changes in how we are working; as well as productivity and operational efficiency initiatives within each segment. We expect consolidated full year adjusted operating income to be in the range of $15.5 billion to $15.7 billion with consolidated total revenues in the range of $276.1 billion to $280.6 billion, up 3% to 4.5%. We are maintaining our shareholder dividend of $2 per share.

重要的是，我們將繼續推動我們的企業成本節約計劃，我們預計將交付 9 億至 11 億美元，並將隨著我們全年的推進而增加。節省成本的主要驅動因素包括： 我們業務的持續數字化以及我們運營中的系統技術改進，例如我們的呼叫中心；房地產變化，包括我們決定因 COVID-19 而將辦公空間減少約 30%，以及我們工作方式的勞動力管理變化；以及每個部門內的生產力和運營效率計劃。我們預計全年合併調整後營業收入將在 155 億美元至 157 億美元之間，合併總收入將在 2761 億美元至 2806 億美元之間，增長 3% 至 4.5%。我們維持每股 2 美元的股東股息。

Moving on to our segments. As a result of continued strength in Medicare products, we expect HCB total revenues to be in the range of $79.4 billion to $80.7 billion. Medical membership is expected to be between 23.2 million and 23.6 million medical members at the end of 2021, fueled by growth in each of our Medicare lines of business. Partially offsetting the growth in Medicare is the transition of 2 large Medicaid contracts. Our guidance includes an expectation that state redeterminations do not return in 2021. We believe the strength of our unmatched benefit plan designs that utilize our enterprise assets positions us well for 2021 and beyond.

繼續我們的細分市場。由於 Medicare 產品持續走強，我們預計 HCB 的總收入將在 794 億美元至 807 億美元之間。到 2021 年底，醫療會員人數預計將在 2320 萬至 2360 萬之間，這得益於我們每項 Medicare 業務線的增長。 2 份大型醫療補助合同的過渡部分抵消了醫療保險的增長。我們的指導包括對州重新確定在 2021 年不會返回的預期。我們相信，利用我們企業資產的無與倫比的福利計劃設計的優勢將使我們在 2021 年及以後處於有利地位。

Within Health Care Benefits, we expect adjusted operating income in the range of $5.1 billion to $5.2 billion. Our outlook reflects the negative impact of COVID-19 of approximately $450 million to $550 million, largely attributable to the Medicare risk adjuster impacts and the recent regulatory changes from the Consolidated Appropriations Act; the removal of the HIF insurance fee, which we expect to decrease 2021 adjusted operating income by approximately $175 million; and strong growth in Medicare membership. Our full year MBR is expected to be approximately 84.7%, plus or minus 60 basis points, which reflects the return to more normal levels of utilization, the removal of the HIF, lower risk-adjusted revenue and mix shifts in our business.

在醫療保健福利方面，我們預計調整後的營業收入在 51 億美元至 52 億美元之間。我們的展望反映出 COVID-19 的負面影響約為 4.5 億至 5.5 億美元，這主要歸因於醫療保險風險調節器的影響和最近《聯合撥款法》的監管變化；取消 HIF 保險費，我們預計這將使 2021 年調整後的營業收入減少約 1.75 億美元；以及 Medicare 會員的強勁增長。我們全年的 MBR 預計約為 84.7%，上下浮動 60 個基點，這反映了利用率恢復到更正常的水平、HIF 的取消、風險調整後收入的降低以及我們業務的組合轉變。

In Pharmacy Services, we expect total revenue to be in the range of $144.5 billion to $147 billion driven by strong net new business of $3.3 billion, continued growth in specialty pharmacy and brand drug inflation in the mid single-digit range. The 2021 selling season is largely complete and we maintained a strong 98% retention rate with gross wins of $4.9 billion. Adjusted operating income is expected to be within the range of $6 billion to $6.1 billion, driven by continued growth in specialty and our ability to drive further improvements to purchasing economics, partially offset by industry-wide price compression.

在藥房服務方面，我們預計總收入將在 1445 億美元至 1470 億美元之間，這主要得益於 33 億美元的強勁淨新業務、專業藥房的持續增長和處於中等個位數範圍內的品牌藥物通脹。 2021 年銷售季基本結束，我們保持了 98% 的強勁保留率，總收入為 49 億美元。調整後的營業收入預計在 60 億美元至 61 億美元之間，這主要得益於專業業務的持續增長以及我們進一步改善採購經濟的能力，部分被全行業的價格壓縮所抵消。

Turning to Retail/Long-term Care. We expect revenue of $93.8 billion to $95.1 billion. We expect strong adjusted script growth in the range of 7.25% to 9.25% driven by the continued successful execution of our patient care programs, expected return of provider visits and COVID-19 vaccinations. We expect front store traffic will increase as we move throughout the year. We expect adjusted operating income to be in the range of $6.6 billion to $6.7 billion, benefiting from continued pharmacy volume growth and approximately $400 million to $500 million from COVID-19. The benefit from COVID-19 reflects the positive impact of vaccines and testing-related revenues, net cost associated with these programs, partially offset by the adverse impacts of front store and pharmacy, and our continued investments in COVID-19-related protocols. Operating income growth also continues to be unfavorably affected by reimbursement pressure.

轉向零售/長期護理。我們預計收入為 938 億美元至 951 億美元。我們預計，由於我們的患者護理計劃的持續成功執行、提供者訪問的預期回報和 COVID-19 疫苗接種的推動，調整後的腳本將在 7.25% 至 9.25% 的範圍內強勁增長。我們預計隨著我們全年搬遷，前店客流量將會增加。我們預計調整後的營業收入將在 66 億美元至 67 億美元之間，這得益於藥房銷量的持續增長以及來自 COVID-19 的約 4 億至 5 億美元。 COVID-19 的收益反映了疫苗和測試相關收入的積極影響、與這些項目相關的淨成本（部分被前台商店和藥房的不利影響以及我們對 COVID-19 相關協議的持續投資所抵消）。營業收入增長也繼續受到報銷壓力的不利影響。

Moving to other income statement items. We expect interest expense of about $2.6 billion, benefiting from the paydown of our debt and our liability management actions. And our effective tax rate is expected to be approximately 25%, reflecting the repeal of the HIF.

轉移到其他損益表項目。我們預計利息支出約為 26 億美元，這得益於我們的債務償還和負債管理措施。我們的實際稅率預計約為 25%，反映了 HIF 的廢除。

Finally, we expect quarterly earnings cadence to be fluid over the course of the year, but let me share some perspectives on Q1. Q1 is expected to be the lowest earnings quarter for the year. In Retail/Long-term Care, lower traffic in the front store and lower script volume has persisted into January in part due to the weaker flu season. Q1 is also impacted by investments to advance our vaccine program. Health Care Benefits is expected to have higher earnings in the first half of the year and the lowest in the fourth quarter. Cost savings initiatives across our segments are expected to ramp over the course of the year.

最後，我們預計季度收益節奏在一年中會有所變化，但讓我分享一些對第一季度的看法。預計第一季度將是今年收入最低的季度。在零售/長期護理方面，前店客流量和腳本量減少一直持續到 1 月份，部分原因是流感季節較弱。第一季度也受到推進我們疫苗計劃的投資的影響。 Health Care Benefits預計上半年收益較高，第四季度收益最低。我們各個部門的成本節約計劃預計將在今年內逐步增加。

In summary, we continue to deliver on our financial expectations and are confident in our ability to achieve the 2021 guidance we outlined today. We are making progress toward driving sustainable long-term growth. As Karen mentioned, we are accelerating aspects of our consumer-focused strategy to meet the consumers' health needs of the future.

總之，我們將繼續實現我們的財務預期，並對我們實現今天概述的 2021 年指導的能力充滿信心。我們正在推動可持續的長期增長方面取得進展。正如 Karen 提到的那樣，我們正在加快以消費者為中心的戰略的各個方面，以滿足消費者未來的健康需求。

Before opening it up for questions, I would like to take a moment to thank Valerie for her work here in Investor Relations. I'm disappointed to see Valerie leave over the next month, but I'm grateful for the advancements that Valerie made during the time she was with CVS Health. I wish Valerie the best of luck in her next venture.

在開始提問之前，我想花點時間感謝瓦萊麗 (Valerie) 在投資者關係方面所做的工作。看到 Valerie 在下個月離開，我感到很失望，但我很感謝 Valerie 在 CVS Health 期間取得的進步。我祝瓦萊麗在她的下一次冒險中好運。

Now let's open it up to questions.

現在讓我們開始提問。

(Operator Instructions) And we will take our first question from Lisa Gill with JPMorgan.

（操作員說明）我們將從摩根大通的 Lisa Gill 那裡回答我們的第一個問題。

Karen, I just wanted to go back to the comments that you made around virtual-first primary care. So can you maybe just help me to understand a little bit better, one, just the number of people that you have enrolled in that program today? And then secondly, when you think about that virtual-first primary care, is it virtual, then they come into the MinuteClinic? How is the physician network set up there? I just want to better understand how that program is working and how many people you were able to enroll for 2021.

凱倫，我只想回到你對虛擬優先初級保健所做的評論。那麼，您能否幫助我更好地理解一點，一個，就是您今天註冊該計劃的人數？其次，當你想到虛擬優先的初級保健時，它是虛擬的，然後他們進入 MinuteClinic 嗎？那裡的醫生網絡是如何建立的？我只是想更好地了解該計劃的運作方式以及 2021 年您能夠註冊的人數。

Lisa. On the virtual care, this is a program that we started with one of our large national accounts. Essentially, what we're doing is they select a virtual primary care physician, they interact first with that virtual primary care doctor. And then if that person needs to be seen, what they do is they send them first, our hope, is to the MinuteClinic. And that's kind of the way we've contracted. And then if there needs to be other in-network providers, then they would refer them there. But there -- but their first interaction would be with this virtual primary care. It is in pilot. And so with our large national customer -- one customer. And our expectation is that we'll continue to roll it out as we go forward.

麗莎。關於虛擬護理，這是我們從我們的一個大型國民賬戶開始的一個項目。本質上，我們正在做的是他們選擇一個虛擬的初級保健醫生，他們首先與那個虛擬的初級保健醫生互動。然後，如果需要看到那個人，他們所做的就是先將他們送到 MinuteClinic，我們希望如此。這就是我們簽約的方式。然後，如果需要其他網絡內提供者，他們會在那裡推薦他們。但是在那裡 - 但他們的第一次互動將是與這種虛擬初級保健。它處於試驗階段。因此，我們的大型全國客戶 - 一個客戶。我們的期望是，我們將在前進的過程中繼續推出它。

Can you give us any idea of like what the cost savings is to that commercial client versus kind of a traditional program as we think about potential interest around these kinds of things?

當我們考慮圍繞這些事情的潛在興趣時，您能否給我們一些想法，比如與傳統計劃相比，商業客戶可以節省多少成本？

It's a little too early to tell, but we are expecting lower cost savings, and that's when we're pitching it to the national account customers. We've seen lower cost with primary care physicians being virtual. So -- but little early to tell at this point.

現在下結論還為時過早，但我們預計成本節約會降低，這就是我們向國民賬戶客戶推銷它的時候。我們已經看到初級保健醫生是虛擬的，成本更低。所以 - 但在這一點上還為時過早。

Okay. Great. And then just my follow-up would be for Eva around what you have in the guidance for vaccines. I heard the comments around 250,000 per week at this point, but the capacity for 20 million to 25 million per month. What do you actually have in the guidance that you gave us today?

好的。偉大的。然後我的後續行動將圍繞您在疫苗指南中的內容針對 Eva。我當時聽到的評論是每週 25 萬條左右，但每月的容量為 2000 萬到 2500 萬條。您今天給我們的指導實際上有什麼？

Lisa, thanks for the question. I'll start with -- as you look at the Retail/Long-term Care segment guidance and the prescription growth of 7.25% to 9.25%, I would think about the vaccines contributing about 2 to 3 percentage points of that growth. Obviously, it's fluidly, so it will depend on supply availability and the selection of CVS Health. But as Karen said, we're ready to do 20 million to 25 million per month.

麗莎，謝謝你的提問。我將從——當你看到零售/長期護理部門的指導和 7.25% 至 9.25% 的處方藥增長時，我會考慮疫苗貢獻了大約 2 到 3 個百分點的增長。顯然，它是流動的，因此將取決於供應可用性和 CVS Health 的選擇。但正如 Karen 所說，我們準備每月完成 2000 萬到 2500 萬。

As you think about the profitability of the vaccine, Lisa, I would say, for the vaccinations that we'll administer in our stores, the EBIT contribution's similar to a flu vaccination. And as we work through long-term care, the profit contribution from that program is pretty de minimis as it was a complex process requiring multiple visits to the site and with lower individuals there to vaccinate. Overall, the costs were higher. So I would think about that as de minimis.

當你考慮疫苗的盈利能力時，麗莎，我會說，對於我們將在我們的商店進行的疫苗接種，息稅前利潤的貢獻類似於流感疫苗接種。當我們進行長期護理時，該計劃的利潤貢獻微乎其微，因為這是一個複雜的過程，需要多次訪問該站點，並且需要較少的人在那裡接種疫苗。總的來說，成本更高。所以我會認為這是最低限度的。

We will take our next question from Robert Jones with Goldman.

我們將與高盛一起接受羅伯特·瓊斯的下一個問題。

Maybe just a follow-up on the $400 million to $500 million benefit. Just 1 point of clarification. Is that off of the ex-COVID baseline? So we expect the $400 million to $500 million in the Retail/Long-Term Care facility to be on top of the $7.11 at the enterprise level?

也許只是 4 億至 5 億美元收益的後續行動。只需 1 點澄清。這是否超出了前 COVID 基線？因此，我們預計零售/長期護理設施的 4 億至 5 億美元將超過企業級的 7.11 美元？

And then I guess, just more importantly, as we think about the year 2021, ex this COVID-related benefit, could you maybe just share a little bit about how you're thinking about the other underlying assumptions, returning back to normal or closer to normal as we get through the year?

然後我想，更重要的是，當我們考慮 2021 年時，除了與 COVID 相關的好處之外，您能否分享一下您是如何考慮其他基本假設的，恢復正常或更接近在我們度過這一年時恢復正常？

Yes. Let me start with some of the assumptions, and I'll kick it over to Eva for some of the metrics. On the assumptions, we assume that the public health emergency would stay in place all year. Obviously, that impacts the Medicaid business. Relative to utilization, we have modest assumptions for deferred utilization in the first quarter or so. And then we're assuming that we head back to a normal baseline.

是的。讓我從一些假設開始，然後我會把它交給 Eva 來了解一些指標。根據假設，我們假設突發公共衛生事件將全年持續。顯然，這會影響醫療補助業務。相對於利用率，我們對第一季度左右的延遲利用率有適度的假設。然後我們假設我們回到正常的基線。

As we ended the year of 2020, we had near-normal baseline levels of utilization. Obviously, COVID had an impact on that. So as you think about the year, think about some very modest deferred utilization, but returning to normal levels on the utilization front.

到 2020 年結束時，我們的利用率接近正常基準水平。顯然，COVID 對此產生了影響。因此，當您考慮這一年時，請考慮一些非常適度的遞延利用率，但在利用率方面恢復到正常水平。

Eva?

伊娃？

Yes, Bob. And your question on the retail side of the business. The $400 million to $500 million COVID-related benefit, I would think about that across a couple of categories. One is the continuation of testing while cases remain elevated to the benefits from our vaccination program. Offset by, obviously, the incremental costs that we will incur. At the enterprise level, as I said, COVID is de minimis as you look at the impacts on the HCB side, as Karen just outlined, and the impacts on the Retail/Long-term Care side.

是的，鮑勃。以及您關於業務零售方面的問題。 4 億至 5 億美元與 COVID 相關的收益，我會在幾個類別中考慮。一是繼續進行檢測，同時病例數量仍然增加，以受益於我們的疫苗接種計劃。顯然，我們將承擔的增量成本抵消了。正如我所說，在企業層面，正如 Karen 剛剛概述的那樣，當您查看對 HCB 方面的影響以及對零售/長期護理方面的影響時，COVID 是微不足道的。

Got it. And then I guess just a quick follow-up. Karen, interesting decision to reenter the individual markets for '22. Maybe if you could just share a little bit more about the decision process there. And then as you think about year 1, how many geographies and markets might you be targeting?

知道了。然後我想只是快速跟進。凱倫，為 22 年重新進入個人市場的有趣決定。也許你可以在那里分享更多關於決策過程的信息。然後當您考慮第 1 年時，您可能會瞄準多少個地區和市場？

Yes. So we've been studying the individual market for a while. What we decided, it's obviously stabilized over time. Some of the remedies have been put in place. Clearly, there's a big market, 10 million to 15 million people that we aren't participating in today. We view that, the combination of the insurance and the CVS Health assets gives us a unique opportunity to put a competitive product into the market. It will be our first branded CVS Health-Aetna product that we put into the market.

是的。所以我們一直在研究個人市場一段時間。我們的決定，隨著時間的推移顯然會穩定下來。一些補救措施已經到位。顯然，有一個很大的市場，我們今天沒有參與其中的 1000 萬到 1500 萬人。我們認為，保險和 CVS Health 資產的結合為我們提供了一個獨特的機會，可以將有競爭力的產品推向市場。這將是我們投放市場的第一個品牌 CVS Health-Aetna 產品。

And relative to the number of markets, we're still -- we still haven't finalized, though. So more to come when we talk in the second quarter.

相對於市場數量，我們仍然——我們還沒有最終確定。當我們在第二季度討論時，還會有更多內容。

And we will move next with Ricky Goldwasser with Morgan Stanley.

接下來，我們將與摩根士丹利的 Ricky Goldwasser 一起行動。

So Karen, you talked about, in the third quarter, and to dig in about the Aetna members that have 0 co-pay access to the HealthHUBs. Can you just maybe give us an update of what percent of members have that? And any early -- I know it's been kind of 6 weeks, but any early indication as how these members are using that benefit?

所以凱倫，你在第三季度談到了，並深入了解了對 HealthHUB 的共付額為 0 的 Aetna 成員。你能不能給我們更新一下有多少成員有這個？任何早期——我知道已經有 6 週了，但是否有關於這些成員如何使用該福利的早期跡象？

Yes, Ricky. So we now have 6 million Aetna members that have the 0 co-pay, no-cost co-pay, benefit. We put it into the Medicare business this year as well. So that -- we went from 4 million to 6 million as we turned the corner on 2021. We have seen, where this -- our small group business had adopted this co-pay early on, we've seen an increase in MinuteClinic visits of about 25% from that cohort of individuals. So it is an indication that people are using MinuteClinic, are interested in using it with that co-pay design. So that's the number -- so that's -- the 6 million is where we are, and we'll be able to watch that throughout the year.

是的，瑞奇。所以我們現在有 600 萬 Aetna 會員，他們享受 0 共同支付、無成本共同支付和福利。我們今年也將其投入到醫療保險業務中。因此——我們在 2021 年迎來拐點時從 400 萬增加到 600 萬。我們已經看到，我們的小團體業務很早就採用了這種共同支付，我們看到 MinuteClinic 的訪問量有所增加該人群中約有 25% 的人。因此，這表明人們正在使用 MinuteClinic，並且有興趣將其與共同支付設計一起使用。所以這就是數字 - 所以這就是 - 600 萬是我們所在的位置，我們將能夠全年觀看。

And as a follow-up, just on the PBM business. If you can just give a little bit more color on just kind of like the selling season.

作為後續行動，僅針對 PBM 業務。如果你能像銷售旺季一樣多一點顏色。

And you talked in the prepared remarks about a change in the business mix in 2020 -- into 2021. So how should we think about business mix, up for renewal, and opportunities in the marketplace for 2022?

你在準備好的評論中談到了 2020 年到 2021 年業務組合的變化。那麼我們應該如何考慮 2022 年的業務組合、更新和市場機遇？

And what are the key new products that you are selling this year and you think will continue to -- into next year?

你今年銷售的主要新產品是什麼，你認為明年會繼續銷售？

Ricky, first, let me just comment on PBM. We're very pleased with our integrated approach with the PBM and the health care side. And as I mentioned in our opening remarks, we have $350 million of incremental revenue. That has been a focus for us to drive integration. The PBM business had, as Eva said, 98% retention and about $4.9 billion of new sales. So we're quite pleased with the performance of the PBM business.

Ricky，首先，讓我對 PBM 發表評論。我們對 PBM 和醫療保健方面的綜合方法感到非常滿意。正如我在開場白中提到的，我們有 3.5 億美元的增量收入。這一直是我們推動整合的重點。正如 Eva 所說，PBM 業務擁有 98% 的保留率和約 49 億美元的新銷售額。因此，我們對 PBM 業務的表現非常滿意。

And let me turn it over to Alan, who can give you more details around the products and the services that we're selling.

讓我把它交給艾倫，他可以為您提供有關我們銷售的產品和服務的更多詳細信息。

Ricky, thank you for the question. So just on -- with respect to us resonating in the market, I think there's a couple of key points. So 1 is the most important thing to our customers right now is the management of specialty. And we've continued to advance in that area and separate ourselves from the pack and differentiate with a series of products, whether it's things that connect us digitally to our customers, whether it's things that connect us digitally to our provider groups, and also as was mentioned earlier, better management of oncology. That's really what's driven that.

瑞奇，謝謝你的提問。因此，就我們在市場上引起共鳴而言，我認為有幾個關鍵點。所以 1 現在對我們的客戶來說最重要的是專業的管理。我們繼續在該領域取得進步，並通過一系列產品脫穎而出，無論是通過數字方式將我們與客戶聯繫起來，還是通過數字方式將我們與供應商群體聯繫起來，以及作為前面提到，更好地管理腫瘤。這才是真正的驅動力。

With respect to -- when we look at the 2022 in terms of what's up for renewal, it's a year that's smaller exposure of our own customers up for renewal than we've seen for the past 2 years. About $32 billion compared to sort of in the $50 billion range the prior 2 years.

關於 - 當我們從更新內容的角度來看 2022 年時，這一年我們自己的客戶更新的風險比我們過去兩年看到的要小。與前兩年的 500 億美元相比，約為 320 億美元。

And we will take our next question from Charles Rhyee with Cowen.

我們將與 Cowen 一起接受 Charles Rhyee 的下一個問題。

First question, Karen, I think you talked about in the diabetes management program, you have about 1.4 million members. And you said about 50% of them was sort of representing Caremark-Aetna integrated members here. Can you talk a little bit more about -- I guess, first. Is the 50% represents Aetna's fully insured members and the others are ASO clients that are participating in this? And what kind of data have you seen in terms of maybe cost savings by going through this approach?

第一個問題，凱倫，我想你在糖尿病管理計劃中談到過，你有大約 140 萬會員。你說他們中大約 50% 代表這裡的 Caremark-Aetna 綜合成員。你能否多談一點——我想，首先。 50% 是否代表 Aetna 的全額保險成員，而其他人是參與其中的 ASO 客戶？在通過這種方法可能節省成本方面，您看到了什麼樣的數據？

Yes. So Charles, let me just comment on the diabetes program. First is it's focused on a data-driven identification and targeting of member-specific gaps in 5 areas. We're focused on medication optimization, medication adherence, screenings, lifestyle and nutrition and blood glucose monitoring. It's -- basically, it's a multichannel approach.

是的。查爾斯，讓我就糖尿病計劃發表評論。首先是它專注於數據驅動的識別和針對 5 個領域中特定於成員的差距。我們專注於藥物優化、藥物依從性、篩查、生活方式和營養以及血糖監測。它 - 基本上，它是一種多渠道方法。

We do -- as you mentioned, we have 1.4 million members. That 50% represents kind of all of our members. It's -- I can't -- I don't know the split. We can certainly get you that split at some point. So we've launched it.

我們有——正如您提到的，我們有 140 萬會員。這 50% 代表了我們所有的成員。這是——我不能——我不知道分裂。我們當然可以在某個時候讓你分裂。所以我們推出了它。

We do have a large group Medicare account on it as well. But preliminary results are showing that our engagement rate is improving. We're closing diabetes gaps for about 50% of those engaged members. So far, what we've seen is we're pleased with the preliminary results. But obviously, it's relatively new to the market, so we need to see sort of that longitudinal study. But it is resonating with our customers.

我們也有一個大型團體 Medicare 帳戶。但初步結果表明，我們的參與率正在提高。我們正在縮小約 50% 參與成員的糖尿病差距。到目前為止，我們所看到的是我們對初步結果感到滿意。但顯然，它對市場來說相對較新，所以我們需要看到某種縱向研究。但它引起了我們客戶的共鳴。

And is that being delivered through the HealthHUBs themselves? Or is it more broadly through the MinuteClinic channel?

這是通過 HealthHUB 本身提供的嗎？或者更廣泛地通過 MinuteClinic 渠道？

It is being delivered through the HealthHUBs itself, and being sold through both the Aetna and Caremark teams. And we're really looking at it from an integrated perspective.

它通過 HealthHUBs 本身交付，並通過 Aetna 和 Caremark 團隊銷售。我們真的是從綜合的角度來看待它。

Great. And I got one more follow-up. You also talked about the efforts in the digital channel. Obviously, a lot of members coming through to CVS for the first time. Are they coming through CVS through the CVS app, for example? Or are they coming first through the store because they're looking to maybe book a COVID appointment? How are they first reaching out to you? Like what percent of that is digital? And then can you maybe talk a little bit about that strategy, retaining them digitally post -- once they leave?

偉大的。我又得到了一次跟進。您還談到了數字渠道方面的努力。顯然，很多成員都是第一次接觸 CVS。例如，他們是通過 CVS 應用程序通過 CVS 來的嗎？還是他們先來商店是因為他們想預約 COVID 預約？他們是如何第一次聯繫你的？比如其中百分之幾是數字的？然後你能不能談談這個策略，在他們離開後以數字方式保留他們？

Charles, I assume you're talking about the interactions with our testing and vaccines. All of our customers are coming in digitally. They're required to make an appointment for -- and it is all a digital experience. We are receiving quite positive response from those customers relative to their digital experience. Clearly, we also have phone capability for people when they don't have those digital experiences, but most of our customers are coming in digitally. I'm very pleased with the level of results we're getting from our digital team and the experience that our customers are having. We've received such positive response in comparison to others as they've been trying to get appointments elsewhere, and our systems have been incredibly stable.

查爾斯，我想你是在談論與我們的測試和疫苗的相互作用。我們所有的客戶都以數字方式進入。他們需要預約——這都是一種數字體驗。我們收到了這些客戶對他們的數字體驗非常積極的回應。顯然，當人們沒有這些數字體驗時，我們也有電話功能，但我們的大多數客戶都是通過數字方式進來的。我對我們從數字團隊獲得的成果水平以及客戶的體驗感到非常滿意。與其他人相比，我們收到瞭如此積極的回應，因為他們一直在嘗試在其他地方進行預約，而且我們的系統一直非常穩定。

We will move next with Matt Borsch with BMO.

接下來我們將與 BMO 的 Matt Borsch 一起移動。

Just a question on your outlook for utilization this year. I gather you're expecting some deferral early in the year and then really normal utilization after that. Are you projecting that we'll see much sort of pent-up demand or catch up? And if not, what are some of the factors that influence your view there?

只是關於您今年的使用前景的問題。據我了解，您預計今年早些時候會有一些延期，然後才是真正正常的利用。您是否預計我們會看到很多被壓抑的需求或迎頭趕上？如果不是，影響您的觀點的因素有哪些？

Matt, so let me just comment on pent-up demand and acuity. We are not projecting high levels of pent-up demand. We think that system capacity will constrain that -- the use in the health care system. I would also tell you that we have spent a lot of time this year reaching out to our members to close gaps in care. So we have been very specifically targeting individuals that have diabetes, pregnant moms. So that we are reaching out to them so that we were connecting them virtually, that we were connecting them to services so that we could not sort of have that acuity occur over the long periods of time. Obviously, we probably didn't catch everyone. But if there's a huge pent-up demand, that could have an impact. But I think the system will constrain it, obviously.

馬特，讓我就被壓抑的需求和敏銳度發表評論。我們預計不會出現高水平的被壓抑需求。我們認為系統容量將限制在醫療保健系統中的使用。我還要告訴你，今年我們花了很多時間與我們的成員聯繫，以縮小護理方面的差距。因此，我們一直非常明確地針對患有糖尿病的人、懷孕的媽媽。因此，我們正在接觸他們，以便我們虛擬地連接它們，我們將它們連接到服務，這樣我們就無法在很長一段時間內保持這種敏銳度。顯然，我們可能沒有抓住所有人。但如果存在巨大的被壓抑的需求，那可能會產生影響。但我認為系統顯然會限制它。

That makes sense. And if I could, as a follow-up, how did things go with commercial enrollment with the large accounts coming into the new year?

這就說得通了。如果可以的話，作為後續行動，隨著大客戶進入新的一年，商業註冊的情況如何？

I'm sorry, Matt, I didn't hear you.

對不起，馬特，我沒聽到你說話。

I'm sorry. I was just asking a follow-up about the large account retention and enrollment coming in -- on the health HCB side coming into January 1.

對不起。我只是在詢問關於 1 月 1 日的健康 HCB 方面的大客戶保留和註冊的後續行動。

Relative to commercial membership for 1/1/'21. Essentially, the pipeline was not as strong as we had anticipated. We did have solid retention. What I would tell you, it would -- assume it was flat for national account membership.

相對於 1/1/'21 的商業會員資格。從本質上講，管道並不像我們預期的那麼強大。我們確實有紮實的保留。我要告訴你的是，假設國民賬戶會員資格持平。

And we will take our next question from Michael Cherny with Bank of America.

我們將接受來自美國銀行的 Michael Cherny 的下一個問題。

Want to dive in a little bit further and maybe on a more overarching basis on some of the digital investments that you're making. Karen, either you've sprinkled some of the thought process that you have with regards to the primary care first, with regards to some of the other components. As you think about, especially the step-up that you have in digital spend and some of the strategic investments you're making, what type of time line are you giving yourself to measure the success of those? And how are you thinking about the hurdle rate in terms of the conversion factors that you need in order to judge them to be successful or not?

想要更深入地研究您正在進行的一些數字投資，也許是在更全面的基礎上。凱倫，要么你已經首先考慮了一些關於初級保健的思考過程，關於其他一些組成部分。正如您所想的那樣，尤其是您在數字支出方面的提升和您正在進行的一些戰略投資，您給自己設定了什麼樣的時間表來衡量這些成功與否？您如何根據判斷它們是否成功所需的轉換因子來考慮最低要求？

Yes. Thanks for the question. As you would imagine, we are investing more in our digital capabilities, clearly, to demonstrate that seamless experience for in-person connections connected to our digital capabilities. We'll be -- as we look at the return on investment, give us some time to do that. Clearly, to stay competitive, to be in the market, we really do need to enhance those digital capabilities, either through our virtual-first primary care or our digital capabilities for our retail locations, our testing and vaccines.

是的。謝謝你的問題。正如您想像的那樣，我們正在對我們的數字功能進行更多投資，顯然是為了展示與我們的數字功能相關的面對面連接的無縫體驗。我們將 - 當我們查看投資回報時，請給我們一些時間來做到這一點。顯然，為了保持競爭力，進入市場，我們確實需要增強這些數字能力，要么通過我們的虛擬優先初級保健，要么通過我們零售點、測試和疫苗的數字能力。

We are trying to make the seamless connection across the consumer experience. Today, our consumers interact with us through the Health Care segment, through the Pharmacy segment, through the Retail segment. And we really want to make sure those connections are seamless across all our segments so the consumer can engage with CVS Health once and feel that experience as a CVS Health.

我們正試圖在整個消費者體驗中實現無縫連接。今天，我們的消費者通過醫療保健部門、藥房部門和零售部門與我們互動。我們真的想確保這些連接在我們所有的細分市場中都是無縫的，這樣消費者就可以與 CVS Health 接觸一次，並感受到 CVS Health 的體驗。

Let me turn it to Eva. She can talk about our returns.

讓我把它交給伊娃。她可以談談我們的回報。

Yes. Thanks for the question, Mike. I think just to give you some examples and add on to what Karen said. We did a thorough kind of review of our technology and decided to accelerate in a few areas. And it is all about improving the customer experience while reducing costs. So I'll highlight a couple of examples for you.

是的。謝謝你的問題，邁克。我只是想給大家舉一些例子，並補充一下 Karen 所說的內容。我們對我們的技術進行了徹底的審查，並決定在幾個領域加速發展。這一切都是為了在降低成本的同時改善客戶體驗。因此，我將為您重點介紹幾個示例。

First, we're deploying Intelligent Agents across our call centers. And we utilize technology at the outset for our COVID vaccine scheduling. And what we've been able to see is the deployment of this technology took 70% to 80% of the calls out of our stores and the call center. So real meaningful impact in a very short period of time.

首先，我們正在我們的呼叫中心部署智能代理。我們從一開始就利用技術來安排我們的 COVID 疫苗。我們已經能夠看到，這項技術的部署將 70% 到 80% 的電話從我們的商店和呼叫中心接走。在很短的時間內產生真正有意義的影響。

Another area that we're really focused on is how we utilize machine learning for greater personalization across all aspects of our business to increase the returns there.

我們真正關注的另一個領域是我們如何利用機器學習在我們業務的各個方面實現更大程度的個性化，以增加那裡的回報。

So we'll continue to evaluate and look at the returns and invest and learn here to drive the business forward.

因此，我們將繼續評估和查看回報，並在這裡進行投資和學習，以推動業務向前發展。

And if I could just ask one more quick one on the vaccine side. I appreciate all the color you've given around your current [testing]. As you think about that rough contribution on the script side relative to the vaccines, how much of that is dependent on some of the new molecules coming to market? Is that dependent on having J&J and having some of the other ones? Or is that built in on what the current dynamic is in terms of what's available and what you're able to dispense?

如果我能再問一個關於疫苗方面的問題。我感謝您在當前 [測試] 中給予的所有顏色。當您考慮腳本方面相對於疫苗的粗略貢獻時，其中有多少取決於上市的一些新分子？這取決於擁有強生和其他一些公司嗎？或者它是建立在當前可用的和你能夠分發的動態的基礎上的嗎？

What -- our current allocations are based on what the government has currently. As we think about ramping up for the rest of the year, it is dependent upon the vaccines, the J&J getting approved. We anticipate that will get approved. Obviously, the country needs to have J&J get approved to get to the numbers that the Biden administration has put out there.

什麼——我們目前的分配是基於政府目前擁有的。當我們考慮在今年餘下時間增加產量時，這取決於疫苗，強生獲得批准。我們預計這將獲得批准。顯然，該國需要強生獲得批准才能達到拜登政府公佈的數字。

And this is Jon. I would just add that in our conversations with the pharmaceutical manufacturers, we're estimating about 500 million doses of vaccine between now and the end of June. So we think there's going to be good supply, and it should begin to open up in April.

這是喬恩。我只想補充一點，在我們與製藥商的對話中，我們估計從現在到 6 月底大約需要 5 億劑疫苗。所以我們認為會有很好的供應，它應該會在 4 月份開始開放。

And we will move next with George Hill with Deutsche Bank.

接下來，我們將與德意志銀行的喬治希爾一起行動。

Eva, you had mentioned the 2022 leverage ratio and a couple of the other 2022 KPIs. I hate to look forward that far, but I guess what I would ask is, do the other long-term earnings targets hold provided in the 2019 Analyst Day? Or is there any reason that we should think the double-digit earnings growth target or any of the other targets get reset because of COVID?

Eva，你提到了 2022 年的槓桿率和其他幾個 2022 年的 KPI。我不想期待那麼遠，但我想我會問的是，2019 年分析師日提供的其他長期收益目標是否成立？或者我們有什麼理由認為兩位數的收益增長目標或任何其他目標會因為 COVID 而被重置？

Yes. Thanks for the question. George, what I'll say, we remain very focused on our long-term growth targets that we outlined, right? As you think about 2022, it's a very fluid environment right now. So it's difficult to comment explicitly on that, but we're focused on driving the organization forward over the longer term to deliver on our targets.

是的。謝謝你的問題。喬治，我要說的是，我們仍然非常關注我們概述的長期增長目標，對嗎？當你想到 2022 年時，現在的環境非常不穩定。因此很難對此做出明確評論，但我們專注於推動組織在長期內向前發展，以實現我們的目標。

Okay. And then maybe my brief follow-up would be is it looks like the COVID, I'll call it, the tailwind represents all the growth to the Retail/LTC segment in '21. I guess, is that the right way to think about that? And I don't know if there's any other big moving pieces that you could talk about, particularly reimbursement.

好的。然後也許我的簡短跟進是它看起來像 COVID，我稱之為順風代表了 21 年零售/LTC 細分市場的所有增長。我想，這是正確的思考方式嗎？而且我不知道您是否可以談論任何其他大的移動部分，特別是報銷。

George, I'll take that one, right? As you look at the retail algorithm in 2021, our high single-digit growth rate is attributable to strong prescription growth, right, 7.25% to 9.25%, which includes our patient care programs as well as the COVID-19 vaccination. We expect diagnostic testing will continue. As you think about it, as vaccines ramp up, the testing will ramp down. And normal returns in the front store as we move toward the second half of the year. Reimbursement pressure is an offset to that. It continued at consistent levels, as we've seen in the past as well as our cost-reduction initiatives. Overall, I think about gross margins as flattish, given the mix change in the business, particularly as you think about the COVID-19 vaccination and the revenues not reflecting the product cost, only the administrative fee.

喬治，我要那個，對吧？當您查看 2021 年的零售算法時，我們的高個位數增長率歸因於強勁的處方藥增長，對，從 7.25% 到 9.25%，其中包括我們的患者護理計劃以及 COVID-19 疫苗接種。我們預計診斷測試將繼續進行。正如您所想的那樣，隨著疫苗的增加，測試將會減少。隨著我們邁向今年下半年，前店的正常退貨。報銷壓力是對此的抵消。它繼續保持一致的水平，正如我們在過去以及我們的成本削減計劃中所看到的那樣。總的來說，考慮到業務組合的變化，我認為毛利率持平，特別是考慮到 COVID-19 疫苗接種和收入不反映產品成本，僅反映管理費用。

We will move next with Lance Wilkes with Bernstein.

接下來我們將與 Lance Wilkes 和 Bernstein 一起移動。

Could you just talk a little bit about your comment on an increase in the pace of targeted investments? And was interested to just understand, in which areas? And will those be both organic or also through acquisitions?

您能否談談您對加快目標投資步伐的看法？並且有興趣了解，在哪些領域？這些都是有機的還是通過收購？

Lance, relative to our investments, there are organic investments really focused on technology, our digital assets. And also, we have some investments for reentry into the ACA marketplace. So those are primarily some of the incremental.

蘭斯，相對於我們的投資，有機投資真正專注於技術，即我們的數字資產。而且，我們有一些投資用於重新進入 ACA 市場。所以這些主要是一些增量。

And let me turn it to Eva to add some more comments there.

讓我把它轉給伊娃，讓她在那裡添加更多評論。

I think -- Karen, I think you got it all.

我想——凱倫，我想你已經明白了。

Oh, okay. Well...

哦好的。出色地...

Great. And then just -- could you just comment related to that, on -- you've obviously added a bunch of talent already. Can you talk a little bit about your talent additions? And then if there are any implications for org structure, new roles, et cetera, as you're thinking about that?

偉大的。然後 - 你能不能就此發表評論 - 你顯然已經增加了很多人才。你能談談你的人才補充嗎？然後，您是否考慮過對組織結構、新角色等有任何影響？

So Lance, we've brought in 3 new individuals on to the team.

Lance，我們為團隊帶來了 3 名新成員。

Neela Montgomery, who is leading our retail organization. She brings some significant consumer and digital experience.

Neela Montgomery，她是我們零售部門的負責人。她帶來了一些重要的消費者和數字體驗。

We've also brought in Michelle Peluso, who brings great, again, digital experience, customer experience, marketing experience.

我們還請來了 Michelle Peluso，她再次帶來了出色的數字體驗、客戶體驗和營銷體驗。

And we've also brought in a new leader of -- our new Chief People Officer, Laurie Havanec, who brings cultural change, diversity and inclusion, and really help -- can help drive the workforce of the future.

我們還引進了一位新的領導者——我們的新任首席人事官 Laurie Havanec，他帶來了文化變革、多樣性和包容性，並真正提供了幫助——可以幫助推動未來的勞動力。

I'm quite pleased with the talent that we have on the team across the board. So very pleased with the complement of talent to drive the business forward.

我對我們整個團隊中的人才感到非常滿意。非常高興人才的補充推動業務向前發展。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

And we will take our last question from A.J. Rice with Crédit Suisse.

我們將接受 A.J. 的最後一個問題。瑞士信貸的米飯。

Just maybe ask about the Medicare Advantage outlook. I know CMS is out this morning with the February numbers, it looks like year-to-date, you're up 6%. Could you give us maybe a little flavor for where you think that will land over the course of the year?

也許只是詢問 Medicare Advantage 前景。我知道 CMS 今天早上發布了 2 月份的數據，看起來今年到目前為止，你上漲了 6%。你能給我們一些關於你認為會在一年中降落的地方的味道嗎？

And I know in your 10-K filed this morning, you're talking about increasing cost of medical care and CMS, local and national coverage decisions. Sort of begs the question of, where do you think MA margins are going to go this year?

我知道在你今天早上提交的 10-K 中，你談論的是醫療保健和 CMS 的成本增加，以及地方和國家的保險決定。有點迴避問題，您認為今年 MA 的利潤率將何去何從？

A.J., let me just take a step back. So I think it's important to look at our Medicare business as a portfolio of products. And we have grown in January in each of the products in our Medicare portfolio.

A.J.，讓我退後一步。因此，我認為將我們的醫療保險業務視為產品組合非常重要。 1 月份，我們的 Medicare 產品組合中的每一種產品都實現了增長。

So if I start with Medicare Advantage, as you mentioned, the new files are out. We're pleased with the year-over-year growth, of the double-digit growth on a year-over-year basis. We have made progress in our group Medicare Advantage business as well. We're growing in January. We've also, as part of our strategy. Saw a large commercial to group MA conversion. You would have saw that in the file this morning as well.

所以如果我從 Medicare Advantage 開始，正如你提到的，新文件已經出來了。我們對同比增長、同比兩位數增長感到滿意。我們的集團 Medicare Advantage 業務也取得了進展。我們在一月份成長。作為我們戰略的一部分，我們也有。看到一個大型商業到集團 MA 的轉換。你今天早上也會在文件中看到這一點。

We've had very strong performance in our duals business. We grew 100% in our duals business. And as you might recall, that was a deliberate strategy of ours. And then our Medicare supplement business grew impressively in 2020. We expect it to continue to grow in 2021.

我們的雙重業務表現非常強勁。我們的雙重業務增長了 100%。你可能還記得，那是我們深思熟慮的策略。然後我們的 Medicare 補充劑業務在 2020 年取得了令人矚目的增長。我們預計它會在 2021 年繼續增長。

And finally, A.J., our PDP grew in January, outperformed the industry there as well. It was a very targeted and disciplined approach to growing PDP. As you know, our strategy is to see if we can drive PDP performance, PDP conversions to MA. We've had good success there, and we expect to continue to do so.

最後，A.J.，我們的 PDP 在 1 月份有所增長，表現也優於那裡的行業。這是發展 PDP 的一種非常有針對性和紀律嚴明的方法。如您所知，我們的策略是看看我們是否可以推動 PDP 性能，將 PDP 轉換為 MA。我們在那裡取得了很好的成功，我們希望繼續這樣做。

We are targeting our business at our targeted margins, A.J., so we expect that's where the performance will be.

我們的目標是我們的目標利潤率 A.J.，所以我們預計這就是業績所在。

Okay. And if I could just follow-up, being the last question. I got 2 little cleanups here. When you get back into the public exchange, do you have a view of what the target margins for those public exchange lives should be? And then on the vaccine, you didn't say anything about front-end add-on. Should we think of the vaccine for COVID like the vaccine for flu, where there is some added benefit in the front end of the store?

好的。如果我可以跟進，這是最後一個問題。我在這裡進行了 2 次小清理。當您回到公共交易所時，您是否了解這些公共交易所生活的目標利潤率應該是多少？然後在疫苗上，你沒有說任何關於前端插件的事情。我們是否應該將 COVID 疫苗視為流感疫苗，在商店的前端有一些額外的好處？

Yes. So for the IVL, more to come. We're still evaluating our pricing, our market. So more to come on that.

是的。所以對於 IVL，還有更多。我們仍在評估我們的定價，我們的市場。所以還有更多的事情要做。

And then relative to vaccines and front store, let me ask Jon to answer that question for you.

然後關於疫苗和前店，讓我請喬恩為你回答這個問題。

Yes. So we do see an opportunity with the vaccines and building relationships with new customers to convert them to long-term CVS Health customers. So let me just give you an example.

是的。因此，我們確實看到了疫苗和與新客戶建立關係以將他們轉化為長期 CVS Health 客戶的機會。所以讓我舉個例子。

Our customers, after they get the vaccine, have to wait 15 minutes as we observe them to make sure they don't have an adverse reaction. So we're going to give them a series of value-adds to encourage them to engage further. So from shopping passes in the store to MinuteClinic education and ultimately CarePass onboarding.

我們的客戶在接種疫苗後，必須等待 15 分鐘，我們會對他們進行觀察，以確保他們不會出現不良反應。因此，我們將為他們提供一系列增值服務，以鼓勵他們進一步參與。因此，從商店的購物通行證到 MinuteClinic 教育，再到最終的 CarePass 入職培訓。

And then remember, as we said earlier, every one of these customers is coming through our digital front end. So we have their email, we have their text message, and we have the ability to communicate with them regularly. So I would think of it beyond just the add-on front store. I would think about it as adding new customers to the CVS channel and getting their pharmacy business plus their front store business.

然後記住，正如我們之前所說，這些客戶中的每一位都來自我們的數字前端。所以我們有他們的電子郵件，我們有他們的短信，我們有能力定期與他們溝通。所以我認為它不僅僅是附加的前台商店。我會認為它是將新客戶添加到 CVS 渠道並獲得他們的藥房業務和他們的前店業務。

That's all we have for today, so I'd like to thank everyone for our call this morning.

這就是我們今天的全部內容，所以我要感謝大家今天早上的來電。

As you can see, we've made measurable and important progress on our strategy as a health services company. We're starting 2021 with strong momentum, and we are accelerating our pace of progress to drive our consumer-centric approach. And I do, again, want to thank all of our employees for their strong performance.

如您所見，作為一家健康服務公司，我們在戰略方面取得了可衡量的重要進展。我們以強勁的勢頭開啟了 2021 年，我們正在加快前進的步伐，以推動我們以消費者為中心的方法。我確實要再次感謝我們所有員工的出色表現。

With that, I'll say thank you for joining us today.

有了這個，我要說謝謝你今天加入我們。

Thanks, everyone.

感謝大家。

This concludes today's CVS Health Fourth Quarter and Full Year 2020 Earnings Call and Webcast. You may disconnect your line at this time. Have a wonderful day.

今天的 CVS Health 第四季度和 2020 年全年收益電話會議和網絡廣播到此結束。此時您可以斷開您的線路。祝你有美好的一天。