CVS Health Corp (CVS) 2020 Q2 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the CVS Health Second Quarter 2020 Earnings Conference Call.

女士們、先生們，早上好，歡迎參加 CVS Health 2020 年第二季度收益電話會議。

(Operator Instructions) As a reminder, today's conference is being recorded.

（操作員指示）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.

我現在想將電話轉給 CVS Health 投資者關係高級副總裁 Valerie Haertel。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，大家早上好。

Welcome to the CVS Health Second Quarter 2020 Earnings Call.

歡迎參加 CVS Health 2020 年第二季度收益電話會議。

I am joined this morning by Larry Merlo, President and CEO; and Eva Boratto, Executive Vice President and CFO.

今天上午，總裁兼首席執行官拉里·梅洛 (Larry Merlo) 也加入了我的行列。以及執行副總裁兼首席財務官 Eva Boratto。

Following our prepared remarks, we'll host a question-and-answer session that will include Jon Roberts, Executive Vice President and Chief Operating Officer; Karen Lynch, Executive Vice President and President of Aetna; and Alan Lotvin, Executive Vice President and President of Caremark.

在我們準備好的發言之後，我們將舉辦問答環節，其中包括執行副總裁兼首席運營官喬恩·羅伯茨 (Jon Roberts)； Karen Lynch，Aetna 執行副總裁兼總裁；以及 Caremark 執行副總裁兼總裁 Alan Lotvin。

(Operator Instructions) In addition to this call, our press release and Form 10-Q, we have posted a slide presentation to our website.

（操作員說明）除了本次電話會議、我們的新聞稿和表格 10-Q 之外，我們還在我們的網站上發布了幻燈片演示文稿。

Please note that during this call, we will make certain forward-looking statements that reflect our current views, including our financial projections and statements related to our future financial performance, future events, industry and market conditions and the future impact of COVID-19 on our enterprise.

請注意，在本次電話會議期間，我們將做出某些反映我們當前觀點的前瞻性聲明，包括我們的財務預測以及與我們未來財務業績、未來事件、行業和市場狀況以及COVID-19 對未來影響相關的聲明。我們的企業。

Our forward-looking statements are based on management's estimates, assumptions and projections and are subject to significant uncertainties and other factors, many of which are beyond CVS Health's control, including the future impact of COVID-19 on our enterprise.

我們的前瞻性陳述基於管理層的估計、假設和預測，並受到重大不確定性和其他因素的影響，其中許多因素超出了 CVS Health 的控制範圍，包括 COVID-19 對我們企業的未來影響。

We strongly encourage you to review the information we file with the SEC regarding these risks and uncertainties, in particular, those that are described in the Risk Factors section of our 2019 annual report on Form 10-K and the cautionary statement concerning forward-looking statements and risk factor disclosures in our quarterly report on Form 10-Q.

我們強烈建議您查看我們向 SEC 提交的有關這些風險和不確定性的信息，特別是我們 2019 年年度報告 10-K 表格的風險因素部分中描述的信息以及有關前瞻性陳述的警示性聲明以及我們在10-Q 表季度報告中披露的風險因素。

You should also review the section entitled Cautionary Statement Concerning Forward-Looking Statements in this morning's earnings press release.

您還應該查看今天上午的收益新聞稿中標題為“有關前瞻性陳述的警示聲明”的部分。

During this call, we will use non-GAAP financial measures when talking about the company's performance and financial condition.

在本次電話會議中，我們在談論公司的業績和財務狀況時將使用非公認會計準則財務指標。

In accordance with SEC regulations, you can find a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in this morning's earnings release and the reconciliation document posted on the Investor Relations portion of our website.

根據 SEC 的規定，您可以在今天上午的收益發布以及我們網站投資者關係部分發布的對賬文件中找到這些非 GAAP 衡量標準與最直接可比的 GAAP 衡量標準的對賬。

And as always, today's call is being broadcast on our website where it will be archived for 1 year.

與往常一樣，今天的電話會議將在我們的網站上播出，並將存檔一年。

Now I'll turn the call over to Larry.

現在我將把電話轉給拉里。

Thanks, Valerie.

謝謝，瓦萊麗。

Good morning, everyone, and thank you for joining our second quarter earnings call.

大家早上好，感謝您參加我們的第二季度財報電話會議。

I don't have to tell you that this past quarter is unparalleled and unprecedented as we navigate the health, social and economic impacts of COVID-19.

我不必告訴您，在我們應對 COVID-19 對健康、社會和經濟的影響時，上個季度是空前的、前所未有的。

Having said that, our earnings in this environment demonstrate the strength in our strategy and the power of our diversified business model.

話雖如此，我們在這種環境下的盈利證明了我們戰略的優勢和多元化業務模式的力量。

The environment surrounding COVID-19 is accelerating our transformation, and it's providing new opportunities to demonstrate the power of our integrated offerings and the ability to deliver care to the consumer in the community, in the home and in the palm of their hand.

COVID-19 周圍的環境正在加速我們的轉型，它提供了新的機會來展示我們集成產品的力量以及為社區、家庭和掌上消費者提供護理的能力。

The pandemic has made it a necessity to contribute in ways that have called on the capabilities, expertise and footprint of many of our assets in combination to rapidly deliver solutions at scale that meet client and consumer needs and preferences.

這場大流行使得我們有必要結合我們許多資產的能力、專業知識和足跡來做出貢獻，以快速提供大規模解決方案，以滿足客戶和消費者的需求和偏好。

Now those of you who have been following us for some time know that CVS Health is much more than just your corner drugstore.

現在，那些關注我們一段時間的人都知道，CVS Health 不僅僅是您街角的藥店。

And in this era of COVID, our strategy of diverse assets across health care, this triad of care where connections are delivered in the community, at home and in the palm of your hand could not be more important.

在這個新冠疫情時代，我們在醫療保健領域的多元化資產戰略，即在社區、家庭和手掌中提供連接的三重護理，再重要不過了。

We have substantially expanded our community reach, which has proven to demonstrate the value of bringing differentiated assets and delivery mechanisms to bear, meeting consumer needs in delivering lower-cost, high-value care and nationwide testing, which we'll talk about in depth in just a moment.

我們大幅擴大了我們的社區覆蓋範圍，事實證明，這證明了提供差異化​​資產和交付機制的價值，滿足消費者在提供低成本、高價值護理和全國范圍內檢測方面的需求，我們將深入討論這一點一會兒。

Increasingly, the power of our assets is taking us into areas that provide greater choice as well as new areas for growth, ranging from diagnostic testing to B2B solutions, to the potential of clinical trial recruitment and enrollment.

我們資產的力量越來越多地將我們帶入提供更多選擇的領域以及新的增長領域，從診斷測試到 B2B 解決方案，再到臨床試驗招募和註冊的潛力。

The results we share with you today underscore that our strategy is right, that it's working and that COVID-19 is driving us to bend our innovation curve markedly and accelerate solutions that will have long-term sustainability.

我們今天與您分享的結果強調了我們的戰略是正確的，它正在發揮作用，並且 COVID-19 正在推動我們顯著改變我們的創新曲線並加速具有長期可持續性的解決方案。

There are numerous interdependencies in our 3 core businesses that the pandemic has made more apparent, driving the strength in our diversification while bringing new solutions to market.

我們的三大核心業務之間存在著許多相互依賴關係，這一流行病使我們更加明顯，這推動了我們多元化的實力，同時為市場帶來了新的解決方案。

So with that, let me summarize our second quarter results and the proactive steps we have taken in light of the pandemic as our team has shown great flexibility and responsiveness, adapting quickly to our clients' and consumers' evolving needs.

因此，讓我總結一下我們第二季度的業績以及我們針對這一流行病採取的積極措施，因為我們的團隊表現出了極大的靈活性和響應能力，能夠快速適應客戶和消費者不斷變化的需求。

For the second quarter, adjusted earnings per share increased to $2.64 with total revenues of $65.3 billion.

第二季度，調整後每股收益增至 2.64 美元，總收入為 653 億美元。

Our consolidated enterprise core performance was in line with our expectations, and our results reflect the varying impacts of COVID-19 across our business.

我們的綜合企業核心業績符合我們的預期，我們的結果反映了 COVID-19 對我們業務的不同影響。

The Health Care Benefits segment saw a positive impact from significantly lower medical costs, which was partially offset by lower volume and higher COVID-19-related expenses in our Retail/Long-Term Care segment.

醫療保健福利部門受到醫療成本大幅降低的積極影響，但零售/長期護理部門的數量減少和與 COVID-19 相關的費用增加部分抵消了這一影響。

The COVID-19 impact in the Pharmacy Services segment was modest.

COVID-19 對藥房服務領域的影響不大。

Now we are raising our full year 2020 guidance to $7.14 to $7.27, and Eva will provide additional details in her remarks.

現在，我們將 2020 年全年指導上調至 7.14 美元至 7.27 美元，伊娃將在她的講話中提供更多詳細信息。

In response to the pandemic, we accelerated a number of aspects of our strategy.

為了應對這一流行病，我們加快了戰略的多個方面。

And our strong foundation of clinical expertise, data analytics and digital capabilities, coupled with our unmatched consumer and community reach, enabled us to rapidly address shifts in the consumer and health care landscapes.

我們強大的臨床專業知識、數據分析和數字能力基礎，加上我們無與倫比的消費者和社區影響力，使我們能夠快速應對消費者和醫療保健領域的變化。

For example, our ability to quickly expand our diagnostic testing and virtual care services to meet increased customer demand highlights our ability to deliver care wherever our customers want to receive it.

例如，我們能夠快速擴展診斷測試和虛擬護理服務以滿足不斷增長的客戶需求，這凸顯了我們在客戶想要的任何地方提供護理的能力。

And we are investing in areas where we see the greatest demand and opportunity for us to differentiate our offerings across this triad of care.

我們正在投資於我們認為需求最大和機會最大的領域，以使我們的產品在這三方面的護理中脫穎而出。

And we are pleased with how our new offerings are resonating with our customers, including commercial and government health plan sponsors and consumers in the thousands of local communities that we serve.

我們很高興我們的新產品能夠與客戶產生共鳴，包括我們所服務的數千個當地社區的商業和政府健康計劃贊助商以及消費者。

So let me transition to discussing the work we have performed within those communities.

因此，讓我轉而討論我們在這些社區中所做的工作。

We continue to play a key role in addressing the critical need to expand COVID testing.

我們繼續在滿足擴大新冠病毒檢測的迫切需求方面發揮關鍵作用。

We now operate community testing sites at over 1,800 CVS drive-thru locations, utilizing swab-and-send diagnostics.

我們現在在 1,800 多個 CVS 得來速地點運營社區檢測點，利用拭子和發送診斷技術。

Importantly, over 50% of these locations are in communities with significant need for support according to the CDC Social Vulnerability Index.

重要的是，根據 CDC 社會脆弱性指數，這些地點中超過 50% 位於急需支持的社區。

We recently launched our Return Ready COVID-19 testing solution to our Aetna and Caremark clients.

我們最近向 Aetna 和 Caremark 客戶推出了 Return Ready COVID-19 測試解決方案。

Return Ready is a fully configurable end-to-end program that enables organizations to screen and test their employees or students and monitor their populations through integrated reporting capabilities.

Return Ready 是一個完全可配置的端到端計劃，使組織能夠篩选和測試其員工或學生，並通過集成報告功能監控其人口。

We have over 40 clients currently enrolled, including universities and corporations across a variety of sectors and a strong pipeline of demand of over 1,000 prospects for the core testing offering as well as add-on health and safety solutions, such as contact tracing and on-site immunization clinics for the upcoming seasonal flu.

目前，我們擁有 40 多家客戶，其中包括各個行業的大學和企業，以及超過 1,000 名潛在客戶對核心檢測產品以及附加健康和安全解決方案（例如接觸者追踪和在線檢測）的強大需求。針對即將到來的季節性流感的現場免疫診所。

We also launched diagnostic testing for seniors in long-term care facilities.

我們還為長期護理機構的老年人開展了診斷測試。

Testing and treatment of seniors in nursing homes continues to be critically important in protecting one of our most vulnerable populations.

對療養院老年人的檢測和治療對於保護我們最脆弱的人群之一仍然至關重要。

And for both Return Ready and long-term care testing, we are using point-of-care rapid test diagnostics.

對於返回就緒測試和長期護理測試，我們正在使用即時快速測試診斷。

Through the end of July, we administered approximately 2 million COVID-19 tests, with the vast majority scheduled digitally as a result of our highly adaptable, consumer-centric digital health strategy.

截至 7 月底，我們進行了約 200 萬次 COVID-19 檢測，其中絕大多數是通過數字化方式安排的，這是我們高度適應性、以消費者為中心的數字健康戰略的結果。

And finally, we recently launched a new digital platform to assist with registering COVID-19 patients for clinical trials as vaccines and therapeutic treatments are developed.

最後，我們最近推出了一個新的數字平台，隨著疫苗和治療方法的開發，協助 COVID-19 患者註冊進行臨床試驗。

We view this new service as a natural extension of our clinical and data and analytics capabilities.

我們認為這項新服務是我們臨床、數據和分析能力的自然延伸。

Now these new diagnostic and digital services will provide sustainable value for our enterprise.

現在，這些新的診斷和數字服務將為我們的企業提供可持續的價值。

As an example, 40% of those being tested at a CVS Pharmacy were not pharmacy customers previously.

例如，在 CVS 藥房接受測試的人中有 40% 以前不是藥房客戶。

We're now connected with them digitally with the objective of making them long-term CVS customers.

我們現在以數字方式與他們聯繫，目標是使他們成為 CVS 的長期客戶。

And as we look ahead, we are well positioned to administer COVID-19 vaccines once they become available through our community presence as well as on-site with our Return Ready and long-term care solutions.

展望未來，一旦 COVID-19 疫苗通過我們的社區存在以及我們的 Return Ready 和長期護理解決方案在現場提供，我們就可以進行注射。

Now in addition to COVID-19 testing, we continue to evolve our HealthHUB footprint and offerings.

現在，除了 COVID-19 測試之外，我們還繼續發展我們的 HealthHUB 足跡和產品。

We paused HealthHUB conversions in late March, we resumed in mid-June and now have 205 locations open across 22 states.

我們於 3 月底暫停了 HealthHUB 轉換，並於 6 月中旬恢復，目前在 22 個州開設了 205 個地點。

And we remain on track to open approximately 1,500 hubs by the end of 2021.

我們仍有望在 2021 年底前開設約 1,500 個樞紐。

Our HealthHUBs continue to perform favorably to the control group.

我們的 HealthHUB 繼續對對照組表現良好。

In some encouraging metrics, it include a 15% increase in visits associated with chronic services and Aetna member visits over-indexing relative to our membership.

在一些令人鼓舞的指標中，包括與長期服務相關的訪問量增加了 15%，以及相對於我們的會員資格而言，Aetna 會員訪問量指數過高。

This is an important validation point of our ability to impact medical costs through our consumer-facing assets.

這是我們通過面向消費者的資產影響醫療成本的能力的重要驗證點。

Now I would note that the absolute performance in the quarter was impacted as shelter-in-place orders took effect.

現在我要指出的是，隨著就地避難令的生效，本季度的絕對業績受到了影響。

That said, we continue to work with clients and providers who remain interested as we develop integrated product offerings, including virtual strategies.

也就是說，我們將繼續與對我們開發集成產品（包括虛擬策略）感興趣的客戶和提供商合作。

Our work also continues in developing our Next Best Action programs, including utilizing our Pharmacist Panel capabilities.

我們還在繼續開發“Next Best Action”計劃，包括利用我們的藥劑師小組能力。

As an example, we are launching Health Advisor to Caremark clients as a new service offering in 2021.

例如，我們將於 2021 年向 Caremark 客戶推出 Health Advisor 作為一項新服務。

We are enhancing our experiences from Aetna's Next Best Action program, coupled with our pharmacy panel capabilities to provide chronic disease management services designed to deliver lower medical costs and improve health outcomes.

我們正在增強 Aetna Next Best Action 計劃的經驗，再加上我們的藥房小組能力，提供慢性病管理服務，旨在降低醫療成本並改善健康結果。

And based on test data, we are confident that significant savings will result for our customers.

根據測試數據，我們相信將為我們的客戶帶來顯著的節省。

The pilot results reflect a 12% reduction in unnecessary ER visits along with an 8% reduction in out-of-network and non-preferred provider utilization.

試點結果表明，不必要的急診就診次數減少了 12%，網絡外和非首選提供商的使用率減少了 8%。

So this can be a real differentiator for Caremark with its clients.

因此，這可能成為 Caremark 與其客戶的真正區別所在。

This quarter, Q3, we are launching our next-generation Diabetes Management program.

本季度，即第三季度，我們將推出下一代糖尿病管理計劃。

We're going to start with 2 large Aetna Group Medicare clients as early adopters with a broader rollout to Caremark and Aetna self-insured clients in 2021.

我們將從 2 個大型 Aetna Group Medicare 客戶作為早期採用者開始，並於 2021 年向 Caremark 和 Aetna 自保客戶更廣泛地推廣。

Now in addition to the remote monitoring capabilities we currently offer through connected glucometers, this next-generation program features 3 main enhancements: interventions across more clinical categories, individualized care at the member level and member-level interventions conducted across our various channels, including our HealthHUBs and CVS Pharmacy locations, all for a reduced cost.

現在，除了我們目前通過聯網血糖儀提供的遠程監測功能外，這一下一代計劃還具有3 個主要增強功能：跨更多臨床類別的干預措施、會員級別的個性化護理以及跨我們各種渠道（包括我們的渠道）進行的會員級別乾預措施。 HealthHUB 和 CVS 藥房地點，全部都是為了降低成本。

And finally, Transform Oncology is another new program taking advantage of enterprise assets.

最後，轉變腫瘤學是另一個利用企業資產的新計劃。

Our oncology spending is projected to exceed $240 billion by 2023, growing at a CAGR of about 10%.

到 2023 年，我們的腫瘤學支出預計將超過 2400 億美元，複合年增長率約為 10%。

So helping clients address this important area will be a critical market differentiator as we move forward.

因此，隨著我們的前進，幫助客戶解決這一重要領域將是一個關鍵的市場差異化因素。

To date, the program has engaged about 70 provider systems with approximately 20% of Aetna's insured eligible oncology population enrolled.

迄今為止，該計劃已與約 70 個提供商系統合作，約佔 Aetna 受保合格腫瘤人群的 20%。

And while enrollment slowed during COVID, we are encouraged by the early adoption, and we will continue to scale as oncologist practices return to normal.

儘管新冠疫情期間入組速度有所放緩，但我們對早期採用感到鼓舞，隨著腫瘤科醫生實踐恢復正常，我們將繼續擴大規模。

Medical cost savings will vary across patient type, and this is clearly an important area of focus given our commitment to lower customer cost trends.

醫療成本節省會因患者類型而異，考慮到我們致力於降低客戶成本趨勢，這顯然是一個重要的關注領域。

Now let me move to providing care at home because we continue to experience high demand for our home health and delivery services.

現在讓我談談提供家庭護理，因為我們對家庭健康和送貨服務的需求仍然很高。

Our retail prescription home delivery volume is up more than 500% in Q2 versus Q1 of this year, and we continue to focus on increasing our front store attachment rate.

與今年第一季度相比，我們第二季度的零售處方藥送貨上門量增長了 500% 以上，並且我們繼續致力於提高我們的前店附著率。

In addition, our specialty pharmacy capabilities where we have driven continued growth include our Coram infusion professionals who have now conducted more than 160,000 home visits year-to-date, collaborating with hospitals and providers to help transition eligible IV therapy patients to home-based care.

此外，我們推動持續增長的專業藥房能力包括我們的 Coram 輸液專業人員，他們今年迄今已進行了超過 160,000 次家訪，與醫院和提供商合作，幫助符合條件的靜脈注射治療患者過渡到家庭護理。

This frees up important hospital bed capacity while reducing the cost of care.

這釋放了重要的醫院床位容量，同時降低了護理成本。

And as an example, we see medical cost savings of more than 50% for patients who are receiving infusions at home versus in an outpatient setting.

舉例來說，我們發現在家接受輸液的患者與在門診接受輸液的患者相比，可以節省 50% 以上的醫療費用。

So by focusing our service delivery on the most cost-effective channel, we are able to make care more affordable for our payers and their members.

因此，通過將我們的服務交付重點放在最具成本效益的渠道上，我們能夠為我們的付款人及其會員提供更實惠的護理服務。

And moving to delivering care in the hand.

並轉向提供手部護理。

As you would expect, we saw continued demand for virtual care and increased digital engagement, and we continue to expand our virtual care offerings.

正如您所期望的那樣，我們看到了對虛擬護理的持續需求和數字參與度的增加，並且我們繼續擴展我們的虛擬護理產品。

This includes providing access to care for our Aetna-insured members through MinuteClinic video visits and through our own newly launched virtual care program called E-Clinic, which is staffed by MinuteClinic providers.

這包括通過 MinuteClinic 視頻就診和我們自己新推出的名為 E-Clinic 的虛擬護理計劃（由 MinuteClinic 提供商提供服務）為我們的 Aetna 投保會員提供護理服務。

Our virtual care offerings target a variety of health care needs, including diagnosis in the treatment of common injuries, behavioral health and the management of chronic conditions.

我們的虛擬護理產品針對各種醫療保健需求，包括常見損傷治療的診斷、行為健康和慢性病的管理。

And our total MinuteClinic virtual care visits are up over 750% compared to Q2 of last year.

與去年第二季度相比，我們的 MinuteClinic 虛擬護理就診總數增加了 750% 以上。

So in conclusion, we continue to make significant progress on our strategic priorities, including the delivery of our integration synergies.

總而言之，我們繼續在戰略重點方面取得重大進展，包括實現整合協同效應。

And our diversified, resilient and innovation-driven business model, combined with our strong cash position, has enabled us to accelerate many aspects of our plan to meet consumer demand.

我們多元化、有彈性和創新驅動的業務模式，加上我們強大的現金狀況，使我們能夠加速我們計劃的許多方面，以滿足消費者的需求。

And our integrated model is resonating with clients and consumers, and we are seeing tangible evidence of value creation.

我們的集成模式引起了客戶和消費者的共鳴，我們看到了價值創造的切實證據。

And we expect the momentum we've generated to continue to drive value for our clients, consumers and shareholders.

我們預計我們所產生的勢頭將繼續為我們的客戶、消費者和股東帶來價值。

So with that, let me turn the call over to Eva.

那麼，讓我把電話轉給伊娃。

Thanks, Larry, and good morning, everyone.

謝謝拉里，大家早上好。

Echoing Larry, these are certainly unprecedented times for all.

與拉里一樣，這對所有人來說無疑是前所未有的時代。

We have been on the frontline supporting our local communities while continuing to advance our key strategic priorities, including product and service innovation, the delivery of integration synergies and cost-savings initiatives.

我們一直站在支持當地社區的第一線，同時繼續推進我們的關鍵戰略重點，包括產品和服務創新、實現整合協同效應和成本節約舉措。

Looking at our second quarter performance, the diversity of our portfolio of assets enabled our enterprise to exceed our expectations.

從我們第二季度的業績來看，我們資產組合的多元化使得我們的企業超出了我們的預期。

During the quarter, we generated $7.1 billion of cash from operations, reflecting the underlying performance as well as the impact of the deferral of certain tax payments in connection with COVID-19-related extensions of payment deadlines.

本季度，我們從運營中產生了 71 億美元的現金，反映了基本業績以及因與 COVID-19 相關的付款期限延長而推遲某些稅款的影響。

In July, we repaid $2.75 billion of scheduled debt principal, and we remain committed to achieving our low 3x target leverage ratio in 2022.

7 月份，我們償還了 27.5 億美元的預定債務本金，我們仍然致力於在 2022 年實現 3 倍的低杠桿率目標。

We also returned approximately $660 million to shareholders through cash dividends.

我們還通過現金股息向股東返還約 6.6 億美元。

In the third quarter, we completed the sale of our Workers Compensation business for $850 million in gross proceeds in our Health Care Benefits segment.

第三季度，我們完成了工人賠償業務的出售，醫療保健福利部門的總收益為 8.5 億美元。

This divestiture is expected to be about a $0.02 drag on adjusted EPS in the remainder of 2020, which is included in the guidance we have provided this morning.

此次剝離預計將對 2020 年剩餘時間的調整後每股收益造成約 0.02 美元的拖累，這已包含在我們今天上午提供的指導中。

As I've said previously, we remain laser-focused on delivering long-term value.

正如我之前所說，我們仍然專注於提供長期價值。

In support of that focus, we are continuing to evaluate and assess all aspects of the enterprise to identify areas that may not be consistent with our long-term strategic priorities.

為了支持這一重點，我們將繼續評估和評估企業的各個方面，以確定可能與我們的長期戰略重點不一致的領域。

Moving to the P&L.

轉向損益表。

Consolidated revenues of $65.3 billion increased 3% year-over-year with growth primarily coming from the Health Care Benefits and Retail/Long-Term Care segments.

綜合收入為 653 億美元，同比增長 3%，增長主要來自醫療保健福利和零售/長期護理領域。

Adjusted EPS grew to $2.64 with the majority of our growth attributable to the Health Care Benefits segment, which saw an unprecedented decline in utilization due to the pandemic.

調整後每股收益增長至 2.64 美元，其中大部分增長歸功於醫療保健福利部門，該部門的利用率因疫情而出現前所未有的下降。

Our Retail/Long-Term Care segment was affected by substantial investments made in our stores, colleagues and consumers, a reduction in new therapy prescriptions due to lower provider visits and reduced front store traffic.

我們的零售/長期護理部門受到了對商店、同事和消費者的大量投資的影響，以及由於提供者訪問量減少和前店客流量減少而導致新療法處方減少的影響。

The Pharmacy Services segment continues to execute and deliver underlying core growth in the quarter.

藥房服務部門在本季度繼續執行並實現潛在的核心增長。

The total favorable impact of COVID-19 on our second quarter results is estimated to be $0.70 to $0.80.

COVID-19 對我們第二季度業績的總體有利影響預計為 0.70 美元至 0.80 美元。

Let's turn to operating results by segment.

讓我們來看看按部門劃分的經營業績。

In our Health Care Benefits segment, total revenues increased 6.1% year-over-year, primarily driven by membership growth in our government products.

在我們的醫療保健福利部門，總收入同比增長 6.1%，這主要是由政府產品會員增長推動的。

Adjusted operating income increased substantially, reflecting an unprecedented MBR of 70.3%, primarily driven by a reduction in benefits costs related to the deferral of elective procedures and other discretionary utilization.

調整後營業收入大幅增長，MBR 達到前所未有的 70.3%，這主要是由於與推遲擇期手術和其他酌情使用相關的福利成本減少所致。

The results include investments made in our customers and members and provisions for potential payments to clients and plan sponsors for contractual and regulatory requirements as well as support for our providers.

結果包括對我們的客戶和會員進行的投資，以及根據合同和監管要求向客戶和計劃發起人支付的潛在付款的規定，以及對我們的提供商的支持。

The total quarter impact of COVID-19 on HCB operating income is estimated to be in the range of $1.8 billion to $2.1 billion.

COVID-19 對 HCB 營業收入的季度總影響預計在 18 億美元至 21 億美元之間。

Our medical membership grew by 124,000 lives sequentially, driven by the continued strength of our government products, partially offset by a decline in our commercial products.

在政府產品持續強勁的推動下，我們的醫療會員人數連續增加了 124,000 人，但部分被我們商業產品的下降所抵消。

We are extremely pleased with the continued success of Medicare Advantage, which grew membership 2.6% sequentially.

我們對 Medicare Advantage 的持續成功感到非常高興，該計劃的會員人數連續增長了 2.6%。

Growing Medicare Advantage is one of our key strategic priorities.

擴大醫療保險優勢是我們的關鍵戰略重點之一。

We believe that our integrated assets, which enabled differentiated client service capabilities, will continue to support our high Star Ratings, giving us competitive advantages and resulting in our ability to continue to win new members in this space.

我們相信，我們的綜合資產實現了差異化的客戶服務能力，將繼續支持我們的高星級評級，為我們帶來競爭優勢，並使我們有能力繼續贏得該領域的新成員。

Additionally, in Medicare Part D, we are pleased with the preliminary benchmark results received from CMS for the 2021 plan year where we qualified in 33 of 34 regions.

此外，在 Medicare D 部分中，我們對 CMS 收到的 2021 計劃年的初步基準結果感到滿意，我們在 34 個地區中的 33 個地區取得了資格。

This is an important enabler of our overall Medicare growth strategy.

這是我們整體醫療保險增長戰略的重要推動者。

Our Medicaid membership grew 4.9% sequentially as states responded to the COVID-19 pandemic by suspending eligibility redeterminations, and we saw some uptick due to increases in unemployment.

隨著各州通過暫停資格重新確定來應對 COVID-19 大流行，我們的醫療補助會員人數連續增長了 4.9%，而且由於失業率上升，我們的醫療補助會員人數也有所增加。

We continue to view Medicaid as a focus area with a strong pipeline of opportunities headed into 2021.

我們繼續將醫療補助視為一個重點領域，在 2021 年將提供大量機會。

Commercial membership declined approximately 0.5% sequentially, reflecting the impact of unemployment.

商業會員數量環比下降約 0.5%，反映了失業的影響。

As we have mentioned previously, our employer-sponsored portfolio is diversified and does not have a significant concentration in any one industry or geography.

正如我們之前提到的，我們雇主資助的投資組合是多元化的，並且沒有明顯集中在任何一個行業或地區。

Days claims payable were 57 days for Q2, reflecting the depressed utilization we saw largely in April and May as a result of shelter-in-place orders from COVID-19.

第二季度的索賠應付天數為 57 天，反映出我們在 4 月和 5 月看到的利用率低迷，主要是由於 COVID-19 的就地避難令所致。

A significant portion of the quarter-end medical claims liability includes June dates of service where utilization was near normalized levels.

季度末醫療索賠負債的很大一部分包括六月的服務日期，其利用率接近正常水平。

We expect days claims payable to decline as utilization returns to more normal levels.

我們預計，隨著利用率恢復到更正常的水平，應付索賠天數將會下降。

Within Pharmacy Services, total revenues were essentially flat year-over-year as growth in specialty pharmacy and brand inflation were largely offset by the previously disclosed client losses and continued price compression.

在藥房服務領域，總收入同比基本持平，因為專業藥房和品牌通脹的增長在很大程度上被之前披露的客戶損失和持續的價格壓縮所抵消。

Caremark customers continue to recognize CVS Health as a leader in specialty medication cost and utilization management.

Caremark 客戶繼續將 CVS Health 視為專業藥物成本和利用率管理領域的領導者。

As a result, second quarter specialty pharmacy revenues increased approximately 15% year-over-year, reflecting new client and existing channel growth.

因此，第二季度專業藥房收入同比增長約 15%，反映了新客戶和現有渠道的增長。

Pharmacy Services adjusted operating income increased 2.4%, and gross margins improved slightly versus last year.

藥房服務調整後營業收入增長 2.4%，毛利率較去年略有改善。

Overall, COVID-19 unfavorably affected operating income by approximately $50 million, reflecting lower new therapy starts and higher operating costs.

總體而言，COVID-19 對營業收入產生了約 5000 萬美元的不利影響，反映出新療法啟動量減少和運營成本上升。

PBM performance reflects the growth in specialty I mentioned previously and continued improvement in purchasing economics.

PBM 績效反映了我之前提到的專業領域的增長以及採購經濟性的持續改善。

Our scale and expertise, including benefits from Red Oak and our ability to negotiate with manufacturers, enable us to deliver optimal value to our clients and CVS Health.

我們的規模和專業知識，包括 Red Oak 的優勢以及我們與製造商談判的能力，使我們能夠為客戶和 CVS Health 提供最佳價值。

Our Pharmacy Services membership remains in line with expectations as reductions in commercial were more than offset by increases in Medicaid, given our strong position in the marketplace.

鑑於我們在市場上的強勢地位，我們的藥房服務會員資格仍然符合預期，因為商業費用的減少被醫療補助的增加所抵消。

Additionally, to further assist our clients, in the second quarter, CVS Health launched Zinc Health Services, allowing us to deliver new, innovative ways to further reduce the cost of brands and specialty drugs.

此外，為了進一步幫助我們的客戶，CVS Health 在第二季度推出了鋅健康服務，使我們能夠提供新的創新方法來進一步降低品牌和特種藥物的成本。

This new entity will be responsible for certain negotiations with manufacturers, but will not make any formulary decisions.

這個新實體將負責與製造商進行某些談判，但不會做出任何正式決定。

While we have continuously worked with industry pharmaceutical manufacturing leaders to lower cost and deliver greater savings, this new approach will give us even greater flexibility and agility to continue in those efforts.

雖然我們一直與行業製藥製造領導者合作，以降低成本並實現更大的節省，但這種新方法將為我們提供更大的靈活性和敏捷性，以繼續這些努力。

This approach will ultimately help make medications more affordable for our clients and members.

這種方法最終將有助於使我們的客戶和會員更負擔得起藥物。

Shifting to the Pharmacy Services 2021 selling season, our renewals are now approximately 90% complete with a strong 98% retention rate.

進入 2021 年藥房服務銷售季，我們的續訂現已完成約 90%，保留率高達 98%。

To date, we have won $4.3 billion in gross new business for 2021, and we continue to increase our pharmacy penetration within the Aetna book of business with approximately $250 million in incremental revenue.

迄今為止，我們在 2021 年已贏得了 43 億美元的新業務總額，並且我們繼續提高我們在 Aetna 業務範圍內的藥房滲透率，增量收入約為 2.5 億美元。

We are very pleased with these results.

我們對這些結果非常滿意。

Moving to Retail/Long-Term Care, COVID-19 continue to have a significant impact on this segment's performance in the quarter.

轉向零售/長期護理，COVID-19 繼續對該部門本季度的業績產生重大影響。

Despite the challenging environment, total revenues grew 1% year-over-year.

儘管環境充滿挑戰，總收入仍同比增長 1%。

Growth was dampened by lower prescription and front store volume due to lower provider visits and stay-at-home orders in Q2.

由於第二季度供應商訪問量和居家訂單減少，處方藥和前台商店數量減少，從而抑制了增長。

Front store revenue declined due to reduced store traffic, partially offset by an increase in basket size.

由於商店客流量減少，前店收入下降，但部分被購物籃尺寸的增加所抵消。

As the quarter progressed, we saw improvements in sales as store traffic began to return as states relaxed their stay-at-home orders.

隨著本季度的進展，隨著各州放鬆居家令，商店客流量開始回升，我們看到銷售額有所改善。

Gross margins for the segment declined 240 basis points versus 2019.

該部門的毛利率較 2019 年下降了 240 個基點。

Nearly half of the decline was attributable to purchasing patterns in the front store as well as drug mix, largely as a result of COVID-19.

近一半的下降歸因於前台商店的購買模式以及藥物組合，這主要是由於 COVID-19。

Also contributing to the decline was the ongoing pharmacy reimbursement pressure.

持續的藥房報銷壓力也是造成這一下降的原因。

Front store margins were relatively consistent with prior year.

前店利潤率與上年相對一致。

In the quarter, this segment incurred approximately $240 million in COVID-related investments due to colleague benefits, providing free home delivery to help keep patients stay on their medications, providing protective equipment and enhanced cleaning to keep both our colleagues and consumers safe.

本季度，由於同事福利、提供免費送貨上門以幫助患者繼續服藥、提供防護設備和加強清潔以確保同事和消費者的安全，該部門在與新冠病毒相關的投資中產生了約 2.4 億美元。

Overall, we estimate the impact of COVID to Retail/Long-Term Care results in Q2 of approximately $525 million to $575 million.

總體而言，我們估計新冠疫情對第二季度零售/長期護理業績的影響約為 5.25 億至 5.75 億美元。

Going below the line, our interest expense was $765 million, and the adjusted effective tax rate was 24.5% for Q2.

在該線以下，我們的利息支出為 7.65 億美元，第二季度調整後的有效稅率為 24.5%。

The lower tax rate contributed about $0.10 to Q2 earnings, reflecting the favorable resolution of several state and local income tax matters.

較低的稅率為第二季度收益貢獻了約 0.10 美元，反映出一些州和地方所得稅問題得到了有利的解決。

Given the highly unusual and fluid environment in which we are continuing to operate, let me quickly provide an update on some key metrics, including July.

鑑於我們繼續運營的環境非常不尋常且不穩定，讓我快速提供一些關鍵指標的最新情況，包括 7 月份的情況。

Within the Pharmacy Services and Retail/Long-Term Care segments, we saw prescription volume growth accelerate in June as members refilled 90-day prescriptions from March.

在藥房服務和零售/長期護理領域，隨著會員從 3 月份開始重新配藥 90 天處方，我們看到 6 月份的處方量增長加速。

In June, front store growth started to benefit from states reopening, followed by customers stocking up on key preventative and treatment items in the Sun Belt states during July.

6 月份，前台商店的增長開始受益於各州重新開放，隨後 7 月份，顧客在陽光地帶各州囤積了重要的預防和治療物品。

In Health Care Benefits, medical cost utilization largely returned back to normal levels in June and July, but obviously varies by geography and lines of business.

在醫療保健福利方面，醫療費用利用率在六月和七月基本恢復到正常水平，但因地域和業務線而異。

Moving to guidance.

轉向指導。

While acknowledging the inherent and unprecedented uncertainty surrounding COVID-19 and its impact on us, we are raising our full year adjusted EPS guidance to $7.14 to $7.27 to reflect the favorability in the tax rate we experienced in the quarter.

在承認 COVID-19 及其對我們影響的固有且前所未有的不確定性的同時，我們將全年調整後每股收益指導提高至 7.14 美元至 7.27 美元，以反映我們在本季度經歷的有利稅率。

In addition, we are increasing our full year 2020 cash flow guidance to $11 billion to $11.5 billion, reflecting the timing of the payments of certain liabilities.

此外，我們還將 2020 年全年現金流指引提高至 110 億至 115 億美元，反映了某些負債的支付時間。

Though our cash from operations reached $10.4 billion through the first 6 months of 2020, we expect higher payments in the second half of the year.

儘管 2020 年前 6 個月我們的運營現金達到 104 億美元，但我們預計下半年的支付額將更高。

Those payments include, among others, projected increase in medical costs, costs related to COVID-19, the 2020 HIF and the estimated income tax payments normally due in the second quarter that were extended to July.

這些付款包括預計增加的醫療費用、與 COVID-19 相關的費用、2020 年 HIF 以及通常在第二季度到期但延長至 7 月的估計所得稅付款。

We remain committed to reducing our debt as initially planned, and we are on track to meet our deleveraging target of low 3x in 2022.

我們仍然致力於按最初計劃減少債務，並且有望在 2022 年實現低 3 倍的去槓桿化目標。

Let me provide additional commentary by segment and on the cadence of our adjusted earnings per share guidance.

讓我按細分市場和調整後每股收益指導的節奏提供更多評論。

We expect approximately $2 billion of COVID-19-related investments for the year, of which about 40% was incurred in Q2.

我們預計今年與 COVID-19 相關的投資約為 20 億美元，其中約 40% 發生在第二季度。

Approximately $1.5 billion of the $2 billion will impact HCB, benefiting customers, members, including premium credits, minimum MLR rebates and contractual requirements.

20 億美元中的約 15 億美元將影響 HCB，使客戶和會員受益，包括保費信貸、最低 MLR 回扣和合同要求。

About 35% was reflected in HCB's Q2 results.

HCB 第二季度業績反映了約 35%。

For Retail/Long-Term Care, we expect approximately $400 million of investments with $240 million reflected in Q2.

對於零售/長期護理，我們預計投資額約為 4 億美元，其中第二季度投資額為 2.4 億美元。

Clearly, the timing of these investments will affect the earnings cadence for the back half of the year.

顯然，這些投資的時機將影響今年下半年的盈利節奏。

Furthermore, in our Health Care Benefits segment, we expect membership to be affected by unemployment as well as the loss of a large public and labor ASC customer effective September 1. We also expect to continue to see increases in Medicaid membership as a result of the current economic environment.

此外，在我們的醫療保健福利部分，我們預計會員資格將受到失業以及自 9 月 1 日起失去大量公共和勞工 ASC 客戶的影響。我們還預計，由於當前的經濟環境。

We expect utilization in the back half of the year to remain at more normal levels with select geographies continuing to be affected by COVID-19 waves.

我們預計今年下半年的利用率將保持在較為正常的水平，部分地區將繼續受到 COVID-19 浪潮的影響。

In addition, we expect higher costs related to COVID-19 testing and treatment.

此外，我們預計與 COVID-19 檢測和治療相關的成本將會更高。

Turning to the Pharmacy Services segment, we expect the business to continue to deliver growth in the second half of the year, reflecting strong specialty performance, the continued strength of our assets, position in the industry and continued execution of our strategy.

談到藥房服務部門，我們預計該業務將在下半年繼續實現增長，這反映出強勁的專業業績、我們資產的持續實力、行業地位以及我們戰略的持續執行。

And finally, in Retail/Long-Term Care, we expect the back part of the year to be affected by the COVID-19 G&A expenses and to benefit from our testing capabilities.

最後，在零售/長期護理方面，我們預計今年下半年將受到 COVID-19 G&A 費用的影響，並受益於我們的測試能力。

Additionally, we expect gross margins in the second half of the year in line with our year-to-date results, improving from our second quarter performance.

此外，我們預計下半年的毛利率將與我們今年迄今的業績相符，比第二季度的業績有所改善。

We remain confident in delivering $800 million to $900 million in integration synergies, and our cost-savings initiatives remain on track to deliver $450 million to $550 million.

我們仍然有信心在整合協同效應中實現 8 億至 9 億美元的收益，並且我們的成本節約計劃仍有望實現 4.5 億至 5.5 億美元的收益。

In summary, our financial resilience through this period reflects the effects of successful integration of our enterprise.

總之，我們這一時期的財務彈性反映了我們企業成功整合的效果。

Our ability to deliver results in this dynamic environment is evidence of the strength of our diversified model.

我們在這種動態環境中取得成果的能力證明了我們多元化模式的實力。

We are continuing to make progress on our strategic plan to deliver new products and services, all while making health care more affordable and accessible.

我們將繼續在提供新產品和服務的戰略計劃上取得進展，同時使醫療保健變得更加實惠和容易獲得。

Our continued execution and strong cash generation are propelling us toward achieving our long-term sustainable growth.

我們持續的執行力和強勁的現金生成能力正在推動我們實現長期可持續增長。

With that, let's open it up for your questions.

那麼，讓我們打開它來回答你的問題。

(Operator Instructions) We'll take our first question from George Hill with Deutsche Bank.

（操作員說明）我們將接受德意志銀行喬治·希爾提出的第一個問題。

I guess, Larry, the COVID crisis has kind of reshaped the care delivery model pretty dramatically in the last 3 to 4 months.

拉里，我想，新冠危機在過去 3 到 4 個月裡極大地重塑了護理服務模式。

You've talked about how it's impacted the HealthHUB strategy.

您已經談到了它如何影響 HealthHUB 戰略。

I guess, can you talk a little bit about how you think about through the Aetna business kind of engaging the care delivery model?

我想，您能否談談您如何看待通過 Aetna 業務參與護理服務模式？

And does it change how you think about the white space in what you want to own and what you don't want to own?

它是否會改變您對想要擁有和不想擁有的空白的看法？

And Eva alluded to that a little bit in kind of the portfolio process, but I would just love to hear how the COVID crisis is changing how you think about the delivery model and what pieces you want to own.

伊娃在投資組合過程中提到了一點，但我很想听聽新冠危機如何改變你對交付模式以及你想擁有哪些作品的看法。

Yes.

是的。

George, thanks for the question.

喬治，謝謝你的提問。

And George, maybe I'll start with I think all of what we're seeing is, I'll call it, the acceleration of omnichannel for health.

喬治，也許我會首先說，我認為我們所看到的一切，我稱之為，全渠道健康的加速發展。

And I would describe that as speaking to care being delivered in multiple and nontraditional settings.

我將其描述為在多種非傳統環境中提供的護理。

And I think we're going to see a new value proposition emerge that is going to be based on the elements of convenience, cost, quality and trust.

我認為我們將看到一個新的價值主張出現，它將基於便利、成本、質量和信任等要素。

So George, I would say, direct to your question, obviously, there's a technology component of that.

所以喬治，我想說，直接回答你的問題，顯然，其中有一個技術組成部分。

And you heard in our prepared remarks, care in the community, in the home, in the palm of your hand, obviously, that speaks to what we've seen around the acceleration of virtual care of telemedicine.

您在我們準備好的發言中聽到，社區、家庭、手掌中的護理，顯然，這說明了我們所看到的遠程醫療虛擬護理的加速發展。

And I think it opens up the door for a greater acceptance of remote monitoring through technology, and that speaks to care from the comfort of your home.

我認為這為通過技術更廣泛地接受遠程監控打開了大門，這意味著您可以在舒適的家中進行護理。

Then there's care in the community.

然後是社區的關懷。

And think about what we talked about this morning around testing, the broader opportunity that, that creates with diagnostics, vaccines, immunizations, you start thinking about the role of the pharmacist, the nurse practitioner.

想想我們今天早上圍繞測試討論的內容，通過診斷、疫苗、免疫創造的更廣泛的機會，你開始思考藥劑師、執業護士的角色。

And what we have seen over the last several months, with regulations being relaxed, it has allowed them to perform to a higher level to the top of their license.

我們在過去幾個月中看到，隨著法規的放鬆，他們能夠達到更高的水平，達到他們的執照的最高水平。

So you start thinking about why go backwards when it's more convenient, less costly and administered by someone that they know and trust.

所以你開始思考為什麼要倒退，因為它更方便、成本更低並且由他們認識和信任的人管理。

And look, it also speaks to why retail does matter and the importance of our strategy of pivoting our retail asset and offering more health services at retail.

看，這也說明了為什麼零售業確實很重要，以及我們調整零售資產和在零售業提供更多健康服務的戰略的重要性。

And then, George, just related to that, it's a little indirect to your question, but I think we see some of the other changes on the horizon as we've got to have a more integrated approach to behavioral and physical health.

然後，喬治，與此相關的是，這對你的問題有點間接，但我認為我們看到了即將出現的其他一些變化，因為我們必須對行為和身體健康采取更綜合的方法。

And we're seeing way too many examples of people feeling the stress, the anxiety of everything going on.

我們看到太多的例子表明人們對正在發生的一切感到壓力和焦慮。

And this is an area of health that cannot be ignored, and we have to do better.

而這是一個不容忽視的健康領域，我們必須做得更好。

And finally, George, we've talked a lot over the last several years about payment reform, value-based care.

最後，喬治，我們在過去幾年裡談論了很多關於支付改革、基於價值的醫療服務。

We see the challenges that providers are experiencing economically and will the pandemic be the spark that really accelerates more rapid growth of value-based reimbursement in care.

我們看到提供者在經濟上面臨的挑戰，並且這種流行病是否會成為真正加速基於價值的護理報銷更快增長的火花。

We'll take our next question from Michael Cherny with Bank of America.

我們將回答美國銀行邁克爾·切爾尼 (Michael Cherny) 提出的下一個問題。

I wanted to ask a question on the retail side.

我想問一個關於零售方面的問題。

Clearly, there's a lot of moving pieces in this specific quarter.

顯然，這個特定季度有很多變化。

Actually, normal, I think, wouldn't do the term justice.

事實上，我認為正常這個詞並不恰當。

As you think about the incremental investments that you're making now, how much of the new procedures, new cleaning process, staffing dynamics that you have in place are the type of investments that might continue on a long-term basis?

當您考慮現在正在進行的增量投資時，您現有的新程序、新清潔流程和人員配備動態中有多少是可以長期持續的投資類型？

And how does that factor into the thought process and framework you had about where Retail, in particular, should grow into 2021 and beyond?

這對您關於零售業（尤其是零售業）在 2021 年及以後的發展方向的思考過程和框架有何影響？

Yes, Mike, this is Jon.

是的，邁克，這是喬恩。

So we do expect these enhanced cleaning procedures to continue for the foreseeable future, and I think that's until we get a vaccine and COVID essentially goes away.

因此，我們確實希望這些加強的清潔程序在可預見的未來繼續下去，我認為直到我們獲得疫苗並且新冠病毒基本上消失為止。

As Larry said, we're making a significant pivot to health care services, whether it be the COVID testing we're doing, we're gearing up for a pretty significant flu vaccine season, and the repositioning of our retail footprint and the HealthHUBs supports that health care services move.

正如拉里所說，我們正在大力轉向醫療保健服務，無論是我們正在進行的新冠病毒檢測、我們正在為相當重要的流感疫苗季節做準備，以及我們零售業務和 HealthHUB 的重新定位支持醫療保健服務的舉措。

So we view it as evolving to higher-margin health care services as we move forward.

因此，隨著我們的前進，我們認為它正在向利潤更高的醫療保健服務發展。

We'll take our next question from Ricky Goldwasser with Morgan Stanley.

我們將接受摩根士丹利的 Ricky Goldwasser 提出的下一個問題。

Thank you for the comment on the testing and the vaccine.

感謝您對測試和疫苗的評論。

I just wanted to dig a little deeper into them.

我只是想更深入地研究它們。

Can you give us a little bit of color on the revenue model that's associated with the testing, the turnaround time that you're seeing?

您能否向我們介紹一下與測試相關的收入模式以及您所看到的周轉時間？

And then on the vaccine side, when you talk about first in the flu -- early flu season, are you -- what type of magnitude are you expecting to see in terms of demand for flu vaccine?

然後在疫苗方面，當您談到流感初期（流感季節早期）時，您預計流感疫苗的需求量會達到什麼程度？

And if you can just share more on your role on the COVID-19 vaccine administration and what conversations you're having with manufacturers.

您能否更多地分享您在 COVID-19 疫苗管理中的角色以及您與製造商進行的對話。

We're getting a lot of questions from investors on the setting for vaccine administration.

我們從投資者那裡收到了很多關於疫苗管理環境的問題。

So I'd love to get your insights on that.

所以我很想听聽您對此的見解。

Yes, Ricky, it's Larry.

是的，瑞奇，是拉里。

And Ricky, I'll start and then ask -- flip it over to Eva to take the economic side of your question.

瑞奇，我將開始提問——將其轉給伊娃，讓她回答你的問題的經濟方面。

And yes, Ricky, maybe I'll start with the seasonal flu.

是的，瑞奇，也許我會從季節性流感開始。

And look, we expect to administer up to 18 million seasonal flu vaccines this fall, which is more than what we have administered in the last few years.

看，我們預計今年秋天將注射多達 1800 萬劑季節性流感疫苗，這比我們過去幾年註射的疫苗還要多。

We think that, for obvious reasons, there's going to be an increased demand.

我們認為，由於顯而易見的原因，需求將會增加。

You're going to see a lot of PSAs out there largely sponsored by the government at both the federal and state level.

你會看到很多公益廣告主要由聯邦和州政府贊助。

And Ricky, when you think about it, the symptoms of the seasonal flu mimic the symptoms of COVID.

瑞奇，仔細想想，季節性流感的症狀與新冠病毒的症狀很相似。

And the importance of the seasonal flu vaccine is never going to be more important this year than any other prior year because we've got to try to separate that dynamic in terms of what are we talking about.

今年季節性流感疫苗的重要性永遠不會比往年任何其他年份都重要，因為我們必須嘗試將這種動態與我們正在談論的內容分開。

If I shift, Ricky, to the vaccine, we are having discussions with the administration in terms of the role that we can play, and there's absolutely an important role for us to play.

瑞奇，如果我轉向疫苗，我們正在與政府討論我們可以發揮的作用，我們絕對可以發揮重要作用。

And Ricky, some of this goes back -- I'll go back 10 years or 10-plus years with H1N1 that pharmacy became the local solution to administer vaccines to millions of Americans across the country.

Ricky，其中一些可以追溯到 10 年前或 10 多年前，H1N1 流感爆發時，藥房成為向全國數百萬美國人注射疫苗的本地解決方案。

That is not lost on the administration.

政府並沒有忽視這一點。

And Ricky, I think what is unique for us is this is where the intersection of testing and vaccine creates a sustainable business model because I couldn't be prouder of the work of our CVS colleagues in standing up the testing business in 1,800 drive-thru locations in a matter of a few weeks.

Ricky，我認為我們的獨特之處在於，檢測和疫苗的交叉點創造了可持續的商業模式，因為我對我們的 CVS 同事在 1,800 個得來速餐廳中開展檢測業務的工作感到非常自豪幾週內即可找到地點。

And we've also used our digital capabilities, as you heard in our prepared remarks, where customers can actually schedule -- are required to schedule an appointment to get the test.

我們還使用了我們的數字功能，正如您在我們準備好的發言中聽到的那樣，客戶實際上可以安排 - 需要安排預約才能進行測試。

But you don't see 6, 8 hours of cars backed up trying to get a test in one of our drive-thru sites.

但您不會看到汽車在我們的得來速站點之一等待 6、8 小時等待測試。

And we can bring that same digital and technology capability to scheduling vaccines when they become available.

當疫苗上市時，我們可以將同樣的數字和技術能力用於安排疫苗接種。

So I think we're in a great place there to be an important part of the solution.

所以我認為我們處於一個很好的位置，可以成為解決方案的重要組成部分。

And I'll flip it over to Eva on the testing economics.

我會把測試經濟學的問題交給伊娃。

Yes.

是的。

Ricky, I would say, overall, as you think about testing and our economics, think about it in the margin range of diagnostics and typical testing.

瑞奇，我想說，總的來說，當你考慮測試和我們的經濟學時，請在診斷和典型測試的邊際範圍內考慮它。

And Ricky, I think you had a question in there in terms of what the country has experienced around testing turnaround times, and I'll just quickly hit on that.

瑞奇，我想你有一個關於這個國家在測試周轉時間方面經歷了什麼的問題，我會很快談到這個問題。

As you heard in our prepared remarks, we've administered about 2 million tests to date.

正如您在我們準備好的發言中所聽到的，迄今為止我們已經進行了大約 200 萬次測試。

The turnaround times through the months of May and June were in that 3-day range.

5 月和 6 月的周轉時間在 3 天範圍內。

And coming out of the July 4 holiday, we did see a spike in testing demand as well as a spike in the turnaround time.

7 月 4 日假期結束後，我們確實看到了測試需求的激增以及周轉時間的激增。

We took immediate actions.

我們立即採取了行動。

The first thing we did was actually reduce the number of tests we were doing on a daily basis by 25% in working with the labs as they were working to increase their capacity.

我們做的第一件事實際上是與實驗室合作，將我們每天進行的測試數量減少了 25%，因為他們正在努力提高能力。

We've also added 2 additional labs to our testing back office, if you will, okay, where they're producing the results.

我們還在測試後台增加了 2 個額外的實驗室，如果您願意的話，好吧，他們在那裡產生結果。

And as we said today, we have seen a dramatic improvement from where we were coming out of that July holiday.

正如我們今天所說，與七月假期結束後相比，我們看到了巨大的進步。

There's still some additional improvement that needs to be made by one of the labs, okay?

其中一個實驗室還需要進行一些額外的改進，好嗎？

And at the same time, Ricky, we talked about our Return Ready testing with our B2B clients.

與此同時，Ricky，我們與 B2B 客戶討論了我們的 Return Ready 測試。

We're utilizing, as you heard in our remarks, the point-of-care testing diagnostics.

正如您在我們的發言中所聽到的，我們正在利用即時檢測診斷。

And we're also working to pivot some of our retail sites to more point-of-care testing, and we're currently working with the administration in terms of creating the reimbursement codes that don't exist today for that type of retail testing.

我們還致力於將一些零售網站轉向更多的現場護理測試，目前我們正在與管理部門合作，創建目前此類零售測試尚不存在的報銷代碼。

So I think that's going to be important.

所以我認為這很重要。

As a country, we're testing about 17 million people a month.

作為一個國家，我們每個月對大約 1700 萬人進行測試。

If you look at the experts, they're saying there's going to be an increased need in the fall time frame of the 26 million to 28 million tests per month range.

如果你看看專家，他們會說秋季期間每月進行 2600 萬至 2800 萬次檢測的需求將會增加。

And more point-of-care testing is going to be an important part of that solution.

更多的現場護理測試將成為該解決方案的重要組成部分。

Our next question is from Eric Percher with Nephron Research.

我們的下一個問題來自 Nephron Research 的 Eric Percher。

Eric Percher and Josh Raskin here.

埃里克·佩徹和喬什·拉斯金在這裡。

Can you quantify some of the impact of the $1.5 billion in investment for COVID in HCB?

您能否量化 15 億美元的新冠疫情投資對 HCB 的部分影響？

And I guess, specifically, I'd be interested in mandatory rebates on items like that versus voluntary investment.

我想，具體來說，我會對此類項目的強制回扣與自願投資感興趣。

Eric, it's Eva, and I'll take that question.

埃里克，我是伊娃，我來回答這個問題。

First, let me define what's in that investment at the company level.

首先，讓我定義一下公司層面的投資內容。

Overall, as we look at the investments, $2 billion at the company level, $1.5 billion for the year at HCB, these are items that are going to affect our earnings, right?

總體而言，當我們審視投資時，公司層面的投資為 20 億美元，HCB 的年度投資為 15 億美元，這些項目都會影響我們的收益，對吧？

So essentially, they include operating expenses, refunds, rebates and credits to support our customers, members and clients.

因此本質上，它們包括運營費用、退款、回扣和積分，以支持我們的客戶、會員和客戶。

What I would say, we're not breaking out each of those individually, but all of those are contributing to the underlying $1.5 billion in HCB.

我想說的是，我們不會單獨列出每一項，但所有這些都為 HCB 的 15 億美元做出了貢獻。

Okay.

好的。

And then just to follow up on something you mentioned, Zinc Health.

然後跟進你提到的鋅健康。

Could you tell us what that is?

你能告訴我們那是什麼嗎？

And are you partnering with others?

您是否與其他人合作？

And are there any tax benefits there?

那裡有稅收優惠嗎？

Well, I'll start.

好吧，我要開始了。

This is Alan Lotvin.

這是艾倫·洛特文。

I'll start with what Zinc is, and then I'll let Eva talk about the tax question.

我將從什麼是鋅開始，然後讓伊娃談談稅收問題。

So Zinc is an onshore entity that we created to essentially develop and extract more value out of the pharmaceutical manufacturers on behalf of our customers and clients as part of the purchasing economics that Eva has referenced a couple of times.

因此，Zinc 是我們創建的一個陸上實體，其本質上是為了代表我們的客戶和客戶從製藥製造商那裡開發和提取更多價值，這是伊娃多次提到的採購經濟學的一部分。

And Eric, just to perhaps state the obvious, as Alan said, it's onshore.

埃里克，也許只是為了說明顯而易見的事情，正如艾倫所說，它是在陸上的。

We did not design Zinc as a tax strategy.

我們並未將鋅設計為稅收策略。

It's around the value that we can deliver from a business perspective to our customers and CVS.

它圍繞著我們可以從業務角度為客戶和 CVS 提供的價值。

Our next question is from Justin Lake, Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的賈斯汀·萊克。

I wanted to follow up -- a lot of moving parts for 2020, obviously.

我想跟進——顯然，2020 年有很多變化。

So just wanted to get your view on kind of what the right kind of jumpoff number is for 2020 earnings and kind of some of the moving parts in your mind.

因此，我只是想了解一下您對 2020 年收益的正確跳躍數字的看法，以及您心中的一些變化因素。

And then thinking out to 2021, I'm going back to Michael's question on kind of the potential run rate costs in the Retail business, for instance, you talked about a mid-single-digit EPS growth rate.

然後展望 2021 年，我將回到邁克爾關於零售業務潛在運行成本的問題，例如，您談到了中個位數的每股收益增長率。

Is that still kind of -- is that still the company's view just given everything going on?

考慮到正在發生的一切，這仍然是公司的觀點嗎？

Any kind of color there would be helpful as well.

任何一種顏色都會有幫助。

Justin, thanks for the question.

賈斯汀，謝謝你的提問。

In terms of the right jumpoff, what I would say is the reason we provided all of the transparency around the COVID-related effects was to help the investment community really understand outside of COVID how the businesses are performing.

就正確的起點而言，我想說的是，我們提供有關新冠病毒相關影響的所有透明度的原因是為了幫助投資界真正了解新冠病毒之外的企業表現。

I think if you look at how we've performed at the enterprise level through the first half of the year, normalizing for COVID, right, we've been performing in line with our expectations.

我認為，如果你看看今年上半年我們在企業層面的表現，在新冠疫情正常化的情況下，我們的表現一直符合我們的預期。

And there's nothing around our underlying fundamentals that have taken us off our strategy and trajectory.

我們的基本面沒有任何因素使我們偏離我們的戰略和軌道。

So that would indicate that the strategy trajectory is the same, so the 2021 trajectory would be similar as well versus previous?

那麼這是否表明戰略軌跡是相同的，因此 2021 年的軌跡也會與之前相似？

Yes, there's -- as I said, underlying, you got to think about how COVID is affecting, but our underlying core is in line with our expectations when we started the year.

是的，正如我所說，從根本上講，你必須考慮新冠疫情的影響，但我們的基本核心符合我們年初時的預期。

And we'll continue to work towards delivering on what we outlined at our Investor Day.

我們將繼續努力實現我們在投資者日概述的目標。

We'll take our next question from Bob Jones with Goldman Sachs.

我們將回答高盛鮑勃·瓊斯的下一個問題。

I guess maybe just to follow up on that last question from Justin.

我想也許只是為了跟進賈斯汀的最後一個問題。

I mean I know it's got to be extremely difficult to parse out what's exactly COVID-related versus what is not.

我的意思是，我知道要分析出什麼與新冠病毒確切相關，什麼與新冠病毒無關是非常困難的。

But it does look like in the Retail business, even excluding the amount that you highlighted, that margins are still down a few hundred basis points year-over-year.

但在零售業務中，即使不包括您強調的金額，利潤率仍然同比下降了幾百個基點。

Is there anything else you could parse out as far as what you're seeing from mix dynamics and maybe other areas, traditional areas like procurement?

就您從混合動態以及其他領域（例如採購等傳統領域）中看到的情況來看，您還有什麼可以解析的嗎？

Anything around cost there?

那裡有什麼費用嗎？

And then just how you're thinking about those factors as we think about your expectation, Eva, for gross margins to be in line in the second half with the year-to-date results?

那麼，當我們考慮您對下半年毛利率與年初至今的業績持平的預期時，您是如何考慮這些因素的？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

So in terms of gross margin, let me go back a bit, in the segment, margins declined about 240 basis points, as I said on my prepared remarks.

因此，就毛利率而言，讓我回顧一下，正如我在準備好的發言中所說，在該領域，利潤率下降了約 240 個基點。

About half of that, nearly half of that was what I'll call mix.

其中大約一半，近一半是我所說的混合。

So as you look at the purchasing patterns with pharmacy growing faster than front in the quarter, given the disruption by COVID, there's an impact there as well as mix within the underlying front store basket as sales were lower in the consumer health and beauty categories, which carry a higher margin.

因此，當你觀察本季度藥房的購買模式增長速度快於前一季度時，考慮到新冠疫情的干擾，這會產生影響，並且由於消費者健康和美容類別的銷售額較低，因此會產生影響，並在潛在的前台購物籃中產生混合，其利潤率較高。

And we also saw some drug mix impacts with new prescriptions depressed and the effects on the generic dispensing rate.

我們還看到一些藥物組合對新處方的影響以及對仿製藥配藥率的影響。

I think if you look year-to-date at how Retail/Long-Term Care is performing, it's performing well when you normalize for all of the different factors.

我認為，如果你看看今年迄今為止零售/長期護理的表現，當你對所有不同因素進行標準化時，它的表現良好。

Obviously, margins were stronger in the first quarter, and we do expect them to improve in the back part of the year.

顯然，第一季度的利潤率較高，我們預計今年下半年利潤率會有所改善。

That's helpful.

這很有幫助。

And then, Larry, if I could just follow up, I thought it was really interesting, some of your comments on the care from the comfort of your home, and you talked about the new diabetes management program.

然後，拉里，如果我能跟進的話，我認為這真的很有趣，您在舒適的家中對護理的一些評論，並且您談到了新的糖尿病管理計劃。

I was wondering if maybe you could expand on that a little bit, just what the new diabetes program looks like relative to the previous one.

我想知道您是否可以對此進行一些擴展，即新的糖尿病計劃相對於之前的計劃是什麼樣的。

And then just any other comments on your digital solutions that you're developing as you think about the evolving landscape in some of these more differentiated offerings that you're bringing to the market.

然後，當您考慮向市場推出的一些更具差異化的產品的不斷發展的前景時，對您正在開發的數字解決方案進行任何其他評論。

Yes, Bob.

是的，鮑勃。

And maybe just one other point, just back on Eva's -- your question on Retail.

也許只是另一點，回到伊娃的問題上——你關於零售業的問題。

The other thing to keep in mind is we shut off a lot of our ExtraCare programs as we went through the shelter-in-place orders.

另一件需要記住的事情是，在執行就地避難令時，我們關閉了許多 ExtraCare 計劃。

So those have been turned back on, and that's another contributing factor in terms of why we would see a more normalized margin trajectory in the second half of the year.

因此，這些已經重新啟動，這是我們在下半年看到更加正常化的利潤率軌蹟的另一個影響因素。

And then, Bob, moving on to your question on the diabetes programs.

然後，鮑勃，繼續回答你關於糖尿病項目的問題。

A lot of it, Bob, is tied to managing the consumer, if you will, in a more holistic fashion.

鮑勃，如果你願意的話，其中很多都與以更全面的方式管理消費者有關。

So today, we remotely manage their blood glucose levels with connected glucometers as one example.

因此，今天，我們以連接的血糖儀遠程管理他們的血糖水平為例。

But we believe there's a much more broader opportunity, recognizing it's just not about managing the diabetes condition.

但我們相信還有更廣泛的機會，因為我們認識到這不僅僅是控製糖尿病狀況。

It's also managing the comorbidities that are associated with that, okay, that go beyond diabetes as a chronic disease.

它還可以管理與之相關的合併症，這超出了糖尿病作為一種慢性疾病的範圍。

And those are things that we're going to be focused on that we believe, at the end of the day, are some of the real drivers in terms of bending the cost curve for those individuals and what we've seen with the pilot programs that we've done.

這些是我們將重點關注的事情，我們相信，歸根結底，這些事情是彎曲這些個人的成本曲線以及我們在試點計劃中看到的一些真正的驅動因素我們已經做到了。

We'll take our next question from Steven Valiquette with Barclays.

我們將回答巴克萊銀行史蒂文·瓦利奎特的下一個問題。

I guess with the commercial membership down only about 2% year-over-year in the second quarter, I guess I was curious to hear more about how that stacked up versus your expectations.

我想，第二季度商業會員數量同比僅下降了 2% 左右，我想我很想知道更多關於這一情況與您的預期相比的情況。

And then are there any broad goalpost you can put around your commercial membership assumptions that are built into the guidance for the back half of 2020?

那麼，是否有任何廣泛的目標可以圍繞您的商業會員假設納入 2020 年下半年的指導中？

Steve, it's Karen.

史蒂夫，我是凱倫。

Relative to commercial, we had anticipated more losses in commercial than we saw in the second quarter.

相對於商業業務，我們預計商業業務的損失將比第二季度更大。

We do think that's related to companies doing more furloughs than eliminating jobs.

我們確實認為這與公司休假多於裁員有關。

However, as we turn the corner for the rest of the year, we anticipate that we'll see continued commercial losses due to unemployment as the year emerges, although what we're seeing in July is similar to what we saw in each month of the second quarter.

然而，隨著今年剩餘時間的到來，我們預計隨著今年的到來，我們將看到由於失業而造成的持續商業損失，儘管我們7 月份看到的情況與2019 年每個月看到的情況相似。第二季度。

But you can anticipate lower membership for commercial for the latter half of the year.

但您可以預計下半年商業會員數量將會減少。

And Steve, obviously, in terms of what actions the government could take, that number could vary, right?

史蒂夫，顯然，就政府可以採取的行動而言，這個數字可能會有所不同，對吧？

There's uncertainty there.

那裡存在不確定性。

Okay.

好的。

Just a quick follow-up just around Medicaid reimbursement adjustments.

只是圍繞醫療補助報銷調整進行快速跟進。

There's some that can happen for 2020 and then some for next year.

有些可能會在 2020 年發生，有些可能會在明年發生。

As far as the ones for 2020, any clawbacks, et cetera?

至於2020年的，有沒有回扣等等？

Just curious if that's something that is material within any of the guidance assumptions for you guys.

只是好奇這是否對你們來說是任何指導假設中的重要內容。

Or is that just kind of rounding error within the overall company as far as the guidance assumption for 2020 in particular?

或者這只是整個公司內部的捨入誤差，尤其是 2020 年的指導假設？

Yes.

是的。

Relative to 2020, it's rounding, and we have factored it into our -- the numbers that Eva gave you relative to that $1.5 billion.

相對於 2020 年，它是四捨五入的，我們已將其計入 Eva 給您的相對於 15 億美元的數字中。

What I would tell you on Medicaid is every single state that we have has already built in mechanisms to return any additional profit.

關於醫療補助，我要告訴你的是，我們每個州都已經建立了返還任何額外利潤的機制。

So that's all been factored in, but not material.

所以這一切都被考慮在內，但不是實質性的。

Steven, it's Alan.

史蒂文，是艾倫。

The one thing I would add is we have seen a reasonably significant uptick in membership within our Medicaid lives and the PBM.

我要補充的一件事是，我們看到醫療補助生活和 PBM 的會員人數顯著增加。

So you are seeing that -- the shift and the demonstrated power of having a broadly diversified book.

所以你看到了——擁有一本廣泛多元化的書所帶來的轉變和所展示的力量。

So we'll go ahead.

所以我們繼續。

And operator, we'll take 2 more questions.

接線員，我們還要回答 2 個問題。

And we know that many of you have another call at 9, and we want to be respectful to that.

我們知道你們中的許多人都會在 9 點再次打來電話，我們希望對此表示尊重。

And we'll take our next question from Stephen Tanal with SVB Leerink.

我們將回答 SVB Leerink 的 Stephen Tanal 提出的下一個問題。

It sounds like you may have had some pretty solid wins in the national account part on the Aetna business.

聽起來您可能在 Aetna 業務的國民賬戶部分取得了一些相當穩固的勝利。

So I was hoping to just follow up there.

所以我希望能跟進那裡。

And I'm wondering how HealthHUBs may have contributed, if at all, and whether there's any self-insured clients that have made them a central part of their network design at this stage.

我想知道 HealthHUB 可能如何做出貢獻（如果有的話），以及是否有任何自我保險客戶將它們作為現階段網絡設計的核心部分。

Relative to national accounts, just let me give you kind of broad perspective, our national account customers are interested in our integrated value and our integrated story.

相對於國民賬戶，讓我給您提供一種廣闊的視角，我們的國民賬戶客戶對我們的綜合價值和綜合故事感興趣。

What I would tell you, if you look at our 2021, we have sold 4x more pharmacy members this time compared to last year for 2021.

我想告訴你的是，如果你看看我們的 2021 年，我們這次銷售的藥房會員數量比去年 2021 年增加了 4 倍。

And we've improved our pharmacy penetration from 34% to 39%.

我們將藥房滲透率從 34% 提高到 39%。

But as I -- and we also are doing a lot to be in the market relative to the HealthHUBs.

但就我而言，我們也正在做很多事情來進入與 HealthHUB 相關的市場。

But relative to national accounts, it's been a lumpy season for us.

但相對於國民賬戶，這對我們來說是一個坎坷的季節。

We did see a fair amount of our customers in RFPs pull back and defer some of their decisions until 2022.

我們確實看到 RFP 中相當多的客戶撤回了決定，並將一些決定推遲到 2022 年。

We've had very solid retention.

我們有非常穩固的保留。

We've had some good sales.

我們取得了一些不錯的銷售業績。

But generally speaking, if you look to 2021, I'd say that national account membership will be flat to down, really reflecting in-group attrition from unemployment.

但總的來說，如果你展望 2021 年，我會說國民賬戶成員資格將持平甚至下降，真正反映了失業造成的群體內流失。

However, on the Group Medicare side, we've had very strong retention in the high 90s, very solid sales, and you can expect growth in 1/1/21 from Group Medicare.

然而，在 Group Medicare 方面，我們在 90 多歲的人中擁有非常強勁的保留率，銷售非常穩定，您可以預期 Group Medicare 在 2021 年 1 月 1 日將出現增長。

And Steve, maybe I'll ask Alan to comment similar question to the PBM in terms of selling season.

史蒂夫，也許我會請艾倫就銷售季節向 PBM 評論類似的問題。

Yes.

是的。

So on the selling season, in general, we're about 90%.

所以在銷售旺季，一般來說，我們的銷售率約為 90%。

Through the sales season, we have a 98% retention rate.

整個銷售旺季，我們的留存率高達 98%。

As Eva said, we have $4.3 billion in gross new wins.

正如 Eva 所說，我們的新勝利總額為 43 億美元。

We haven't -- I'd say the season itself has been interesting in the lumpiness with COVID, but overall ending up about where we thought.

我們還沒有——我想說這個賽季本身就很有趣，因為新冠疫情的混亂，但總的來說，結局與我們的想法一致。

The health -- specifically around HealthHUBs, we've seen a tremendous amount of interest in the HealthHUBs, not just from national accounts, but also from our health plan customers who want to understand how to better connect with their members in the community.

健康——特別是圍繞 HealthHUB，我們看到人們對 HealthHUB 表現出極大的興趣，不僅來自國民賬戶，還來自我們的健康計劃客戶，他們希望了解如何更好地與社區成員建立聯繫。

So very happy with where the sales season is right now.

對現在的銷售季節非常滿意。

So -- and again, as I said, a strong interest in the HealthHUBs.

因此，正如我所說，人們對 HealthHUB 抱有濃厚的興趣。

And the next question comes from Lance Wilkes with Bernstein.

下一個問題來自蘭斯·威爾克斯和伯恩斯坦。

Just a question on your comment on looking at noncore assets and potential strategies related to them.

只是問一下您對非核心資產及其相關潛在策略的評論。

I just want to understand the performance in the Long-Term Care business, the status of the turnaround there and if there are any other assets that are particularly in focus as noncore.

我只想了解長期護理業務的表現、扭虧為盈的狀況，以及是否有任何其他特別作為非核心資產受到關注的資產。

Lance, it's Eva.

蘭斯，是伊娃。

So in -- let me take your second question first, right?

那麼，讓我先回答你的第二個問題，對吧？

I don't have any specific comments in terms of where we're -- the things we continue to evaluate.

對於我們的進展——我們繼續評估的事情——我沒有任何具體的評論。

But what you've seen us do is we divested our Brazilian operation that CVS owned, now Workers Comp.

但你看到我們所做的是，我們剝離了 CVS 擁有的巴西業務，即現在的 Workers Comp。

And what I can tell you is we continue to just thoroughly evaluate what's in our portfolio, how the dynamics in the marketplace are changing to make sure we're optimizing the business.

我可以告訴你的是，我們將繼續徹底評估我們的投資組合中的內容以及市場動態如何變化，以確保我們正在優化業務。

In terms of Long-Term Care performance, obviously, it's been a segment that has been substantially affected by COVID, right?

就長期護理表現而言，顯然，這是一個受到新冠疫情嚴重影響的細分市場，對吧？

As you look at the industry challenges, we've seen, as an industry, admissions down about 20% and facilities -- some facilities continuing to not accept new patients, but not be shut down per se.

當你審視行業挑戰時，我們發現，作為一個行業，入院人數下降了約 20%，而且一些設施仍然不接受新患者，但本身並未關閉。

As you look at what long-term care contributes to our overall bottom line enterprise, right, it's less than 2% of our overall enterprise profitability.

當你看看長期護理對我們企業整體利潤的貢獻時，你會發現，它只占我們企業整體盈利能力的不到 2%。

As you look at what we're doing, we have made substantial improvements related to our service model over the last 12 months.

當您查看我們正在做的事情時，您會發現我們在過去 12 個月中對服務模式進行了重大改進。

And in Q1 of this year, we had the highest customer satisfaction score since we've been tracking this back to 2015.

今年第一季度，我們獲得了自 2015 年以來的最高客戶滿意度得分。

We're also -- COVID and testing this vulnerable patient, right, we're continuing to drive opportunities there, as Larry highlighted.

正如拉里強調的那樣，我們還在對新冠病毒進行測試，對這位弱勢患者進行測試，我們將繼續在那裡創造機會。

And I would say we are aggressively managing our cost structure in this environment.

我想說，在這種環境下，我們正在積極管理我們的成本結構。

And we have new leadership leading the Long-Term Care business, and we're really focused on driving improved performance here.

我們有新的領導層來領導長期護理業務，我們真正專注於提高這裡的績效。

Okay.

好的。

So with that, let me just go ahead and wrap up before we sign off here.

那麼，在我們結束之前，讓我先總結一下。

And a big thank you and my sincere gratitude to our 300,000 colleagues for all of their hard work across all parts of our organization, especially those that are working the front lines.

非常感謝你們，並衷心感謝我們 300,000 名同事在我們組織各個部門的辛勤工作，特別是那些在一線工作的同事。

And they have just displayed incredible commitment and effort during these unprecedented times.

他們在這個前所未有的時期表現出了令人難以置信的承諾和努力。

And all of that represents our best in terms of our commitment in helping people on their path to better health.

所有這些都代表了我們在幫助人們走向更健康的道路上的最佳承諾。

And we're proud to be able to serve our communities at such a crucial time in our nation's history.

我們很自豪能夠在我們國家歷史上如此關鍵的時刻為我們的社區提供服務。

So with that, thanks again for joining us this morning, and please stay safe and healthy.

因此，再次感謝您今天早上加入我們，請保持安全和健康。

And this will conclude today's CVS Health Second Quarter 2020 Earnings Call and Webcast.

今天的 CVS Health 2020 年第二季度收益電話會議和網絡廣播到此結束。

You may now disconnect, and have a great day.

您現在可以斷開連接，祝您有美好的一天。