CVS Health Corp (CVS) 2025 Q2 法說會逐字稿

Hello, and welcome to CVS Health's second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加CVS Health 2025年第二季財報電話會議。 （操作員指示）溫馨提示：本次會議今日正在錄音。如有任何異議，請立即斷開連接。

I would now like to pass the call to Larry McGrath, Chief Strategy Officer. Larry, please proceed.

現在我想把電話轉給首席策略長拉里·麥格拉斯。拉里，請繼續。

Good morning, and welcome to the CVS Health second-quarter 2025 earnings call and webcast.

早安，歡迎參加 CVS Health 2025 年第二季財報電話會議和網路廣播。

I'm Larry McGrath, Chief Strategy Officer; I'm joined this morning by David Joyner, President and Chief Executive Officer; and Brian Newman, Chief Financial Officer. Following our prepared remarks, we'll host a question-and-answer session that will include additional members of the leadership team.

我是首席策略官拉里·麥格拉斯 (Larry McGrath)；今天上午，與我一同出席的還有總裁兼首席執行官戴維·喬伊納 (David Joyner) 和首席財務官布萊恩·紐曼 (Brian Newman)。在我們準備好的發言之後，我們將舉行問答環節，其他領導團隊成員也將參與其中。

Our press release and slide presentation have been posted to our website, along with our Form 10-Q filed this morning with the SEC. Today's call is also being broadcast on our website, where it will be archived for one year.

我們的新聞稿和幻燈片簡報已發佈到我們的網站，以及我們今天早上向美國證券交易委員會提交的10-Q表格。今天的電話會議也將在我們的網站上播出，並將存檔一年。

During this call, we'll make certain forward-looking statements. Our forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from currently projected results.

在本次電話會議中，我們將做出一些前瞻性陳述。這些前瞻性陳述受重大風險和不確定性的影響，可能導致實際結果與目前預測的結果有重大差異。

We strongly encourage you to review 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 in our most recent annual report, Form 10-K, our quarterly report on Form 10-Q filed this morning and our recent filings on Form 8-K, including this morning's earnings press release.

我們強烈建議您查閱我們向美國證券交易委員會 (SEC) 提交的有關這些風險和不確定性的報告，特別是我們最新年度報告 10-K 表、今天上午提交的 10-Q 表季度報告以及我們近期提交的 8-K 表（包括今天上午的收益新聞稿）中關於前瞻性陳述和風險因素的警示性聲明中所述的內容。

During this call, we'll use non-GAAP measures when talking about the company's financial performance and financial condition. And you can find a reconciliation of these non-GAAP measures in this morning's press release and then the reconciliation document posted to the Investor Relations portion of our website.

在本次電話會議中，我們將使用非公認會計準則 (Non-GAAP) 指標來討論本公司的財務表現和財務狀況。您可以在今天早上的新聞稿中找到這些非公認會計準則 (Non-GAAP) 指標的對帳表，該對帳表文件也將發佈在我們網站的「投資者關係」版塊。

With that, I'd like to turn the call over to David. David?

說完這些，我想把電話轉給大衛。大衛？

Thank you, Larry, and good morning, everyone. This morning, we are pleased to report another consecutive quarter of solid results as we execute against our ambition of becoming America's most trusted health care company.

謝謝拉里，大家早安。今天上午，我們很高興地報告，我們又連續一個季度取得了穩健的業績，我們正在努力成為美國最值得信賴的醫療保健公司。

In the second quarter, we delivered adjusted operating income of $3.8 billion and adjusted earnings per share of $1.81. We again increased our full year 2025 adjusted EPS guidance to a range of $6.30 to $6.40, up from our previous range of $6 to $6.20.

第二季度，我們實現調整後營業收入38億美元，調整後每股收益1.81美元。我們再次調高2025年全年調整後每股盈餘預期，從先前的6美元至6.20美元區間上調至6.30美元至6.40美元區間。

Our strong results and updated expectations reflect the power of our diversified business. We are seeing the impact of our intense focus on the execution within our Aetna and Pharmacy businesses, while managing incremental pressure in health care delivery.

我們強勁的業績和最新的預期反映了我們多元化業務的強勁實力。我們高度重視安泰和藥局業務的執行力，同時有效管理醫療服務領域日益增加的壓力，這些措施正在產生正面的影響。

We are encouraged by our enterprise performance and revised outlook, especially in this very dynamic environment. At the same time, we continue to maintain a prudent and respectful outlook for the remainder of the year with clear opportunities for outperformance. Brian will provide specifics later in the call.

我們對企業績效和調整後的展望感到鼓舞，尤其是在當前瞬息萬變的市場環境下。同時，我們對今年剩餘時間的業績展望保持審慎樂觀，並認為未來有明顯的超越機會。 Brian 將在稍後的電話會議上提供具體資訊。

As we focus on delivering against our financial commitments to you, we are also taking on the largest challenges in health care, affordability, access and inconsistent care coordination. The breadth of these problems means that they can't be addressed with the fragmented piecemeal approach. Instead, it requires holistic solutions implemented by companies with the necessary reach, capabilities and focus to execute on them.

在我們專注於履行對您的財務承諾的同時，我們也面臨著醫療保健、可負擔性、可近性和不一致的護理協調方面的最大挑戰。這些問題的廣泛性意味著，它們無法透過零散的、零碎的方法來應對。相反，我們需要由擁有必要覆蓋範圍、能力和專注力的公司來實施整體解決方案。

CVS holds a unique position in health care with our diverse and scaled businesses, our national footprint of community health destinations and the deep connections we have with more than 185 million consumers. We have unmatched reach and powerful insights that drive our innovation and differentiated solutions.

CVS 在醫療保健領域擁有獨特的地位，我們擁有多元化且規模龐大的業務、遍布全國的社區醫療機構以及與超過 1.85 億消費者的深厚聯繫。我們擁有無與倫比的覆蓋範圍和強大的洞察力，推動著我們的創新和差異化解決方案。

Tackling these challenges requires that each of our businesses be best-in-class. I'm pleased to report that we are making meaningful progress in the Aetna business. Our recovery has been a top priority. We realigned the organization and strengthen our talent with a clear focus on creating distinction in the marketplace.

應對這些挑戰需要我們每一項業務都做到一流。我很高興地報告，安泰業務正在取得有意義的進展。復甦一直是我們的首要任務。我們重組了組織架構，並加強了人才隊伍建設，明確致力於在市場上打造卓越表現。

We enhanced our operations using technology to automate and streamline processes that improve service and reduce friction for our members and health care professionals. We're starting to see the results of these efforts, delivering better experiences while also allowing us to better navigate this elevated utilization environment. But our work is not done.

我們利用科技提升了營運效率，實現了流程的自動化和精簡，從而改善了服務質量，並減少了會員和醫護人員的摩擦。這些努力已初見成效，不僅帶來了更佳的體驗，也讓我們更能應對日益高利用率的環境。但我們的工作遠未結束。

As we look ahead, we will maintain this intense focus, continuing to diligently execute against our margin recovery plan. While we are pleased with the improvements we are seeing at Aetna, we continue to see pressure in our health care delivery business, driven by higher medical benefit ratios at Oak Street. This is partially offset by continued positive performance at Signify Health.

展望未來，我們將繼續保持高度專注，並持續認真執行利潤率恢復計畫。儘管我們對安泰的改善感到滿意，但我們的醫療服務交付業務仍面臨壓力，這主要源自於橡樹街醫療福利比率的上升。 Signify Health 的持續良好表現部分抵消了這一壓力。

Value-based care remains a critical component for our Medicare Advantage strategy as we know that it delivers better clinical outcomes, better patient experiences and a lower total cost of care. We are working with urgency to further strengthen this business and ensure seniors can benefit from this industry-leading model.

基於價值的醫療服務仍然是我們醫療保險優勢計劃 (Medicare Advantage) 策略的重要組成部分，因為我們知道它能夠帶來更佳的臨床療效、更佳的患者體驗以及更低的醫療總成本。我們正加緊努力，進一步加強這項業務，確保老年人能夠從這一行業領先的模式中受益。

This includes improving operations through investments in technology, enhancing leadership with talent from across CVS Health and improving our partnerships with our payer clients. We know that Oak Street capabilities are best-in-class and are taking the right actions to improve performance.

這包括透過技術投資來改善運營，從CVS Health內部招募人才來提升領導力，以及改善與付款方客戶的合作關係。我們深知Oak Street的能力是業界領先的，並且正在採取正確的行動來提升績效。

Let me turn now to our pharmacy businesses. At Caremark, we are delivering on our commitments to clients and members by doing what PBMs do best, adapting to client needs, driving down drug costs and helping to deliver better access and outcomes.

現在，我來談談我們的藥局生意。在 Caremark，我們致力於履行對客戶和會員的承諾，發揮藥品福利管理 (PBM) 的專長，適應客戶需求，降低藥品成本，並幫助提供更便捷的獲取途徑和更佳的療效。

Managing trend remains the most important focus for our customers as they try to balance the benefit of new drug innovations and their higher cost. Our PBM is saving consumers and clients billions of dollars a year on drug costs, but we must continue to innovate and drive more savings.

對於我們的客戶來說，在新藥創新帶來的效益與更高的成本之間尋求平衡，管理趨勢仍然是最重要的焦點。我們的PBM每年為消費者和客戶節省數十億美元的藥品成本，但我們必須持續創新，進一步節省成本。

For example, our clients needed a solution as they experienced the impact of the rapid growth in the use of GLP-1s. Spending in this category for our employer clients has nearly doubled over the last two years and now represent 15% of their pharmacy costs.

例如，我們的客戶需要解決方案，因為他們感受到了GLP-1類藥物使用快速成長的影響。過去兩年，我們雇主客戶在GLP-1類藥物上的支出幾乎翻了一番，目前佔其藥局成本的15%。

On July 1, we took a significant step to create competition among manufacturers to lower cost in this drug category. We used our unique capabilities to minimize friction, resulting in over 95% of the eligible members adopting a preferred formulary weight loss product.

7月1日，我們邁出了重要一步，在製造商之間建立競爭，以降低此類藥品的成本。我們運用自身獨特的優勢，最大限度地減少摩擦，最終使超過95%的符合條件的會員選擇了其首選的處方減肥產品。

However, we know drug therapy alone is not enough to achieve the best outcomes. To address this, we offer a powerful weight management program that empowers patients to achieve greater weight loss and drug therapy alone. Importantly, our program participants on average achieved double-digit percent weight loss at 12 months, regardless of the drug they use.

然而，我們知道單靠藥物治療不足以達到最佳效果。為了解決這個問題，我們提供一個強大的體重管理計劃，幫助患者在單靠藥物治療的情況下實現更顯著的減重效果。值得一提的是，無論使用哪種藥物，我們的計劃參與者在12個月內平均實現了兩位數的減重百分比。

Our innovation, reach and clinical capabilities differentiate us in the PBM marketplace. We're having a strong start to the 2026 selling season with retention expected to be in the high 90s. Our approach and commitment to lowering cost is also leading to new wins with the most sophisticated clients.

我們的創新、覆蓋範圍和臨床能力使我們在PBM市場中脫穎而出。 2026年銷售季我們開局強勁，預計留存率將達到90%以上。我們降低成本的方法和承諾也為我們贏得了最高端的客戶。

For example, in our new business win with CalPERS, they specifically highlighted our commitment to delivering more affordable drug benefits and our performance-based model that emphasizes managing pharmacy costs and ensuring clinical quality.

例如，在我們與加州公務員退休基金會（CalPERS）達成的新業務中，他們特別強調了我們致力於提供更實惠的藥品福利的承諾，以及我們強調管理藥房成本和確保臨床品質的基於績效的模式。

In our retail pharmacy business, we are working tirelessly to be the source of stability as we ensure the communities we serve across America maintain access to their medications. PCW delivered another strong quarter despite persistent reimbursement pressures.

在我們的零售藥局業務中，我們孜孜不倦地努力成為穩定的源泉，確保我們服務的全美社區都能獲得藥品。儘管報銷壓力持續存在，PCW 仍在本季度取得了強勁的業績。

Our performance is a direct result of our ability to anticipate market dynamics and take the right actions to lead the industry. We made deliberate investments in technology and our colleagues to strengthen our operations, deliver best-in-class service and ensure we are the employer of choice in the pharmacy market.

我們的業績直接源自於我們預測市場動態並採取正確行動引領產業的能力。我們精心投資於技術和員工，以增強營運能力，提供一流的服務，確保我們成為醫藥市場的首選雇主。

Our front store business continues to improve as we grow our customer base and gain retail share. We continue to have best-in-class generic drug purchasing through Red Oak, and we share those savings with our payer partners through our CVS cost manage model. Under this new model, we are fairly reimbursed for every script we dispense and the value we provide to our customers.

隨著客戶群的擴大和零售份額的提升，我們的門市業務持續改善。我們繼續透過Red Oak採購一流的仿製藥，並透過CVS成本管理模式與我們的付款方合作夥伴分享這些節省。在新的模式下，我們配發的每一張處方以及我們為客戶提供的價值都能獲得公平的回報。

We are encouraged by the transition of our commercial scripts to CVS CostVantage, which continues to be in line with our expectations. We're making good progress on the next stage of evolving the pharmacy reimbursement model as we transition our government business to cost-based pricing models for 2026.

我們對商業處方向CVS CostVantage的過渡感到鼓舞，這仍然符合我們的期望。隨著政府業務在2026年向基於成本的定價模式過渡，我們在下一階段改進藥品報銷模式方面也取得了良好進展。

This quarter, we made a number of important announcements as we strive towards our goal of improving the health care experience in America. Last month, we announced our pledge with CMS to streamline, simplify and reduce unnecessary complexities in health care.

本季度，我們發布了一系列重要公告，致力於改善美國醫療保健體驗。上個月，我們與醫療保險和醫療補助服務中心 (CMS) 共同宣布，將精簡、簡化並減少醫療保健中不必要的複雜環節。

We've taken a leading role and the industry's initiative to improve prior authorization and deliver a better experience for providers and patients, but we're not stopping there. We've taken steps to make the prior authorization process simpler for patients undergoing cancer care.

我們發揮了行業領導作用，積極推動改善預先授權，為醫療服務提供者和患者提供更佳體驗，但我們不會止步於此。我們已採取措施，簡化接受癌症治療患者的預先授權流程。

We are bundling multiple requests into one upfront approval, eliminating unnecessary complexity. The response to this initiative has been encouraging, and we're working hard to expand the program to additional therapeutic areas.

我們將多個申請合併為一個預先審批流程，從而消除不必要的複雜性。這項計劃的反應令人鼓舞，我們正在努力將該計劃擴展到更多治療領域。

We also recently announced that over the next decade, we committed $20 billion to support our transformation of health care. We will deliver a better health care experience with reduced friction, greater visibility and a stronger partnership with doctors and hospitals.

我們最近也宣布，未來十年將投入200億美元支持醫療保健轉型。我們將提供更優質的醫療體驗，減少摩擦，提高透明度，並與醫生和醫院建立更牢固的合作關係。

By delivering on these ambitions will enable providers to focus on patient care instead of administrative tasks. Members will benefit from the clear communication and simpler health care journeys. We will develop new ways to connect the health care landscape, so it works better for people.

實現這些目標將使醫療服務提供者能夠專注於病患護理，而非行政事務。會員將受益於清晰的溝通和更方便的醫療服務流程。我們將開發連接醫療保健領域的新方法，使其更好地服務於人們。

We will use emerging technologies to innovate and drive the transformation of the health care experience today, making it unrecognizable in 10 years. Our investments will allow us to drive change at scale and will empower consumers with the right information to engage on their terms.

我們將利用新興技術進行創新，推動當今醫療保健體驗的變革，使其在十年後煥然一新。我們的投資將使我們能夠推動大規模變革，並賦予消費者正確的訊息，讓他們能夠根據自己的意願參與其中。

We look forward to sharing additional updates and innovations in the near future. We are building momentum as we navigate what continues to be dynamic and evolving environment. We're strengthening our position as we execute against our strategic priorities and deliver solid results.

我們期待在不久的將來分享更多更新和創新成果。在持續變化的市場環境中，我們正累積發展動力。我們正努力執行策略重點並取得紮實成果，鞏固自身地位。

We remain focused on building trust and are setting expectations that are appropriate and achievable and continue to focus on areas where we can drive out performance.

我們仍然專注於建立信任，設定適當且可實現的期望，並繼續專注於我們可以提高績效的領域。

With that, I'd like to hand the call over to Brian. Brian?

說完這些，我想把電話交給 Brian。 Brian？

Thank you, David, and good morning. I want to start off by saying how excited I am to be part of CVS Health and this leadership team.

謝謝大衛，早安。首先，我想說，我非常高興能夠成為CVS Health及其領導團隊的一員。

I joined CVS Health because I truly believe in the meaningful impact we can have on improving health care in this country. Our scale and deep consumer touch points uniquely position us to deliver a differentiated experience.

我加入CVS Health，因為我堅信我們能夠為改善美國醫療保健做出卓有成效的貢獻。我們的規模和深厚的消費者接點，讓我們能夠提供獨一無二的差異化體驗。

After my first couple of months, my belief in our enterprise mission has been consistently reaffirmed. I'm looking forward to meeting many of you over the course of the next few months and sharing updates about our progress.

經過最初的幾個月，我對我們企業使命的信念不斷堅定。我期待在接下來的幾個月與大家見面，分享我們的最新進展。

In my prepared remarks this morning, I will cover three primary areas. First, I will provide an update on our second quarter results. Next, I'll discuss cash flow and the balance sheet. And finally, I'll wrap up with our financial outlook for the remainder of the year. CVS Health successfully navigated another dynamic quarter driven by the strength of our execution.

今天上午的準備發言中，我將主要討論三個面向。首先，我將更新我們第二季的業績。接下來，我將討論現金流和資產負債表。最後，我將總結我們對今年剩餘時間的財務展望。 CVS Health 在強勁的執行力推動下，成功度過了另一個充滿活力的季度。

Let me provide some highlights on our enterprise performance. Second quarter revenues of nearly $99 billion increased approximately 8% over the prior year quarter, driven by revenue growth across all segments.

讓我來介紹一下我們企業業務的業績亮點。第二季營收近990億美元，較去年同期成長約8%，這得益於所有部門營收的成長。

We delivered adjusted operating income of approximately $3.8 billion during the quarter, an increase of nearly 2% from the prior year quarter, driven by increases in our health care benefits and pharmacy and consumer wellness segments, partially offset by a decline in our Health Services segment.

本季度，我們的調整後營業收入約為 38 億美元，較去年同期增長近 2%，這得益於我們的醫療福利以及藥品和消費者健康部門的增長，但被我們的健康服務部門的下降部分抵消。

Second quarter adjusted EPS of $1.81 was relatively consistent with the prior year quarter. Finally, we generated year-to-date cash flow from operations of approximately $6.5 billion.

第二季調整後每股盈餘為1.81美元，與去年同期大致持平。此外，我們今年迄今的營運現金流約為65億美元。

Turning now to each of our segments. In Health Care Benefits, we generated over $36 billion of revenue in the quarter, an increase of over 11% from the prior year, primarily driven by increases in our government businesses, largely related to the impact of the Inflation Reduction Act on the Medicare Part D program.

現在談談我們的各個部門。在醫療保健福利方面，我們本季創造了超過360億美元的收入，比上年增長了11%以上，這主要得益於政府業務的增長，這在很大程度上與《降低通貨膨脹法案》對聯邦醫療保險D部分計劃的影響有關。

Medical membership of approximately $26.7 million as of the end of the quarter decreased by approximately 350,000 members sequentially, primarily driven by the previously discussed declines in our individual exchange product early in the second quarter.

截至本季末，醫療會員人數約為 2,670 萬美元，環比減少約 35 萬名，主要原因是我們之前討論過的第二季初個人交易產品的下滑。

Adjusted operating income in the quarter was approximately $1.3 billion, an increase of nearly 40% from the prior year quarter, driven by the favorable year-over-year impact of changes to our individual exchange risk adjustment estimates, improved underlying performance in our government businesses and higher favorable prior period development.

本季度調整後的營業收入約為 13 億美元，較去年同期增長近 40%，這得益於我們個人外匯風險調整估計的變化、政府業務基本業績的改善以及前期發展的良好表現，這些因素對去年同期產生了有利的影響。

These increases were partially offset by a premium deficiency reserve in our group Medicare Advantage business of approximately $470 million. Trends in our group MA business remained elevated during the quarter, and were modestly higher than our expectations. This resulted in a revision of our estimate for trends for the remainder of the 2025 plan year, triggering a PDR.

這些成長部分被我們團體醫療保險優勢計劃 (Medicare Advantage) 業務約 4.7 億美元的保費缺口準備金所抵消。本季度，我們團體醫療保險優勢計劃 (MA) 業務的趨勢仍然強勁，略高於我們的預期。這導致我們修訂了 2025 年計畫年度剩餘時間趨勢的預估，並觸發了個人裁定報告 (PDR)。

As we've previously discussed, group MA contracts tend to be multiyear agreements and repriced less frequently than our individual MA business. We expect to make progress on margin recovery in our group MA book over the next few years as contracts come due for renewal, including the opportunity to reprice approximately half of our group MA revenue in 2026.

正如我們之前所討論的，團體併購合約通常是多年期協議，其重新定價的頻率低於我們單一併購業務。我們預計，隨著合約到期續約，未來幾年團體併購的利潤率將有所回升，包括有機會在2026年重新定價約一半的團體併購收入。

Our medical benefit ratio during the quarter was 89.9%, an increase of 30 basis points from the prior year. This increase primarily reflects a 140 basis point impact from the group MA PDR, largely offset by the favorable year-over-year impact of changes in our individual exchange risk adjustment estimates.

本季我們的醫療福利比率為89.9%，較上年同期成長30個基點。這一成長主要反映了集團MA PDR帶來的140個基點的影響，但很大程度上被我們個人匯率風險調整估值變動帶來的同比有利影響所抵消。

During the quarter, we received final 2024 risk adjustment data for our individual exchange business. As a result, we decreased our risk adjustment payable for the 2024 plan year by approximately $300 million. We experienced favorable development across all lines of business during the quarter, predominantly related to fourth quarter 2024 and first quarter 2025 dates of service.

本季度，我們收到了個人交易所業務2024年最終風險調整數據。因此，我們將2024計畫年度的風險調整應付額減少了約3億美元。本季度，我們所有業務線均取得了良好的發展，主要與2024年第四季和2025年第一季的服務日期相關。

When the favorable prior year development is combined with the favorable risk adjustment, it largely offsets the impact of the group MA PDR within the quarter. In our Medicare business, while trends remained elevated, performance in the quarter was modestly ahead of expectations. This outperformance was again primarily in our individual Medicare Advantage business driven by favorability within our supplemental benefit offerings and Part D.

當上年同期的良好發展與有利的風險調整相結合時，它在很大程度上抵消了本季團體MA PDR的影響。在我們的醫療保險業務中，儘管趨勢依然良好，但本季的業績略高於預期。這項優異表現主要再次體現在我們的個人醫療保險優勢計劃 (Medicare Advantage) 業務上，這得益於我們補充福利產品和D部分產品的良好表現。

We continue to remain cautious on the outlook for Part D until we have additional experience given the substantial changes in planned liability in 2025. Across our other lines of business, results were broadly in line with our expectations.

鑑於 2025 年計劃責任的重大變化，我們將繼續對 D 部分的前景保持謹慎，直到我們獲得更多經驗。在我們的其他業務線中，結果基本上符合我們的預期。

There were no changes to the expectations embedded in the PDR we recorded last quarter related to our individual exchange business, although we continue to closely monitor emerging cost trends in this book. Days claims payable at the end of the quarter was approximately 40.9 days, down approximately two days sequentially primarily driven by a higher mix of pharmacy costs, partially offset by the impact of the group MA premium deficiency reserve recorded in the quarter.

我們上季記錄的與個人交易業務相關的個人理賠報告 (PDR) 中嵌入的預期沒有變化，但我們仍在密切關注本報告中出現的成本趨勢。本季末的理賠應付天數約為 40.9 天，環比減少約兩天，主要原因是藥房成本組合增加，但本季度記錄的團體保險商保險保費缺口準備金的影響部分抵消了這一影響。

We remain confident in the adequacy of our reserves. Shifting now to our Health Services segment. During the quarter, we generated revenues of over $46 billion, an increase of over 10% year over year. This increase was primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.

我們仍然對儲備充足性充滿信心。現在轉向我們的健康服務部門。本季度，我們的營收超過460億美元，年增超過10%。這一增長主要得益於藥房藥品組合和品牌價格上漲，但藥房客戶價格的持續下降部分抵消了這一增長。

Adjusted operating income in the quarter of approximately $1.6 billion decreased approximately 18% from the prior year quarter, primarily driven by continued pharmacy client price improvements and the impact of a higher medical benefit ratio within our health care delivery business, partially offset by improved purchasing economics and pharmacy drug mix.

本季度調整後的營業收入約為 16 億美元，較去年同期下降約 18%，主要原因是藥房客戶價格持續改善以及醫療保健服務業務中醫療福利比率提高的影響，但採購經濟狀況和藥房藥品組合改善部分抵消了這一影響。

As we discussed last quarter, results in our Pharmacy Services business can see material fluctuations throughout the year. In 2024, we saw a strong performance in the second quarter following a slow start to the year, which impacts the prior year comparison.

正如我們上季度所討論的，我們的藥房服務業務的業績全年可能會出現重大波動。 2024年，儘管開局緩慢，但第二季業績強勁，這影響了與去年同期的業績對比。

In our health care delivery business, total revenues in the quarter grew approximately 19% compared to the same quarter last year, excluding the impact of our exit from the ACO REACH program and the sale of our MSSP business earlier this year. This increase was primarily driven by patient growth at Oak Street and increased volumes at Signify.

在我們的醫療保健服務業務方面，本季總營收較去年同期成長約19%，不包括我們退出ACO REACH計畫以及今年稍早出售MSSP業務的影響。這一增長主要得益於Oak Street的患者成長和Signify業務量的增加。

During the quarter, we continued to expand the number of patients served at Oak Street and ended the quarter with total at-risk membership up 31% from the same period last year. Results in our health care delivery business were pressured during the quarter, primarily due to a higher medical benefit ratio at Oak Street Health.

本季度，我們繼續擴大橡樹街 (Oak Street) 服務的患者數量，本季末，高風險會員總數較去年同期增加了 31%。本季度，我們的醫療保健服務業務業績承壓，主要原因是橡樹街醫療 (Oak Street Health) 的醫療福利比率較高。

These pressures were partially offset by another quarter of solid performance in Signify, driven by continued strong volumes. Our pharmacy and consumer wellness segment delivered another strong quarter as our focus on operational excellence and technological enhancements continues to enable us to deliver superior experiences for our customers.

這些壓力被 Signify 本季的穩健業績部分抵消，這得益於其持續強勁的銷量。我們的藥品和消費者健康業務本季再次表現強勁，這得益於我們對卓越營運和技術改進的關注，使我們能夠持續為客戶提供卓越的體驗。

During the quarter, we generated revenues of over $33 billion, an increase of over 12% versus the prior year quarter and over 15% on a same-store basis. These increases were primarily driven by pharmacy drug mix and increased prescription and front store volume, including some early impact from the acquisition of a portion of Rite Aid scripts, partially offset by continued pharmacy reimbursement pressure.

本季度，我們的營收超過330億美元，年成長超過12%，同店銷售額成長超過15%。這些成長主要得益於藥局藥品組合以及處方藥和門市銷售量的增加，其中包括收購部分Rite Aid處方藥帶來的一些早期影響，但持續的藥局報銷壓力部分抵消了這些影響。

Retail pharmacy script share in the quarter grew to approximately 27.8%, an increase of approximately 60 basis points from the same period last year. Same-store pharmacy sales in the quarter grew over 18% compared to the prior year and same-store prescription volumes increased over 6%.

本季零售藥局處方藥市佔率成長至約27.8%，較去年同期成長約60個基點。本季同店藥局銷售額年增超過18%，同店處方量成長超過6%。

Same-store front store sales increased over 3% versus the prior year quarter, primarily driven by higher volumes as well as the timing of the Easter holiday, which contributed roughly 1 percentage point. Adjusted operating income increased nearly 8% from the prior year to over $1.3 billion, primarily driven by increased prescription and front store volume, partially offset by continued pharmacy reimbursement pressure.

同店面銷售額較上年同期成長逾3%，主要得益於銷售成長以及復活節假期帶來的利多（約貢獻1個百分點）。調整後營業利潤較上年同期增加近8%，超過13億美元，主要得益於處方藥和門市銷售的成長，但持續的藥局報銷壓力部分抵銷了這一增長。

Turning now to cash flow and the balance sheet. We generated cash flows from operations of approximately $6.5 billion in the first half of the year. We have distributed approximately $1.7 billion in dividends to our shareholders year to date, and we ended the quarter with approximately $2.4 billion of cash at the parent and unrestricted subsidiaries.

現在談談現金流和資產負債表。今年上半年，我們的經營活動產生的現金流約為65億美元。今年迄今，我們已向股東派發了約17億美元的股息，本季末，母公司和非限制性子公司的現金餘額約為24億美元。

While our leverage ratio remains above our long-term targets, it has improved meaningfully since year end 2024, and we remain pleased by our progress. We continue to expect our leverage ratio to return to more normalized levels as we maintain disciplined financial policies and make progress on margin recovery in the Aetna business.

雖然我們的槓桿率仍高於長期目標，但自2024年底以來已顯著改善，我們對目前的進展感到滿意。隨著我們繼續保持嚴謹的財務政策，並在安泰業務利潤率恢復方面取得進展，我們預計槓桿率將恢復到更正常的水平。

CVS Health's strong cash flow generation has been an important strength for the enterprise, which I will look to build upon by seeking opportunities to drive greater efficiency in working capital. As I step into this role, I will ensure that we maintain a disciplined and balanced approach to capital deployment. This is critical as we continue to strengthen our balance sheet and make progress towards our leverage target.

CVS Health 強勁的現金流量產生能力一直是公司的重要優勢，我將在此基礎上進一步拓展，尋找機會提高營運資本效率。在我上任後，我將確保我們保持嚴謹且均衡的資本配置方式。這對於我們持續強化資產負債表並努力實現槓桿率目標至關重要。

Shifting now to our revised outlook for 2025. We are increasing our full year 2025 guidance for adjusted EPS to a range of $6.30 to $6.40. This update incorporates our second quarter performance while maintaining a prudent outlook on medical cost trends and macro factors for the remainder of the year.

現在轉向我們對2025年業績的修訂展望。我們將2025年全年調整後每股盈餘預期上調至6.30美元至6.40美元之間。本次更新涵蓋了我們第二季的業績，同時對今年剩餘時間的醫療成本趨勢和宏觀因素保持審慎的展望。

We now expect full year total revenues of at least $391.5 billion, an increase of approximately $9 billion, driven by increases across all segments. In our Health Care Benefits segment, we now expect full year adjusted operating income of approximately $2.42 billion at the low end of our guidance range.

我們目前預計全年總收入至少為3915億美元，成長約90億美元，這得益於所有部門的成長。在醫療保健福利部門，我們目前預計全年調整後營業收入約為24.2億美元，處於我們預期範圍的低端。

This reflects an increase of approximately $500 million, primarily driven by the final 2024 risk adjustment update for our individual exchange business and the favorable impact of the prior year reserve development that we experienced in the second quarter.

這反映了約 5 億美元的成長，主要原因是我們個人交易所業務的 2024 年最終風險調整更新，以及我們在第二季度經歷的上一年儲備金發展的有利影響。

We now project our full year 2025 medical benefit ratio at the low end of our Health Care Benefits adjusted operating income guidance range to be approximately 91%. This guidance continues to reflect the deliberate actions we took to improve our operations in the Aetna business.

我們目前預計，2025年全年醫療福利比率將達到我們醫療福利調整後營業收入指引區間的低端，約91%。這項指引持續體現了我們為改善安泰業務營運所採取的積極措施。

While medical cost trends remain elevated versus historical periods, in aggregate, they are generally in line to slightly better than our expectations so far this year. Given this elevated trend environment, we are maintaining a prudent view on medical cost trends through the remainder of the year.

雖然醫療成本趨勢與歷史時期相比仍然偏高，但總體而言，今年迄今的趨勢總體上略好於我們的預期。鑑於這種趨勢偏高的環境，我們對今年剩餘時間的醫療成本趨勢保持審慎的看法。

The high end of our health care benefits guidance reflects a 50 basis point improvement in medical cost trend over the remainder of the year, which is worth approximately $0.10 in enterprise adjusted EPS. Our medical membership guidance remains unchanged.

我們醫療保健福利指引的上限反映了今年剩餘時間內醫療成本趨勢改善50個基點，這相當於企業調整後每股收益約0.10美元。我們的醫療會員指引保持不變。

In our Health Services segment, we now expect full year adjusted operating income of at least $7.34 billion, a decrease of approximately $200 million from our prior guidance. This update is entirely driven by our health care delivery business as a result of a higher medical benefit ratio at Oak Street.

在醫療服務部門，我們目前預計全年調整後營業收入至少為73.4億美元，較先前的預期減少約2億美元。此次調整完全由醫療服務配送業務推動，原因是Oak Street的醫療福利比率有所提高。

Our clients continue to see the tremendous value proposition of our pharmacy services businesses, including Caremark. The outlook for our Pharmacy Services business within our Health Services segment remains unchanged.

我們的客戶持續見證我們藥局服務業務（包括Caremark）的巨大價值。我們健康服務板塊下藥局服務業務的前景保持不變。

Finally, in our pharmacy and consumer wellness segment, we now expect full year adjusted operating income of at least $5.68 billion, an increase of approximately $200 million from our prior guidance. This increase reflects our strong first half performance while continuing to maintain our prudent outlook for potential changes in vaccine market demand and the consumer environment.

最後，在醫藥和消費者健康部門，我們目前預計全年調整後營業收入至少為56.8億美元，較先前的預期增加約2億美元。這一成長反映了我們上半年強勁的業績，同時也反映了我們對疫苗市場需求和消費環境潛在變化的審慎預期。

We are pleased with our transition to CVS CostVantage, which continues to track in line with our expectations. Altogether, we now expect full year enterprise adjusted operating income to be in a range of $13.77 billion to $13.94 billion.

我們對向CVS CostVantage的轉型感到滿意，其業績持續符合我們的預期。整體而言，我們目前預計全年企業調整後營業利潤將介於137.7億美元至139.4億美元之間。

We're also revising our expectations for full year cash flow from operations to at least $7.5 billion. You can find additional details on the components of our 2025 guidance on our Investor Relations website.

我們還將全年營運現金流預期調整至至少 75 億美元。您可以在我們的投資者關係網站上找到有關 2025 年指引各組成部分的更多詳細資訊。

Overall, we are encouraged by our performance, for another consecutive quarter, we're delivering on our commitments and continue to demonstrate clear progress on our path to achieving the embedded earnings power of CVS Health.

總體而言，我們對我們的表現感到鼓舞，連續一個季度，我們正在履行我們的承諾，並在實現 CVS Health 內在盈利能力的道路上繼續取得明顯進展。

I'm confident we will continue building on our momentum as we will aspire to become America's most trusted health care company while simultaneously generating value for you, our shareholders.

我相信，我們將繼續保持這一勢頭，立志成為美國最值得信賴的醫療保健公司，同時為你們，我們的股東創造價值。

With that, we will now open the call to your questions. Operator?

現在，我們將開始回答您的問題。接線生？

(Operator Instructions) Lisa Gill, JPMorgan.

（操作員指示） 摩根大通的麗莎吉爾 (Lisa Gill)。

Congratulations on the results. And welcome, Brian. I look forward to meeting you. Obviously, Q2 strong performance and HCB up 40%, $600 million beat on the core side by our numbers.

恭喜你所取得的成績！歡迎你，Brian。期待與你見面。顯然，第二季業績強勁，HCB 成長了 40%，核心業務超出預期 6 億美元。

Underlying assumptions and visibility, when we think about how that looks post the quarter and the guidance that you've given, there's a lot of moving parts here. Can you maybe just talk about the level of visibility you have with some of the underlying assumptions are, your level of conviction moving into the back half of the year?

關於基本假設和可預見性，當我們思考本季之後的前景以及您給出的指引時，會發現有很多不確定因素。您能否談談您對一些基本假設的可預見性，以及您對下半年業績的信心程度？

Yes. Thanks, Lisa, and appreciate the question. Before I turn it over to Brian, let me just make a couple of high-level comments about the Aetna business. One is, we know this has been one of the top priorities of the enterprise. It's been an enterprise focus on the multiyear recovery.

是的。謝謝麗莎，我很感謝你的提問。在把時間交給布萊恩之前，我想先就安泰的業務發表幾點高水準的評論。首先，我們知道這一直是安泰的首要任務之一。多年來，安泰的復甦一直是企業關注的重點。

And I'm really pleased with the progress to date, and we'll share some color on the back half of the year as well. One of the things I think is equally as important is the innovation that Aetna is driving. So while they're focusing on the recovery, they're equally focused on driving innovation, simplifying health care.

我對迄今為止的進展非常滿意，我們也會分享一些關於下半年的展望。我認為同樣重要的一點是安泰正在推動的創新。因此，他們在專注於復甦的同時，也同樣致力於推動創新，簡化醫療保健。

You've seen this in the work we've done with the prior authorizations with a bundled PA process as well as the new care path and technology that we're rolling out. So I'm really bullish on the progress that Aetna is making.

您在我們開展的捆綁式PA流程的預先授權工作以及我們正在推出的新護理路徑和技術中都看到了這一點。因此，我對安泰的進展非常樂觀。

And so I'll turn it over to Brian to give some of the financial details, then I'm going to have Steve provide some color more broadly on the Aetna business. Brian?

因此，我將把時間交給 Brian 來提供一些財務細節，然後我會讓 Steve 更廣泛地介紹 Aetna 的業務。 Brian？

Thanks, David. Lisa, thanks for the question. In terms of HCB, it was the second consecutive quarter of strong results. We saw our earnings grow by $370 million year over year. So a good quarter. As David mentioned, encouraged by the performance across our HCB businesses.

謝謝，David。 Lisa，謝謝你的提問。就HCB業務而言，這是連續第二季業績強勁。我們的獲利年增了3.7億美元。所以這是一個不錯的季度。正如David所提到的，我們HCB業務的業績表現令人鼓舞。

The notable exception, Lisa, is our Group Medicare Advantage business, which continued to be pressured. The medical cost trends, I would say, across all lines of business remained elevated, but they were modestly favorable in aggregate, there was some impact in the quarter, though from one-timers that I'd call out for you.

麗莎，值得注意的例外是我們的團體醫療保險優勢業務，該業務繼續面臨壓力。我想說，所有業務線的醫療成本趨勢仍然居高不下，但總體而言略有改善。本季確實受到了一些影響，不過我得提醒你注意一些一次性事件。

One, there was a favorable risk adjustment of about $300 million related to 2024 plan year. Additionally, we had some favorable net PYD, those two were largely offset or largely offset the impact of our group MA PDR, which came in at $470 million.

首先，與2024計畫年度相關的有利風險調整約為3億美元。此外，我們的淨PYD也有一些有利的因素，這兩項因素在很大程度上抵消了我們集團MA PDR的影響，後者為4.7億美元。

And if you strip out those underlying items, the HCB business beat by about $0.5 billion in the quarter, which is a strong performance. The beat itself was primarily driven by Medicare, particularly from individual Medicare and the two components were Part D and supplementals.

如果剔除這些基礎項目，HCB 業務本季的營收超出預期約 5 億美元，表現強勁。超出預期主要得益於 Medicare，尤其是個人 Medicare，其兩個組成部分分別是 D 部分和補充保險。

And then I would just remind you as we're thinking about the back end of the year, Part D continues to track modestly ahead of expectations but we're maintaining a cautious outlook until we have more experience given the changes in the planned liability from the IRA. So Steve, maybe I'll turn it over to you for some more color.

然後，我想提醒您，考慮到我們今年年底的業績，D 部分的表現繼續略高於預期，但考慮到 IRA 計劃負債的變化，我們仍將保持謹慎的態度，直到我們獲得更多經驗。所以，史蒂夫，也許我可以把時間交給你，讓你更詳細地了解。

Sure. Thanks, Brian. And Lisa, thanks for your question. So I'll provide maybe a few high-level comments about Aetna overall and then get into some specifics relative to the line of business, each line of business.

當然。謝謝，布萊恩。麗莎，謝謝你的提問。所以我會先大概介紹一下安泰的整體狀況，然後再具體談談各個業務線的具體情況。

Look, our priorities as Brian stated David said in his prepared remarks, remain absolutely unchanged. We're focused on returning Aetna to its target margins and frankly, a leadership position in the industry, really encouraged by the strong progress in the quarter and the first half of the year in totality.

正如布萊恩和大衛在準備好的演講稿中所說，我們的優先事項絕對沒有改變。我們專注於讓安泰恢復其目標利潤率，坦白說，恢復其行業領先地位，這在很大程度上受到了本季度以及整個上半年強勁增長的鼓舞。

And while it's early, it's a multiyear journey here and all respect to the environment that we're in, very, very encouraged how the quarter is playing out. There's many drivers of that progress, and maybe I'll highlight just a few.

雖然現在還為時過早，但這是一個需要多年的歷程。考慮到我們所處的環境，我們對本季的進展感到非常非常鼓舞。推動這項進步的因素有很多，我只想強調其中幾個。

One is the Medicare business, which I'll come back to, as Brian mentioned. But also, we've significantly strengthened our operations and our fundamental capabilities, which allows us to have better insight into our trends and then actually be able to take action against those trends. So very happy with how we've improved the operations and just our fundamental capabilities.

一是醫療保險業務，正如布萊恩所提到的，我稍後會談到。此外，我們還顯著增強了營運和基礎能力，這使我們能夠更好地洞察趨勢，並真正採取行動來應對這些趨勢。因此，我們對營運和基礎能力的提升感到非常高興。

And then we have increased management rigor overall. We remain incredibly disciplined, whether it comes to pricing or just how we think about the business overall relative to our clear priority, and we've developed a culture of relentless execution and focus. And so that's all playing out nicely and really encouraged by those results.

此外，我們整體上提高了管理的嚴謹性。我們始終保持著高度的自律，無論是在定價方面，還是在我們如何根據明確的優先事項思考整體業務方面，我們都已經形成了堅持不懈執行和專注的文化。所以，這一切都進展順利，這些業績也讓我們備受鼓舞。

I also -- yes, I'm very proud of the management team and our colleagues. We've added -- we've strengthened our management team, and I really appreciate how the leadership and our colleagues have come together and just really pouring everything to have into serving our members, partnering with the providers in increasingly innovative and distinctive ways as David mentioned.

是的，我為管理團隊和同事們感到非常自豪。我們加強了管理團隊，我非常感謝領導階層和同事們齊心協力，傾盡全力為會員提供服務，並以日益創新和獨特的方式與供應商合作，正如David所提到的那樣。

Relative to Medicare, specifically, there's several key points I'd like to make that have contributed to the progress of that business and the year-to-year improvement. One is we have really strong stars for payment year 2025. And that's a result of returning to a leadership position in Stars as our enterprise is focused on Stars and brought the unique and diverse set of capabilities to impact Stars.

具體來說，關於醫療保險，我想指出幾個關鍵點，這些點促進了該業務的進展和逐年改善。首先，我們在2025年支付年度擁有非常強勁的明星客戶。這得歸功於我們重回明星客戶領域的領導地位，因為我們的企業專注於明星客戶，並帶來了獨特而多樣化的能力來影響明星客戶。

And so that has contributed nicely to the year-over-year improvement and progress. Also, the moves that we made, not only in the bids, but during AEP to rationalize the products and geographies. So we had an optimal mix of membership and that is playing out again nicely as we think about the moves we made during AEP.

這對逐年改進和進步做出了很大的貢獻。此外，我們不僅在投標方面採取了舉措，在AEP期間也採取了舉措，以合理化產品和地理佈局。因此，我們擁有最佳的會員組合，回想我們在AEP期間採取的舉措，這一點再次得到了很好的體現。

And then lastly, we've -- I'm really pleased with the execution and the insights around trend, understanding it and then mitigating it, honestly, to the extent that we can where we have opportunities to do that. So -- and PDP product, as Brian mentioned, is performing well as in addition to that.

最後，我對我們的執行情況以及對趨勢的洞察感到非常滿意，我們理解了趨勢，並在有機會的情況下盡力緩解了它。此外，正如 Brian 所提到的，PDP 產品的表現也很好。

So individual Medicare business has shown a lot of progress and very encouraged by that. The group business, as Brian mentioned, we did -- we have seen pressure there. But as we approach 2026, the good news is half that business is up for renewal, and we're taking a very disciplined approach to renewing that business, and we're getting some traction there.

因此，個人健保業務取得了長足進步，這讓我們備受鼓舞。正如布萊恩所提到的，團體健保業務也面臨壓力。但隨著2026年的臨近，好消息是，一半的業務即將續保，我們正在採取非常嚴謹的策略來續保，並且取得了一些進展。

And really, I see the entire Medicare business coming together and continuing the momentum through the back half of the year. And into 2026, as we think about returning that business to target margin. In terms of Medicaid, that business is also in line with our expectations despite the higher trend we see, it is in line with our expectations.

我確實看到整個醫療保險業務正在逐步恢復，並將在今年下半年延續這一勢頭。到2026年，我們計劃讓該業務恢復到目標利潤率。就醫療補助（Medicaid）而言，儘管我們看到了更高的成長趨勢，但該業務也符合我們的預期。

And -- and then frankly, the execution around our rate advocacy has been really strong. We've seen good engagement with our state partners. And that's, again, tracking to our expectations, including the higher acuity that we've seen. IFP, we've talked about, took a PDR earlier in the year, elevated trends, but that's incorporated in our outlook, but I just want to give you a quick update on the exit.

坦白說，我們在利率倡議方面的執行力非常強勁。我們與各州的合作夥伴也保持了良好的互動。這再次符合我們的預期，包括我們看到的更高的敏銳度。我們之前提到的IFP在今年稍早進行了PDR，提升了趨勢，但這已經納入了我們的展望中。我只想快速更新一下退出情況。

So as we wind down that business, that's going really well. We've had very positive conversations with our states. We've notified all our members. We continue to provide coverage for them, and we'll focus on that. But we're exiting that business, and that wind down is going really well.

所以，當我們逐步結束這項業務時，進展非常順利。我們與各州進行了非常積極的溝通。我們已經通知了所有會員。我們將繼續為他們提供保障，並將專注於此。但我們即將退出這項業務，逐步結束的進程非常順利。

And last, I'll just finish by saying our commercial business is strong. We've seen some really nice wins in our self-insured across public and labor, national accounts and our Meritain business. Fully insured we do see elevated trends. We saw that early.

最後，我想說的是，我們的商業業務表現強勁。我們在公共和勞工自保、國民帳戶以及Meritain業務方面都取得了一些非常不錯的成績。在全保業務方面，我們確實看到了成長趨勢。我們很早就看到了這一點。

We took a disciplined pricing approach to that in 2025, which has pressured membership, but we're going to stay disciplined in our pricing approach to fully insured. But overall, commercial business is strong and it is a platform for innovation. And that's resonating really well with our very sophisticated and demanding clients.

我們在2025年採取了嚴格的定價策略，這給會員帶來了壓力，但我們將繼續嚴格執行全額投保的定價策略。整體而言，商業保險業務表現強勁，是創新平台。這與我們非常成熟且要求嚴格的客戶產生了強烈的共鳴。

So really, really pleased with that. So overall, it's early later specs for the environment that we're in, but very encouraged about the progress, not just for the quarter, but the foundation that we're laying as we think about the back half of '25 and also heading into '26 and beyond.

所以真的非常非常高興。總的來說，就我們所處的環境而言，這只是早期的後期規格，但我對進展感到非常鼓舞，不僅是本季度，還有我們在考慮2025年下半年以及2026年及以後時奠定的基礎。

Justin Lake, Wolfe Research.

賈斯汀·萊克，沃爾夫研究公司。

Wanted to get your early view on 2026 headwinds and tailwinds. Specifically, your thoughts on expectations for continued improvement in MA margins post you're putting in your 2026 bids, your thoughts on the sustainability of outperformance and share gains in the pharmacy business versus your long-term expectation of mid-single-digit OI declines.

想了解您對2026年逆風和順風的初步看法。具體來說，您對提交2026年投標後併購利潤率持續改善的預期有何看法？您對藥局業務的優異表現和市佔率成長的可持續性有何看法？您對長期持股比例將下降5%左右的預期又如何？

And then lastly, potential for improvement in the value-based care business versus current losses.

最後，與當前的損失相比，基於價值的護理業務有改善的潛力。

Yes. Justin, thanks for the question. I think we're early yet in terms of forecasting or giving guidance on '26. So at this time, I think there's obviously strength in '25. We feel good about the progress that we're making and the plan is to -- by end of year, give you more perspectives and insights in terms of how we're looking at '26.

是的。賈斯汀，謝謝你的提問。我認為我們現在對2026年的預測或指引還為時過早。所以目前來看，我認為2025年顯然表現強勁。我們對目前的進展感到滿意，計劃是——到年底，就我們如何看待2026年，向大家提供更多觀點和見解。

Stephen Baxter, Wells Fargo.

富國銀行的史蒂芬‧巴克斯特。

Just wanted to check in on the group MA margins. I was wondering where this PDR places margins for the business in 2025. And then appreciating the commentary on repricing.

只是想了解集團合併後利潤率。我想知道這份PDR對2025年業務利潤率的預期是多少。另外，感謝您對重新定價的評論。

Just can you remind us when you're repricing Group MA, are you expecting to get all the way back to target margins for that 50% cohort in a single cycle? Or does it take longer than that given the magnitude of dislocation?

您能否提醒我們，當您重新定價 Group MA 時，您是否預計在一個週期內就能讓那 50% 的利潤率完全回到目標水平？還是說，考慮到市場混亂的程度，這需要更長的時間？

So Steve, I'll let you take that.

所以史蒂夫，我讓你接受這個。

Okay. Stephen. Steve Nelson, I think that specifically in regard to your question around group MA and the renewal process and how that plays out. There -- these contracts are typically three- to five-year contracts.

好的。史蒂芬。史蒂夫·尼爾森，我想具體回答你關於MA集團以及續約流程的問題。這些合約通常是三到五年的合約。

And so we are taking a very disciplined approach to renewing the business also as we consider new business, and we are contemplating the elevated trends as we go through that process with them. So it typically, as with any of these businesses, you -- the absolute objective is to write the business, so it achieves target margin.

因此，我們在考慮新業務的同時，也採取了非常嚴謹的方法來更新業務，並在推進過程中不斷考慮各種趨勢。所以，通常情況下，就像任何這類業務一樣，你的絕對目標是拓展業務，從而實現目標利潤率。

But sometimes it takes more than one cycle to get there. So that's how we think about it. And actually, very optimistic, I would say, about that business. It plays an important role in our enterprise, the commercial business synergy across -- with our Caremark business.

但有時需要不只一個週期才能實現。我們就是這樣想的。實際上，我對這項業務非常樂觀。它在我們的企業中扮演著重要的角色，與我們的Caremark業務形成商業協同效應。

So it's an important piece of business and we take it serious, and it serves these really important clients in an important unique way. So but it needs to perform at target margins. So we certainly take that into account as we think about it.

所以，這是一項重要的業務，我們非常重視，它以一種獨特的方式服務這些非常重要的客戶。但它需要達到目標利潤率。所以我們在考慮這個問題時，肯定會考慮到這一點。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Can you hear me now? I apologize. New to the format here. And Brian, welcome to the call. Well, my question was about the outlook for -- good to have you. My outlook was about the pharmacy segment outlook for the back half of the year.

你現在能聽見我說話嗎？抱歉。我不太熟悉這種形式。布萊恩，歡迎你來參加電話會議。我的問題是關於下半年醫藥行業的前景——很高興你來。我的展望是關於下半年醫藥產業的前景。

Maybe could you break out if there's any changes in the vaccine outlook, talk about the impact of reimbursement stabilization and maybe the impact of the Rite Aid file buys? And are there any other moving pieces we should consider? And should we think about this performance is sustainable?

能否談談疫苗前景是否會改變？能否談談報銷穩定的影響，以及 Rite Aid 檔案購買的影響？還有其他需要考慮的因素嗎？我們是否應該認為這種表現是可持續的？

So from a guide perspective, Prem, do you want to talk about business and then I'll talk about the numbers?

那麼，從指導的角度來看，Prem，你想先談談業務，然後我再談數字嗎？

Yes, sure. So thanks for the question. So first off, really strong performance in our PCW business, and we continue to be focused on the strategy we laid out at Investor Day a few years ago.

是的，當然。謝謝你的提問。首先，我們的PCW業務表現非常強勁，我們將繼續專注於幾年前在投資者日制定的策略。

And so if you think about what we've done, we focused on strong service levels in our business, and we continue to be America's leading pharmacy and community destination for pharmacy because of that strong execution and the consumer trust, we've been able to gain with our 200,000-plus colleagues that we have.

因此，如果你想想我們所做的事情，我們專注於我們業務的強大服務水平，並且我們繼續成為美國領先的藥房和社區藥房目的地，因為強大的執行力和消費者的信任，我們已經能夠與我們的 200,000 多名同事一起獲得這些。

Our results reflect our strength. If you think about our top line growth of 12.5%, and AOI increase of about 7.6% in the quarter. It's reflective of where we've been focused. On the pharmacy side of that business, we saw strong script comp growth around 6.5% and that's primarily driven by a few factors.

我們的業績反映了我們的實力。想想我們本季12.5%的營收成長，以及約7.6%的AOI成長。這反映了我們一直以來的重點。在藥局業務方面，我們的處方藥銷售額強勁成長，約6.5%，主要得益於幾個因素。

One is the innovation and our continued strong service levels, but also from the market disruption we've seen from other pharmacies closing. And lastly, a CVS CostVantage, we're proud to say, as we've said on prior calls, that we've delivered it into the commercial marketplace.

一方面是創新和我們持續強勁的服務水平，另一方面也源自於其他藥局倒閉帶來的市場衝擊。最後，我們很自豪地說，正如我們在先前的電話會議上所說，我們已經將 CVS CostVantage 推向了商業市場。

All of our contracts are on CostVantage and they're performing in line with our expectations. And then as we've said before, as you've seen in this quarter in front store, we continue to improve as we grow our customer base for market disruption as well as our retail share gain.

我們所有的合約都在 CostVantage 上，而且它們的表現符合我們的預期。正如我們之前所說，正如您在本季在門市看到的那樣，隨著客戶群的成長，市場顛覆性變化以及零售份額的提升，我們的業績持續改善。

So this is all really part of our long-term strategy. But lastly, all of this is powered by our technology advancements and our strong operating model, we have underlying this business to really focus on consumers and driving their needs in the 9,000-plus local community destinations we have.

所以這其實是我們長期策略的一部分。但最終，這一切都歸功於我們先進的技術以及強大的營運模式，我們致力於真正專注於消費者，並滿足他們在我們9,000多個本地社區目的地的需求。

So maybe I'll just comment on the guide as a follow-up to Prem's comments. As you mentioned, the strong volumes impressive with the strong script growth, 6.5% represent and the strong front store sales of 3.5%, albeit some of the front store sales as we look at the modeling, 1% of that was due to the Easter holiday.

所以，或許我只是想對這份指南做一些評論，作為對Prem評論的後續。正如您所提到的，強勁的銷量令人印象深刻，劇本增長強勁，達到了6.5%，門市銷售額也強勁增長了3.5%。儘管根據我們的模型，其中1%的銷售額來自復活節假期。

But net-net, very encouraged to see it flowing through. We started the year with a guide of down 5%. We're now at about down 1.6%, keep in mind that the business has been pressured for some time, well over a decade if you pull out the COVID.

但整體而言，看到業績順利成長，我感到非常鼓舞。年初我們給的指導降幅是5%。現在降幅約1.6%。要知道，我們的業務已經承受了一段時間的壓力，如果撇開新冠疫情不談，壓力已經超過十年了。

So I would say, from a guide perspective, taking a cautious stance on the consumer dynamics and spending piece, and then we'll continue to watch immunizations as they remain dynamic and think about the potential for lower market demand in that business.

因此，我想說，從指導角度來看，對消費者動態和支出部分採取謹慎的態度，然後我們將繼續關注免疫接種，因為它們仍然保持動態，並考慮該業務中市場需求下降的可能性。

And maybe just one addition over the top here. This has been a multiyear effort. So the results is not by accident. We've focused, as Prem said, on building out the technology to make the pharmacies more efficient and work better for our colleagues and work better for the members that we're serving.

這裡可能還有一點要補充。這是多年的努力成果，所以所取得的成果並非偶然。正如普雷姆所說，我們專注於技術升級，以提高藥房的效率，並更好地服務我們的同事，並更好地服務我們服務的會員。

So I couldn't be happier with the innovation and the progress that we're making and feel really excited about welcoming the new Rite Aid customers that -- in the back half of the year.

因此，我對我們正在取得的創新和進步感到非常高興，並且非常高興地歡迎今年下半年新的 Rite Aid 客戶。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Maybe following up on that a little bit. As we think about what you said in terms of moving CostVantage into the government business next year and maybe there's potentially some 340B impact. How do I think about the reimbursement landscape like as it stands now for 2026?

也許可以稍微跟進一下。我們考慮您提到的明年將 CostVantage 轉移到政府業務，這可能會對 3400 億美元產生影響。我如何看待目前 2026 年的報銷情況？

Do you think you can as generally flat reimbursement, like all else equal or other puts or takes to think about as we're at this point, which obviously is still on the early side?

您是否認為您可以像其他所有條件相同或考慮其他投入或支出一樣，以一般固定的報銷金額來償還債務，因為我們目前顯然還處於早期階段？

Prem?

普雷姆？

Yes. Thanks, Elizabeth, for the question. And just a little bit background on CVS CostVantage just to remind folks again, we started this process to really solve a few things.

是的。伊麗莎白，謝謝你的提問。我簡單介紹CVS CostVantage的背景，再次提醒大家，我們啟動這個過程是為了真正解決一些問題。

One is we wanted to get a sustainable durable pharmacy model that shifted reimbursement to align more closely with the underlying cost of the business and the underlying cost of the drug. And one of the challenges this industry has faced over the last decade is the cross subsidization that existed across scripts.

一是我們希望建立一種可持續的藥房模式，使報銷與業務基本成本和藥品基本成本更加緊密地掛鉤。過去十年來，該產業面臨的挑戰之一就是處方間存在的交叉補貼。

So what CostVantage does is it brings a more stable environment, gives more predictability to payers, allows them to get greater transparency and provide that value to them sooner and a much more transparent way. And so to answer your question, where are you today in 2025, as we said, it was a transition year.

CostVantage 的作用是創造一個更穩定的環境，為付款人提供更高的可預測性，提高透明度，並以更快、更透明的方式為他們提供價值。所以，回答你的問題，2025 年你們處於什麼位置？正如我們所說，這是一個過渡年。

We were deliberate. We worked very closely with all the payers to transition the commercial business on to our cost management program. As you look out to next year, we'll continue to focus on our government programs and to move them as well into these cost base models as we go forward.

我們經過深思熟慮。我們與所有付款人密切合作，將商業業務過渡到我們的成本管理專案。展望明年，我們將繼續專注於政府項目，並在未來將其納入這些成本基礎模型。

We feel good about where we are as it relates to that transition. And as we said prior, over time, we expect that the reimbursement erosion, which was one of the primary headwinds that we faced in the retail pharmacy business will equal the cost of goods improvement to drive a more sustainable and durable marketplace.

我們對目前與轉型相關的進展感到滿意。正如我們之前所說，隨著時間的推移，我們預期報銷額度的下降（這是我們在零售藥局業務中面臨的主要阻力之一）將與商品成本的改善相等，從而推動市場更加可持續、更加持久。

So we continue to make progress against that over midyear, we do these contract negotiations throughout the year, preparers and we'll update you at a later time, but we feel good about where we are with CostVantage. And we feel good about the value that we're delivering to the payers across the country to create a more predictable model that can lower costs for them and their clients.

因此，我們在年中繼續推進這一進程，全年都在進行合約談判，我們會在稍後更新。我們對 CostVantage 的現狀感到滿意。我們也對我們為全國付款人創造的價值感到滿意，我們創建了一個更可預測的模型，可以降低他們及其客戶的成本。

Yes. And Elizabeth, maybe just one other thing in terms of the innovation that we're driving around the pricing model. So this is not just being executed and delivered in the retail setting.

是的。伊莉莎白，關於我們正在推動的定價模式創新，還有一件事。所以這不僅僅是在零售環境中執行和交付。

The PBM Caremark is also driving new price models to remove a cross subsidies and some of what I think is the inefficiencies and the pricing of the products today. So I think if you have parallel paths and the market begins to move, we'll begin to see a more rational pricing structure across the market.

PBM Caremark 也在推動新的價格模式，以消除交叉補貼以及我認為目前產品定價效率低下的問題。所以我認為，如果採用平行路徑，市場開始調整，我們將看到整個市場形成更合理的定價結構。

Andrew Mok, Barclays.

巴克萊銀行的 Andrew Mok。

Can you help reconcile your favorable Medicare results in the HCB segment with the unfavorable results you're seeing at Oak Street. Is the pressure coming more from internal or external MA members? And are there any benefits or cost categories you would call out as driving the elevated pressure in Oak Street?

您能否解釋一下，你們在HCB部門的Medicare業績表現良好，而Oak Street的表現卻不佳。壓力主要來自內部還是外部的MA成員？您認為哪些福利或成本類別導致了Oak Street的壓力增加？

Yes. Thanks, Andrew. I think the first point is that there are different books. So the acuity and/or the mix of members are very different across that and has a larger book versus the concentrated more higher-risk population inside of Oak Street. So let me maybe let Brian speak a little bit to the nuances between the two. And if I could have Prem speak more broadly to the Oak Street.

是的。謝謝，安德魯。我認為首先，不同的機構有不同的情況。因此，不同機構的敏銳度和/或成員組成差異很大，而且機構規模更大，而橡樹街內部的高風險人群更集中。所以，我想讓布萊恩稍微談談兩者之間的細微差別。如果可以的話，請普雷姆更詳細地談談橡樹街的情況。

Yes. Thanks, David. The elevated -- we're seeing elevated trends across M&A broadly. And I don't think there's a direct comparison between Aetna and the Oak Street book for a few reasons. One, as David started to mention, there's different populations that is large, more diverse from a member base, Oak Street is smaller, SKUs higher acuity.

是的。謝謝，David。我們看到併購交易的趨勢普遍呈現上升趨勢。我認為Aetna和Oak Street的帳簿沒有直接可比性，原因有幾個。首先，正如David一開始提到的，Aetna的規模更大，會員基礎更加多元化，而Oak Street的規模更小，SKU的敏銳度更高。

We also need to remember that Aetna members, they represent an increasing, but still a minority of total patients at Oak. And so not all health plans have pulled back on benefits in '25 to the same extent that Steve and the Aetna team have done.

我們還需要記住，安泰的會員人數雖然不斷增加，但在Oak的病人總數中仍然只是少數。因此，並非所有健康計劃都在2025年像史蒂夫和安泰團隊那樣大幅削減了福利。

So as David mentioned, value-based care it remains a critical component to our strategy, providing better experiences, better outcomes, lower cost. And I think, Prem, you can talk to Oak Street's care model being best-in-class.

正如David所提到的，基於價值的照護仍然是我們策略的重要組成部分，它能夠提供更好的體驗、更好的結果和更低的成本。 Prem，我認為Oak Street的照護模式堪稱一流。

Yes, absolutely. So as Brian and David said, we saw some pressure inside of our health care delivery business. That was driven by, what I would say, an Oak Street persistent elevated medical cost, the member mix that we had and then the more robust benefit or supplemental benefit offerings that plans provided to their members.

是的，絕對是如此。正如Brian和David所說，我們的醫療服務業務確實面臨一些壓力。我認為這是由於Oak Street醫療成本持續上漲、我們的會員結構以及計劃為會員提供的更豐厚的福利或補充福利所致。

And this is partially offset by strong performance as signify driven by in-home assessment volumes. If you look at Oak Street specifically, we're focused on addressing the market dynamics while strengthening the business and improving the financial performance over the short and long term.

這部分抵銷了上門評估量帶來的強勁表現。具體到Oak Street，我們專注於應對市場動態，同時強化業務，並改善短期和長期的財務表現。

And what I'd say is there's four areas that we're really focused on. One is we've put in place a strong leadership team with new leaders that have deep rooted experience in value-based care and population health management.

我想說的是，我們真正關注的是四個領域。首先，我們組建了一支強大的領導團隊，新任領導者在基於價值的醫療和人口健康管理方面擁有豐富的經驗。

Two, we continue to look at the technology stack and the operations to provide the leading political solution from a technology perspective for our business and we focused -- that has to drive to better medical cost management. Oak Street was one of the best large-scale clinical programs out there for value-based care.

第二，我們持續專注於技術堆疊和運營，以便從技術角度為我們的業務提供領先的政策解決方案，並且我們專注於——這必須推動更好的醫療成本管理。橡樹街（Oak Street）是目前最好的基於價值的醫療大型臨床項目之一。

We continue to look at how we're going to leverage our tech stack to drive that even further. And then lastly, we're going to take a thoughtful approach to center expansion while prioritizing patient growth inside of those centers.

我們將繼續研究如何利用我們的技術堆疊來進一步推動這一目標。最後，我們將採取深思熟慮的方法來擴展中心，同時優先考慮中心內患者的成長。

And so from my perspective, we remain committed to value-based care. It's an important part of our health care system. And we've been really intentional in our strategy to focus on assets with a proven track record like Oak Street delivering improved quality and experience while managing costs.

因此，從我的角度來看，我們仍然致力於基於價值的醫療服務。這是我們醫療保健體系的重要組成部分。我們的策略始終致力於專注於像Oak Street這樣擁有良好業績記錄的資產，在控製成本的同時提供更優質的服務和體驗。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

I'll stick with Health Services. And Brian, a similar visibility question as you addressed on HCB earlier. It's proven harder to draw a line in the sand on delivery HBR. Can you speak to visibility at this point of the year?

我還是會繼續關注醫療服務。 Brian，你之前在《哈佛商業評論》上也提到類似的可見性問題。事實證明，在交付方面劃清界線更加困難。你能談談今年這個時候的可見度嗎？

And maybe how much of the $200 million headwind was first half versus expectation for any improvement in the second half? And then for the team, I know there's no change in pharmacy services, but could you speak to the customer price improvements? And are you seeing more cost to retain this high 90s retention level?

上半年2億美元的逆境與下半年預期的改善相比，佔比是多少？然後，就團隊而言，我知道藥房服務沒有變化，但您能談談客戶價格的改善嗎？為了維持90%以上的高留存率，您是否認為成本會增加？

Sure, Eric. Thanks very much for the question. As I mentioned in the prepared remarks, we are seeing pressure in HCD specifically Oak, and I think it's driven by the higher medical benefit ratio and that's attributed to elevated medical cost, member mix, more robust benefit offerings.

當然，Eric。非常感謝你的提問。正如我在準備好的演講中提到的，我們看到HCD，特別是Oak，面臨壓力。我認為這是由更高的醫療福利比率造成的，而這又歸因於醫療成本的上升、會員結構的變化以及更豐富的福利產品。

As we think about -- and some of that was offset by the solid performance of Signify, as Prem had mentioned a few minutes ago, but as we think about the guidance reduction in this segment, it's all coming out of HCD. And as we think about the revised expectations for the second half of the year, we think we've captured a trend.

正如Prem幾分鐘前所提到的，我們認為其中一部分影響被Signify的穩健表現所抵銷。但考慮到該部門的業績指引下調，這全都源自於HCD。考慮到下半年的預期修正，我們認為我們已經抓住了一個趨勢。

And as I sit here today, I would say HSS earnings distribution as you look at the back half versus the front half. 2H is roughly evenly split between the two quarters from a cadence perspective, probably with a slight tilt towards 4Q from a profit perspective. Prem, did you want to?

今天我坐在這裡，想談談HSS的獲利分佈，可以看看後半年和前半年的對比。從節奏來看，下半年和前半年的獲利大致平均分配在兩個季度，從利潤角度來看，可能略微偏向第四季。 Prem，你想這樣做嗎？

Yes. So maybe, Prem, if you can speak a little bit to the selling season and how the PBM is performing?

是的。那麼，Prem，您能否談談銷售旺季以及PBM的表現如何？

Yes. Thanks, Eric, for the question. So we're really pleased with the strong start to the 2026 PBM selling season. Caremark continues to be well positioned as the leader in the PBM in the marketplace.

是的。謝謝Eric的提問。我們對2026年PBM銷售季的強勁開局感到非常高興。 Caremark將繼續保持在PBM市場中的領先地位。

And what I'd say is we're continuing to be focused on driving our -- what our clients value the most, which is making prescriptions and pharmacy cost more affordable and lowering the cost by increasing competition. And on the retention side, we're on track with where we normally are, with our historical upper 90% retention rate.

我想說的是，我們將繼續專注於推動客戶最重視的方面，即降低處方藥和藥品的價格，並透過提升競爭來降低成本。在客戶留存率方面，我們目前保持正常水平，歷史留存率最高達到了90%。

And the PBM industry has always been competitive. We remain to have the same discipline we've always had in our pricing and in the marketplace. But what I'd say is, as we talk to our customers and as we're out in the marketplace, what's really resonating is our approach, our transparency and in the way in which we are continuing to create the competition.

PBM 行業競爭一直很激烈。我們在定價和行銷方面始終秉持著一貫的紀律。但我想說的是，當我們與客戶溝通，並走在市場中時，真正引起共鳴的是我們的方法、我們的透明度，以及我們持續創造競爭的方式。

And some of those great examples are over the course the last couple of years with, for example, we led the way in Cordavis in the biosimilar marketplace. And we're leading the way this year on 71 with the competition we've increased in the indication of weight loss on GLP-1.

在過去幾年中，我們取得了一些很好的例子，例如，我們在生物相似藥市場Cordavis的領先地位。今年，隨著GLP-1減肥適應症的競爭加劇，我們以71種藥物的銷售量維持領先地位。

So we continue to focus on what our clients need most, which is lowering the cost and making prescriptions more affordable in the country. And from our perspective, it's resonating in -- the selling season is resonating in our retention rates.

因此，我們持續關注客戶最需要的，即降低成本，讓處方藥在全國範圍內更實惠。從我們的角度來看，銷售旺季對我們的留存率產生了影響。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

I'm curious that your thoughts on the Part D space and how that's playing out relative to plan, how you think about the demo and the CMS announcement more recently on that front and how you're thinking about that into next year and maybe we don't have enough visibility yet on that, but I want to see how that's playing out in terms of behaviors in terms of utilization trends and what you're seeing across Pard D?

我很好奇您對 Part D 領域的看法，以及它相對於計劃的進展情況，您如何看待最近在這方面的演示和 CMS 公告，以及您如何考慮明年的進展，也許我們對此還沒有足夠的了解，但我想看看它在利用趨勢方面的行為方面如何發揮作用，以及您在 Pard D 中看到了什麼？

All right. Steve, would you want to take that, please?

好的。史蒂夫，你能接一下嗎？

Sure. Thanks. So as I mentioned earlier, our Part D plans are performing really well year to date. And that's a result of some deliberate actions and decisions we made to position the product for the long term.

當然，謝謝。正如我之前提到的，我們的 D 部分計劃今年迄今為止表現非常出色。這得益於我們為產品的長期定位而採取的一些深思熟慮的行動和決策。

So we deliberately wanted to derisk this with the shifts in the IRA and some of the policy things as put more risk and more cost to the health plan. So we reduced our plan offerings, eliminated the enhanced plans. So we just have one standard plan, and that has changed the mix and then we also made some design changes.

因此，我們特意想透過IRA的調整和一些政策措施來降低風險，因為這些措施會為健康計畫帶來更多風險和成本。因此，我們減少了計劃種類，取消了增強型計劃。現在我們只有一個標準計劃，這改變了計劃組合，我們也進行了一些設計上的調整。

So overall, in '25, the business is performing well. But as expected, that did have some membership implications. So we think that will continue to play out a bit but not as much as we lost in the first half of the year, but this is all with the eye towards returning our business to target margins and creating a sustainable product.

整體而言，2025年的業務表現良好。但正如預期的那樣，這確實對會員數量產生了一些影響。我們認為這種情況會持續產生一些影響，但不會像上半年那麼嚴重，但這一切都是為了讓我們的業務恢復到目標利潤率，並打造一款可持續發展的產品。

And so as we contemplated 2026, we took that same approach and our bids focused on ensuring the sustainable product for 2026 and beyond. Now we just got the guidance from CMS earlier this week, we're still digesting that, and we really won't have more insight into that until we get through our process.

因此，在規劃2026年時，我們也採取了同樣的方法，我們的投標重點是確保2026年及以後的產品可持續。我們本週早些時候剛收到CMS的指導意見，目前仍在消化中，在完成整個流程之前，我們無法對此有更深入的了解。

And obviously, the entire competitive landscape impacts how we think about it as well. So more to come there, but again, that -- those products, Part D are performing well for us, and we're going to continue to make sure that we make decisions and to create that and continue that sustainability.

顯然，整個競爭格局也會影響我們對此的看法。我們還會做更多，但需要再次強調的是，這些產品，包括D部分，對我們來說表現良好，我們將繼續確保我們做出正確的決策，創造並延續這種永續性。

John Ransom, Raymond James & Associates.

約翰·蘭塞姆，雷蒙德·詹姆斯及合夥人。

I'm proud of myself for this -- undertaking this new process. My question is -- and I know this is a small part of the business, but the front-end part of the drug retail business has been a struggle for the industry for probably as long as I've been covering it, which is forever. I just wonder as you look through your business strategies.

我為自己能夠採用這個新流程而感到自豪。我的問題是——我知道這只是業務的一小部分，但藥品零售業務的前端部分可能自我報道以來就一直是這個行業的難題，而且是永遠如此。我只是想知道您如何審視自己的商業策略。

What are we doing differently? And I'm intrigued that you're back in the business of even buying drugstores. But what's the long-term strategy to address the competitive pressures and the competitive position of the front end?

我們的做法有什麼不同？我很好奇您竟然又開始收購藥局了。但是，為了應對競爭壓力和前端的競爭地位，您的長期策略是什麼？

Yes, John, thanks for the question. And look, we have a very solid front-end business, and we've been focused on it with a very strong management team, and been deliberate with how we're thinking about that business.

是的，約翰，謝謝你的提問。你看，我們的前端業務非常穩健，我們一直專注於此，擁有一支非常強大的管理團隊，並且一直在認真思考如何發展這項業務。

So as you saw in this quarter, we saw our trip comp increased about 2.7% from LY, and we continue to see retail share gains, which is new for this part of the business, if you look at it over a longer duration of period. So the strategy we have in place is one, how do we create more value for consumers and the offerings that we have.

正如您在本季度看到的，我們的旅行收入同比增長了約2.7%，而且我們的零售份額也持續增長，如果從更長遠的角度來看，這對於我們這部分業務來說是一個新氣象。因此，我們目前的策略是：如何為消費者和我們現有的產品創造更多價值。

How do we continue to work with our vendors to help reduce the cost so we can provide that value upfront. And then secondly -- or I'd say thirdly is how do we get more consumers and foot traffic into our stores and be there.

我們如何繼續與供應商合作，降低成本，以便能夠預先提供價值？其次，或者說第三點，我們如何吸引更多消費者和客流量到我們的門市，並留在那裡。

And so we're benefiting from some of the, what I'd say, is adjacency to pharmacy as it relates to that, meaning that we'll as we get more and more pharmacy patients, they utilize our front store services. Second, we've been focused on our consumer, what I'd say, marketing efforts and other ways in which we're bringing those customers into our stores and continue to drive that value, the value price equation.

因此，我們受益於與藥房的毗鄰關係，這意味著隨著越來越多的藥房患者，他們會使用我們的商店服務。其次，我們一直專注於消費者，也就是行銷工作以及其他吸引顧客進店的方式，並持續推動價值，即價值價格等式。

So I'm really impressed with the progress we're making on our front store. We continue to gain traction. The leadership team has been focused about this. And you're right, John, we don't spend enough time on these calls on that, but it is an important part of our business and something we're really focused on. We've been very deliberate on how we turn that around over the -- into the future.

所以，我對我們在門市方面取得的進展印象深刻。我們持續獲得關注。領導團隊一直專注於此。約翰，你說得對，我們在這方面投入的時間不夠，但這是我們業務的重要組成部分，也是我們真正關注的重點。我們一直在認真思考如何在未來扭轉這個局面。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

Okay. So operator, looks like we're challenged with the last question. So I think we're at close.

好的。接線員，看來我們得回答最後一個問題了。我想差不多該回答完了。

And as I think about before I end this call, I just want to thank the 300,000 dedicated colleagues for the work that they do every day. It's because of you, I'm confident in our future and our ability to become America's most trusted health care company.

在結束通話之前，我只想感謝30萬名辛勤工作的同事，感謝他們每天的辛勤工作。正是因為你們，我對我們的未來充滿信心，相信我們有能力成為美國最值得信賴的醫療保健公司。

I also want to thank everyone for joining this call today. And we're extremely excited about the progress and look forward to providing you additional updates. And I also want to make an announcement that our plan is to have an Investor Day on December 9 and more details to follow. So thank you for the call today.

我還要感謝大家今天參加電話會議。我們對進展感到非常興奮，並期待為大家提供更多更新資訊。我還想宣布，我們計劃在12月9日舉辦投資者日活動，更多細節將陸續公佈。感謝大家今天的電話會議。

Thank you for joining CVS Health's second quarter 2025 earnings call. This concludes today's conference call. You may now disconnect.

感謝您參加 CVS Health 2025 年第二季財報電話會議。今天的電話會議到此結束。您可以斷開連線了。