CVS Health Corp (CVS) 2025 Q4 法說會逐字稿

Hello and welcome to CVS Health's fourth quarter 2025 earnings call. (Operator Instructions) I would now like to pass the call to Larry McGrath, Chief Strategy Officer. Larry, please proceed.

大家好，歡迎參加 CVS Health 2025 年第四季財報電話會議。（操作員指示）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 fourth quarter 2025 earnings call and webcast. I'm Larry McGrath, Executive Vice President of Capital Markets at CVS Health.

早安，歡迎參加 CVS Health 2025 年第四季財報電話會議和網路直播。我是 CVS Health 資本市場執行副總裁 Larry McGrath。

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

今天早上和我一起的有董事長兼執行長大衛·喬伊納，以及財務長布萊恩·紐曼。在我們發表完準備好的演講後，我們將舉行問答環節，屆時領導團隊的其他成員也將參與其中。

Our press release and slide presentation have been posted to our website, along with our Form 10-K filed this morning with the SEC. Today's call is also being broadcast on our website. During this call, we'll make certain forward-looking statements.

我們的新聞稿和幻燈片簡報已發佈到我們的網站上，同時，我們今天早上也向美國證券交易委員會提交了 10-K 表格。今天的電話會議也會在我們的網站上進行直播。在本次電話會議中，我們將發表一些前瞻性聲明。

Our forward-looking statements are subject to significant risks and uncertainties that could cause actual results to differ materially from currently projected results.

我們的前瞻性聲明存在重大風險和不確定性，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 recent SEC filings, including in our annual report on Form 10-K.

我們強烈建議您查看我們向美國證券交易委員會提交的有關這些風險和不確定性的報告，特別是我們最近向美國證券交易委員會提交的文件（包括我們的 10-K 表格年度報告）中關於前瞻性陳述和風險因素的警示性聲明中描述的風險和不確定性。

During this call, we'll use certain non-GAAP measures, and you can find a reconciliation of these non-GAAP measures in this morning's press release and in the reconciliation, document posted to the Investor Relations portion of our website.

在本次電話會議中，我們將使用一些非GAAP指標，您可以在今天早上的新聞稿和我們網站投資者關係部分發布的調節表文件中找到這些非GAAP指標的調節表。

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

接下來，我想把電話交給大衛。大衛？

Thank you, Larry, and good morning, everyone. I want to start today by recognizing that 2025 was a meaningful year of progress for CVS Health. As I close out my first full year as CEO, and I'm encouraged by our ongoing work to simplify the health care experience and make health care more affordable and accessible for American families.

謝謝你，拉里，大家早安。首先，我想指出，2025 年對 CVS Health 來說是意義非凡的一年，取得了長足的進步。在我擔任執行長的第一個完整年度即將結束之際，我深受鼓舞，因為我們一直在努力簡化醫療保健體驗，讓美國家庭更負擔得起醫療保健，並更容易獲得醫療保健服務。

However, the health care experience is still not where it needs to be. Our leadership team and our 300,000 colleagues work hard every day to make it better and to realize our ambition of becoming America's most trusted health care company.

然而，目前的醫療保健體驗仍未達到理想狀態。我們的領導團隊和 30 萬名同事每天都在努力工作，力求做得更好，實現成為美國最值得信賴的醫療保健公司的願景。

I'm also proud of our progress, strengthening our operations and driving improved financial performance. This morning, we are pleased to once again report another quarter of strong results.

我也為我們所取得的進步感到自豪，我們加強了運營，並推動了財務表現的改善。今天早上，我們很高興再次宣布另一個季度業績強勁。

In the fourth quarter, we delivered adjusted operating income of $2.6 billion and adjusted earnings per share of $1.09. We are also reaffirming our full year 2026 adjusted EPS guidance range of $7 to $7.20 that we shared at our Investor Day in December.

第四季度，我們實現調整後營業收入26億美元，調整後每股收益1.09美元。我們重申在12月投資者日上公佈的2026年全年調整後每股收益預期範圍為7美元至7.20美元。

For full year 2025, we delivered adjusted earnings per share of $6.75 and operating cash flow of $10.6 billion, exceeding our initial expectations coming into the year for adjusted EPS by approximately 15% meaningfully outperforming our expectations on cash flow.

2025 年全年，我們實現了調整後每股收益 6.75 美元和經營現金流 106 億美元，比年初對調整後每股收益的預期高出約 15%，現金流也顯著超過了我們的預期。

We still have an incredible amount of earnings power to unlock across our diversified business, but our progress to date has been impressive.

我們多元化的業務中仍有巨大的獲利潛力尚未釋放，但我們迄今為止的進展令人印象深刻。

In our Aetna business, we dramatically improved our financial results, delivering a year-over-year adjusted operating income improvement of over $2.6 billion.

在安泰保險業務方面，我們大幅改善了財務業績，實現了年比調整後營業收入成長超過 26 億美元。

We refreshed our leadership team, improved our culture and strengthened our key points of distinction, including the capabilities that enabled our leading stars position among national payers.

我們重組了領導團隊，改善了企業文化，並加強了我們的關鍵優勢，包括使我們成為全國領先企業之一的能力。

We entered 2026 with significant momentum and expect this year to be another strong step forward on our path to target margins. Our efforts are being recognized in the market. Recently, Aetna received the inaugural Press Ganey Health Plan of the Year Award.

我們帶著強勁的發展勢頭進入了 2026 年，預計今年將是我們在實現目標利潤率道路上的另一個強勁進步。我們的努力正在得到市場的認可。最近，安泰保險公司榮獲首屆 Press Ganey 年度最佳健康計畫獎。

This award acknowledges us for our high-quality offerings, technological innovation and the best-in-class experiences we deliver to our members, partners and providers.

該獎項是對我們高品質產品、技術創新以及為會員、合作夥伴和供應商提供的最佳體驗的認可。

This recognition validates the disciplined execution and relentless commitment of our colleagues and is a powerful proof point that we are making progress driving distinction and improving simplicity in health care.

這項認可肯定了我們同事們嚴謹的執行力和不懈的努力，也強有力地證明了我們在醫療保健領域取得進步，推動了卓越發展，並簡化了流程。

Before I highlight some of the successes in our pharmacy businesses, I want to spend a moment on the 2027 Medicare Advantage advance rate notice. The proposed rate simply does not match the level of medical cost trend in the industry.

在重點介紹我們藥局業務取得的一些成功之前，我想花點時間談談 2027 年 Medicare Advantage 預付款通知。建議的費率與行業醫療成本的發展趨勢完全不符。

We are advocating for more appropriate funding to ensure adequate access as well as the stability and sustainability of a program relied on by more than half of the seniors in this country.

我們正在爭取更合適的資金，以確保老年人能夠充分獲得服務，並保障這項被全國一半以上老年人所依賴的計劃的穩定性和可持續性。

While the advanced rate notice is disappointing, our commitment to margin recovery at Aetna is unchanged. We remain laser-focused on improving margins in our Medicare business while ensuring we have a sustainable and compelling product offering.

儘管提前公佈的費率通知令人失望，但安泰保險對利潤恢復的承諾不變。我們將繼續全力提高醫療保險業務的利潤率，同時確保提供可持續且具吸引力的產品。

We strongly believe the Medicare management program delivers better outcomes at lower costs when compared to the traditional fee-for-service model.

我們堅信，與傳統的按服務收費模式相比，醫療保險管理計劃能夠以更低的成本帶來更好的結果。

At CVS Health, we have multiple capabilities focused on serving MA members collaborating with their health plans and supporting the Medicare Advantage program overall. We support CMS' desire to align diagnosis to encounters with medical professionals.

在 CVS Health，我們擁有多種能力，專注於為 MA 會員提供服務，與他們的健康計劃合作，並支持 Medicare Advantage 計劃的整體運作。我們支持 CMS 將診斷與醫療專業人員的診療情況聯繫起來的願望。

We see the value of these encounters every time one of our Signify clinicians enters the home of the more than 3.5 million consumers we serve each year. Signify plays a critical role and providing increased access to provider-led health evaluations, particularly to members in rural areas or those who may have barriers to office business.

每次 Signify 的臨床醫生走進我們每年服務的 350 多萬消費者的家中，我們都能感受到這些接觸的價值。Signify 在提供更多由醫療服務提供者主導的健康評估方面發揮著至關重要的作用，尤其對於農村地區的會員或那些可能面臨就醫障礙的會員而言更是如此。

These in-home visits include all the components of a typical annual wellness visit, in addition to capturing the social aspects of a member's health.

這些上門服務包括典型的年度健康檢查的所有組成部分，此外還涵蓋了會員健康的社會方面。

Through these encounters, we are also able to facilitate connections back into the health care system to close gaps in care.

透過這些接觸，我們還可以促進患者與醫療保健系統的聯繫，以彌補醫療服務方面的不足。

Last year, our provider supported over 500,000 of these be connections including nearly 100,000 urgent escalations. Signify plays an important role in making sure Aetna and other health plan partners understand the holistic health of their members which is critical to ensuring they receive appropriate care.

去年，我們的服務提供者支援了超過 50 萬次此類連接，其中包括近 10 萬次緊急升級。Signify 在確保 Aetna 和其他健康計劃合作夥伴了解其成員的整體健康狀況方面發揮著重要作用，這對於確保他們獲得適當的護理至關重要。

Signify leaves this market because of our focus on innovating to meet the needs of the seniors who welcome us into their homes.

Signify 退出這個市場是因為我們專注於創新，以滿足歡迎我們進入他們家中的老年人的需求。

We will continue this innovation to ensure we support our clients and their members. We are aligned with CMS and recognize the significant benefits of value-based care and its ability to deliver significant savings and better engagement and outcomes.

我們將繼續推動創新，以確保為我們的客戶及其成員提供支援。我們與 CMS 的立場一致，並認識到基於價值的醫療保健的巨大益處，以及它能夠帶來顯著的成本節約、更好的參與度和更好的治療效果。

While Oak Street Health represents a relatively small portion of our enterprise today, we are focused on thoughtfully expanding the number of patients we serve. We have taken steps to position ourselves for a more sustainable and attractive business over the long term, and we will continue making leading models like Oak Street available to more seniors.

雖然 Oak Street Health 目前在我們企業中所佔比例相對較小，但我們正致力於穩步擴大我們服務的患者數量。我們已採取措施，為實現更永續、更長期吸引力的業務做好準備，並將繼續向更多老年人提供像 Oak Street 這樣的領先模式。

Turning to our pharmacy businesses.

接下來談談我們的藥局業務。

We made significant progress in 2025. The value proposition of Caremark and our pharmacy services businesses is more important today than it ever has been. Branded drug manufacturers continue to increase prices and put untenable strain on the US health care system.

我們在2025年取得了重大進展。Caremark及其藥局服務業務的價值主張在今天比以往任何時候都更重要。品牌藥生產商不斷提高藥品價格，給美國醫療保健系統帶來了難以承受的壓力。

Brandless price increases have outpaced inflation by an average of 4% per year since 2012. And so far in 2026, branded manufacturers have made more than 750 drug price increases, adding $25 billion of cost to the health care system with no added value.

自 2012 年以來，無品牌商品的價格漲幅平均每年比通貨膨脹率高出 4%。截至 2026 年，品牌藥生產商已進行了 750 多次藥品價格上漲，為醫療保健系統增加了 250 億美元的成本，卻沒有帶來任何額外價值。

Our relentless pursuit of driving savings and delivering the lowest possible net cost of our clients and their members is a critical check on the monopolistic tendencies of branded drug manufacturers. We use every tool at our disposal to achieve this goal, including our ability to generate competition among manufacturers, our innovative and transparent PBM model, our industry-leading specialty pharmacy capabilities and our unique position in the biosimilar market.

我們不懈地追求節約成本，為客戶及其成員提供盡可能低的淨成本，這對品牌藥生產商的壟斷傾向起到了至關重要的限製作用。我們利用一切可用資源來實現這一目標，包括我們創造製造商之間競爭的能力、我們創新透明的藥品福利管理模式、我們行業領先的專業藥房能力以及我們在生物相似藥市場的獨特地位。

Our offerings are resonating with new and existing clients who rely on us to manage the pharmacy benefit and partner with us to achieve their goals.

我們的產品和服務引起了新舊客戶的共鳴，他們依靠我們來管理藥品福利，並與我們合作實現他們的目標。

Caremark's priorities have remained consistent, and this business has been adapted to client needs and market dynamics. This includes regulatory changes, and our perspective here is clear. We support legislation that does not impact our ability to create competition in the supply chain.

Caremark 的優先事項始終如一，且該業務已根據客戶需求和市場動態進行了調整。這包括監管方面的改變，我們的觀點很明確。我們支持不會影響我們在供應鏈中創造競爭能力的立法。

We also support legislation that creates greater transparency for all stakeholders, including consumers, and enable savings to be seen directly at the pharmacy counter. We believe the recent regulatory changes impacting the commercial market are manageable, particularly given the timeline for implementation.

我們也支持能夠提高所有利害關係人（包括消費者）透明度的立法，並使消費者能夠在藥局櫃檯直接看到節省的費用。我們認為，近期影響商業市場的監管變化是可控的，特別是考慮到實施的時間表。

The changes are closely aligned to where we believe the industry needs to go and to the core principles of our true cost model. We have been moving in this direction since we announced TrueCost in December of 2023. hope this legislation will lead to greater adoption of this model.

這些變化與我們認為產業需要發展的方向以及我們真實成本模型的核心原則緊密相關。自 2023 年 12 月發布 TrueCost 以來，我們一直朝著這個方向努力。希望這項立法能夠促進這種模式的更廣泛應用。

This legislation will accelerate transparency and put the focus back on what matters most in the market, ensuring patients access the right medicine at the lowest possible cost and delivering superior experiences.

這項立法將加快透明度，並將重點重新放在市場中最重要的事情上，確保患者以盡可能低的成本獲得合適的藥物，並獲得卓越的體驗。

Caremark consistently evolved to respond to our clients' needs and drive changes in the market. We did this two years ago with TrueCost and continue to do this today, including our work with the administration and our role as a key pharmacy partner to TrumpRx, helping to enable greater access and affordability of fertility medicines.

Caremark不斷發展，以滿足客戶的需求並推動市場變革。兩年前我們與 TrueCost 合作開展了這項工作，今天我們仍在繼續這項工作，包括與政府合作以及作為 TrumpRx 的重要藥房合作夥伴，幫助提高生育藥物的可及性和可負擔性。

This is a business that is regularly and proactively adapted to many market and regulatory changes over the last few decades. Importantly, our margins have remained durable as the value we deliver is vital to achieving prescription affordability in this country.

在過去的幾十年裡，這家企業一直積極主動地適應各種市場和監管變化。重要的是，我們的利潤率一直保持穩定，因為我們提供的價值對於實現該國處方藥價格可負擔性至關重要。

And finally, CVS Pharmacy exceeded expectations in 2025 and established a new trajectory of at least flat earnings annually starting in 2026.

最後，CVS Pharmacy 在 2025 年超出了預期，並確立了從 2026 年開始每年至少保持獲利持平的新發展軌跡。

This turnaround reflects our consistent investments and colleagues technology and the consumer experience. These are important and deliberate actions to transform consumer engagement at a national scale and community pharmacies. They also ensure we maintain our position as a trusted provider in the local communities we serve.

這一轉變反映了我們持續的投資以及同事在技術和消費者體驗方面的努力。這些是旨在從全國範圍和社區藥房層面轉變消費者參與方式的重要且深思熟慮的舉措。它們也確保我們能夠保持作為我們所服務當地社區值得信賴的服務提供者的地位。

And importantly, I'm pleased to say that we have successfully completed the transition to a cost-based reimbursement. This was a significant step in creating a more transparent and stable pharmacy market for the long term. And I'm proud of our team's ability to deliver on this important commitment to you.

更重要的是，我很高興地宣布，我們已經成功完成了向成本報銷的過渡。這是朝著長期打造更透明、穩定的藥品市場邁出的重要一步。我為我們團隊能夠履行對你們的這項重要承諾而感到自豪。

The strong foundation we built in 2025 gives me confidence in our path forward. As we look ahead to 2026, we will continue building momentum and expect another year of meaningful progress as we execute against our multiyear objectives.

我們在 2025 年奠定的堅實基礎讓我對我們未來的道路充滿信心。展望 2026 年，我們將繼續保持發展勢頭，並期待在實現多年目標的過程中，再取得一年的實質進展。

Our commitment to reimagining the health care experience has never been stronger. We are taking a lead to address some of the biggest challenges in the US health care system, its cost, its complexity and the fragmentation that exists today.

我們致力於重塑醫療保健體驗的決心從未如此堅定。我們正率先著手解決美國醫療保健系統面臨的一些最大挑戰，包括其成本、複雜性和目前存在的片段化問題。

By combining our unique set of enterprise capabilities, we can provide a connected solution for consumers that deliver better experiences and improved health outcomes at lower cost. Aetna members who have a combined medical and pharmacy offering have lower medical costs.

透過結合我們獨特的企業能力，我們可以為消費者提供連網解決方案，以更低的成本帶來更好的體驗和更好的健康結果。選擇醫療和藥品組合保險的安泰保險會員，醫療費用會更低。

Aetna members who consistently use CVS Pharmacy have higher medication adherence and lower ER utilization. Through the combination of Cordavis, Caremark and CVS Specialty, we are able to seamlessly transition share to low-cost biosimilars.

經常使用 CVS Pharmacy 的 Aetna 會員的用藥依從性更高，急診就診率更低。透過 Cordavis、Caremark 和 CVS Specialty 的合併，我們能夠將市場份額無縫地過渡到低成本生物相似藥。

Our HUMIRA biosimilar strategy allows us to drive 96% adoption of a low list price biosimilar with more than 80% of the members paying zero out of pocket. This ultimately created more than $1.5 billion in savings for our clients and their members. These are strong examples of the value we can deliver with the power of our combined enterprise.

我們的 HUMIRA 生物相似藥策略使我們能夠以較低的標價推動 96% 的生物相似藥被採用，其中超過 80% 的會員無需自付任何費用。最終，這為我們的客戶及其成員節省了超過 15 億美元。這些都充分體現了我們憑藉合併後的企業實力所能創造的價值。

We continue to focus on improving connectivity between our businesses, using technology to support greater interoperability and facilitate a common experience, which will ultimately make health care easier to navigate.

我們將繼續致力於改善我們業務之間的連接，利用技術支援更大的互通性並促進共同體驗，最終使醫療保健更容易獲得。

By creating consumer engagement points and greater connections across our unique and impactful collection of capabilities, we can help improve consumer trust, lower cost for members and clients and better support the professionals who dedicate their lives to making people healthier. All of us as consumers of health care are experiencing the same growing affordability pressures that have been escalating for decades.

透過在我們獨特且具影響力的能力組合中創造消費者互動點和更緊密的聯繫，我們可以幫助提高消費者信任度，降低會員和客戶的成本，並更好地支持那些致力於讓人們更健康的專業人士。作為醫療保健消費者，我們所有人都面臨著同樣的日益增長的負擔能力壓力，這種壓力已經持續了幾十年。

To address this, we need to collectively have a transparent and honest dialogue about what is and what isn't driving up health care costs. Brand drug manufacturers raise prices. Hospitals raise prices. CVS Health lowers cost and drives affordability. We create competition and negotiate with providers and drug manufacturers, which directly lead to lower cost for consumers.

為了解決這個問題，我們需要共同進行透明、誠實的對話，討論哪些因素推高了醫療成本，哪些因素沒有推高醫療成本。品牌藥生產商提高藥品價格。醫院提高價格。CVS Health 降低成本，提高可負擔性。我們透過創造競爭，與供應商和藥品生產商進行談判，從而直接降低消費者的成本。

Aetna's network negotiations resulted in over $235 billion of savings for our members and clients. Caremark's negotiations with drug manufacturers deliver an incremental $45 billion of annual savings.

安泰保險公司透過網路談判，為我們的會員和客戶節省了超過 2,350 億美元。Caremark 與藥廠的談判每年可節省 450 億美元。

Together, that's over $280 billion of annual savings we generate for our clients and members. Additionally, our care management programs, our local pharmacists and our value-based care providers use clinical interventions and proactively manage the health of our members and patients to keep them healthy and avoid costly conditions.

總計，我們每年為客戶和會員節省超過 2800 億美元。此外，我們的護理管理計劃、當地藥劑師和以價值為導向的護理提供者運用臨床幹預措施，積極主動地管理我們會員和患者的健康，以保持他們的健康並避免昂貴的疾病。

And our pharmacy businesses utilize their positions as some of the largest purchasers of pharmaceuticals in the world as well as their sophisticated technology capabilities to drive savings for our clients and ensure patients can get the right medications at the lowest possible cost.

我們的藥房業務利用其作為全球最大藥品採購商之一的地位以及其先進的技術能力，為我們的客戶節省成本，並確保患者能夠以盡可能低的成本獲得合適的藥物。

The work we do is critical to counterbalance the inflationary pressure that gets placed on the systems by hospitals, branded pharmaceutical manufacturers and, others who unlike CVS Health are incentivized to raise the cost of health care.

我們所做的工作對於抵銷醫院、品牌製藥商和其他一些機構（與 CVS Health 不同，這些機構有動機提高醫療成本）對醫療系統帶來的通膨壓力至關重要。

Across our businesses, we are also working to make the health care system easier to navigate. This starts with reducing the administrative obstacles that frustrate doctors and complicate treatment. Our Aetna business has the fewest medical services subject to prior authorization, about half as many as our nearest competitor.

在我們的各項業務中，我們也在努力讓醫療保健系統更容易使用。首先要減少令醫生感到沮喪、使治療複雜化的行政障礙。我們安泰保險業務中需要事先授權的醫療服務數量最少，大約只有我們最接近的競爭對手的一半。

Additionally, 95% of eligible prior authorizations are approved within 24 hours with many completed instantaneously. We are making the process simpler, faster and less costly.

此外，95%符合資格的預先授權會在24小時內獲得批准，其中許多授權可以立即完成。我們正在使流程更簡單、更快捷、更經濟。

We previously highlighted the work we've done to streamline prior authorizations for musculoskeletal and oncology patients. Our condition-specific bundled prior authorizations replaced the multiple approvals with just one, allowing us to expedite care, reduce frustration and improve health outcomes.

我們之前重點介紹了我們為簡化肌肉骨骼和腫瘤患者的預先授權流程所做的工作。我們針對特定病症的捆綁式預先授權取代了多次審批，只需一次審批即可，從而加快治療速度，減少患者的挫敗感，並改善健康結果。

We have also begun to expand this approach for certain conditions and procedures such as IVF combining authorizations for both medical care as well as the drug is required for treatment.

我們也開始將這種方法擴展到某些疾病和治療程序，例如體外受精，將醫療護理和治療所需的藥物授權結合起來。

Finally, as we talked about at our Investor Day, we are using our deep consumer engagement and extensive technology to address the lack of interoperability within the health care system. We continue to work diligently to unlock the potential value of this opportunity and look forward to providing you with updates.

最後，正如我們在投資者日上所談到的，我們正在利用我們與消費者的深度互動和廣泛的技術來解決醫療保健系統內缺乏互通性的問題。我們將繼續努力挖掘這項機會的潛在價值，並期待向您提供最新進展。

And in closing, I'm proud of what this team and organization accomplished in 2025. When I took this role, there were clearly more questions than answers about our businesses, our performance and our strategy. As you can see, we are answering those questions with confidence and strong performance.

最後，我為這支團隊和這個組織在 2025 年的成就感到自豪。當我擔任這個職位時，很明顯，關於我們的業務、績效和策略，存在的問題比答案要多得多。如您所見，我們對這些問題給出了自信而有力的答案。

We are building significant momentum by strengthening our operations, expanding our capabilities and improving our financial performance.

我們正透過加強營運、擴大能力和改善財務業績，積蓄強大的發展動能。

We share many of the same goals as the administration when it comes to improving the health care system and are uniquely positioned to deliver better outcomes and experiences at lower costs for our consumers, patients, members and clients. We are on the right path, and I'm excited about where we're headed.

在改善醫療保健系統方面，我們與政府有著許多相同的目標，我們擁有獨特的優勢，能夠以更低的成本為我們的消費者、患者、會員和客戶提供更好的結果和體驗。我們走在正確的道路上，我對我們未來的發展方向感到興奮。

With that, I'll turn it over to Brian to walk through our financial details.

接下來，我將把發言權交給布萊恩，讓他來詳細介紹我們的財務細節。

Thank you, David, and good morning. I will cover three key topics in my remarks this morning. First, an update on our full year and fourth quarter results. Then I'll discuss cash flow and the balance sheet. And finally, I'll wrap up briefly discussing our latest thoughts on our outlook for 2026.

謝謝你，大衛，早安。今天上午，我將在演講中談到三個關鍵主題。首先，更新我們全年和第四季的業績狀況。接下來我將討論現金流量和資產負債表。最後，我將簡要總結我們對 2026 年展望的最新想法。

As David mentioned, 2025 was a strong year of progress at CVS Health. We made meaningful strides to ensure each of our businesses is best-in-class and are continuing to advance our ambition to become America's most trusted health care company.

正如大衛所提到的，2025 年是 CVS Health 取得重大進展的一年。我們取得了實質進展，確保我們的每項業務都達到一流水平，並將繼續推進我們成為美國最值得信賴的醫療保健公司的雄心壯志。

Importantly, we did all this while delivering on our financial commitments in spite of unexpected challenges in some of our businesses. In 2025, we delivered full year revenue of over $400 billion, adjusted EPS of $6.75 and operating cash flow of $10.6 billion, all of which meaningfully outperformed our initial expectations for the year.

重要的是，儘管我們的一些業務遇到了意想不到的挑戰，但我們仍然履行了我們的財務承諾。2025 年，我們實現了全年收入超過 4000 億美元，調整後每股收益為 6.75 美元，經營現金流為 106 億美元，所有這些數據都顯著超過了我們最初的預期。

This is a direct result of the various actions we took to strengthen our operations and drive improved performance in 2025. Turning now to fourth quarter results. Specifically, we ended the year with another strong quarter.

這是我們為加強營運、推動2025年業績提升而採取的各種措施的直接結果。現在來看第四季業績。具體來說，我們以又一個強勁的季度業績結束了這一年。

We generated over $105 billion of revenue, an increase of over 8% over the prior year quarter driven by growth across all operating segments.

我們創造了超過 1,050 億美元的收入，比去年同期成長超過 8%，這得益於所有營運部門的成長。

We delivered adjusted operating income of approximately $2.6 billion and adjusted EPS of $1.09. While these results were ahead of our expectations, they were modest declines from the prior year quarter. This was primarily driven by the expected decline in adjusted operating income in our Health Care Benefits segment.

我們實現了約26億美元的調整後營業收入和1.09美元的調整後每股盈餘。雖然這些業績超出了我們的預期，但與去年同期相比略有下降。這主要是由於我們醫療保健福利部門的調整後營業收入預期下降所致。

As a result of changes in the seasonality of the Medicare Park D program due to the impact of the inflation Reduction Act. These decreases were partially offset by improved underlying performance in our government business within our Health Care Benefits segment as well as increases in adjusted operating income in our health services and pharmacy and consumer wellness segments.

由於通貨膨脹削減法案的影響，醫療保險D計劃的季節性發生了變化。這些下降部分被我們醫療保健福利部門政府業務基本面的改善以及我們醫療服務、藥房和消費者健康部門調整後營業收入的成長所抵消。

Finally, during the quarter, we generated cash flow from operations of approximately $3.4 billion. 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 10% from prior year.

最後，本季我們透過經營活動產生了約 34 億美元的現金流。現在我們分別來看各個部分。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，比去年同期成長超過 10%。

This increase is primarily driven by our government business, largely due to the impact of the IRA on the Medicare Part D program.

這一成長主要由我們的政府業務推動，這主要是由於 IRA 對 Medicare Part D 計劃的影響。

We ended the year with approximately 26.6 million medical members, a slight decline sequentially and a decrease of approximately 500,000 members from the prior year. The year-over-year decrease is primarily driven by declines in our individual exchange and government businesses partially offset by growth in our commercial fee-based membership.

截至年底，我們的醫療會員人數約為 2,660 萬，較上年略有下降，比前一年減少了約 50 萬會員。年比下降的主要原因是個人交易和政府業務的下滑，部分被商業收費會員業務的成長所抵消。

The segment generated an adjusted operating loss during the quarter of $676 million, a modestly higher loss than the prior year quarter, primarily driven by changes in the seasonality of the Medicare Part D program.

該業務部門本季經調整後的營業虧損為 6.76 億美元，比去年同期略有增加，主要原因是 Medicare Part D 計劃的季節性變化。

This result also reflects a deterioration of our risk adjustment position in our individual exchange business and a provision for increased flu activity observed late in the quarter.

這一結果也反映出我們在個人交易所業務中的風險調整狀況惡化，以及為應對本季末觀察到的流感活動增加而計提的準備金。

Partially offsetting these items was improved underlying performance in our government business. Our medical benefit ratio in the quarter was 94.8%, consistent with the prior year quarter. This result was impacted by all the drivers I just described in addition to the impact of Medicaid pass-throughs that came in the last few days of the year.

政府業務基本面的改善部分抵銷了這些不利因素。本季我們的醫療福利比率為 94.8%，與去年同期持平。除了我剛才描述的所有因素外，這項結果也受到年底最後幾天醫療補助資金撥付的影響。

The combination of fourth quarter items related to Medicaid pass-throughs our updated risk adjustment proposition and our provision for the flu resulted in an approximately 20 basis points impact on our full year MBR of 91.2%.

第四季與醫療補助轉付相關的項目、我們更新的風險調整方案以及我們為流感準備的準備金，導致我們全年最低收益率 (MBR) 為 91.2%，約 20 個基點受到影響。

While this result was slightly higher than the expectations we provided in early December, I want to be very clear, medical cost trends in the quarter remained elevated across all products but were broadly in line with our expectations.

雖然這一結果略高於我們在 12 月初給出的預期，但我要非常明確地指出，本季度所有產品的醫療成本趨勢仍然居高不下，但總體上符合我們的預期。

Days claims payable at the end of the quarter was approximately 38.9 days, a decrease of approximately 3.6 days sequentially, primarily driven by the utilization of premium deficiency reserves established in the first half of 2025, as well as continued improvements in claims processing.

本季末的理賠支付天數約為 38.9 天，比上一季減少了約 3.6 天，主要原因是 2025 年上半年建立的保費不足準備金的利用，以及理賠處理的持續改進。

Excluding the impact of sequential growth in PDR reserves was consistent with the growth in premiums. We remain confident in the adequacy of our reserves.

排除 PDR 儲備金連續成長的影響後，保費的成長與預期一致。我們對儲備的充足性仍然充滿信心。

Shifting now to our Health Services segment.

現在轉到我們的醫療服務部門。

During the quarter, we generated revenues of over $51 billion, an increase of 9% year-over-year. This increase was primarily driven by pharmacy drug mix and brand inflation partially offset by continued pharmacy client price improvements.

本季度，我們創造了超過 510 億美元的收入，年增 9%。這一增長主要是由於藥房藥品組合和品牌價格上漲所致，但藥房客戶價格的持續改善部分抵消了這一增長。

We delivered adjusted operating income of approximately $1.9 billion in the quarter, an increase of over 9% from the prior year quarter, primarily driven by improved purchasing economics, partially offset by continued pharmacy client price improvements.

本季我們實現了約 19 億美元的調整後營業收入，比上年同期增長超過 9%，主要得益於採購經濟效益的改善，但部分被藥房客戶價格的持續改善所抵消。

Performance in our health care delivery business during the quarter was broadly in line with our expectations. Total revenues grew approximately 21% compared to the same quarter last year, excluding the impact of our exit from our CVS Accountable Care business.

本季我們醫療保健服務業務的業績基本上符合預期。不包括我們退出 CVS Accountable Care 業務的影響，總營收與去年同期相比成長了約 21%。

This increase was primarily driven by patient growth at Oak Street Health. Our Pharmacy and Consumer wellness segment delivered another strong quarter to close out a strong year.

這一增長主要是由 Oak Street Health 的患者數量增加所致。我們的藥局和消費者健康業務板塊又迎來了一個強勁的季度，為這一年畫上了圓滿的句號。

We generated revenues of nearly $38 billion, an increase of over 12% versus the prior year quarter, primarily driven by pharmacy drug mix and increased prescription volume, including incremental volume resulting from the Rite Aid transaction.

我們創造了近 380 億美元的收入，比去年同期成長超過 12%，主要得益於藥局藥品組合和處方量增加，包括 Rite Aid 交易帶來的增量。

These increases were partially offset by continued pharmacy reimbursement pressure and the impact of recent generic drug introductions.

這些成長部分被持續的藥品報銷壓力和近期仿製藥上市的影響所抵消。

On a same-store basis, total revenues increased 16% in the quarter. Same-store pharmacy sales grew over 19% compared to the prior year quarter, driven by pharmacy drug mix, and a nearly 10% increase in same-store prescription volumes.

以同店銷售額計算，本季總營收成長了 16%。受藥房藥品組合變化和同店處方量增長近 10% 的推動，同店藥房銷售額較上年同期增長超過 19%。

Same-store front store sales increased 50 basis points versus the prior year quarter. Our retail pharmacy script share in the quarter grew to over 29%, supported by our continued focus on delivering superior customer experiences, which drove organic growth, as well as the contribution from the Rite Aid transaction.

同店銷售額較上年同期成長50個基點。本季度，我們的零售藥局處方份額成長至 29% 以上，這得益於我們持續專注於提供卓越的客戶體驗，從而推動了內生成長，以及 Rite Aid 交易帶來的貢獻。

We generated adjusted operating income of over $1.9 billion, an increase of nearly 9% from the prior year quarter primarily driven by increased prescription volume and favourable drug mix. These increases were partially offset by continued pharmacy reimbursement pressure and increased investments in the segment's colleagues and capabilities.

我們實現了超過 19 億美元的調整後營業收入，比去年同期成長了近 9%，主要得益於處方量增加和藥品組合的有利性。這些成長部分被持續的藥房報銷壓力以及對該部門員工和能力的增加投資所抵消。

On a full year basis, we delivered over $6 billion of adjusted operating income, an increase of over 4.5% from the prior year.

全年調整後營業收入超過 60 億美元，比上年成長超過 4.5%。

As David mentioned, this result reflects our continued focus on service and operational excellence as well as intentional investments in colleagues and technology to support the consumer experience. These actions have enabled us to solidify our position as the Best Run National Pharmacy in the country over the last few years, as we discussed at our Investor Day in December.

正如大衛所提到的，這一結果反映了我們對服務和卓越營運的持續關注，以及對員工和技術的有意投資，以支持消費者體驗。正如我們在 12 月的投資者日上所討論的那樣，這些舉措使我們得以在過去幾年中鞏固了我們作為全國運營最佳的全國性藥房的地位。

We view the underlying drivers of this improved performance as durable, which led us to revise our long-term annual earnings outlook for this business to at least flat going forward. Shifting now to cash flow and the balance sheet.

我們認為推動業績改善的根本因素是持久的，因此我們將該業務的長期年度獲利預期調整為至少保持持平。接下來我們來看現金流和資產負債表。

In 2025, we generated cash flows from operations of approximately $10.6 billion. This strong result includes the receipt of certain payments at the end of the year that were previously expected in early 2026, as well as continued focus on working capital efficiencies.

2025年，我們產生的經營活動現金流約為106億美元。這一強勁的業績包括年底收到一些原本預計在 2026 年初收到的款項，以及持續關注營運資金效率。

We distributed over $3 billion in dividends to our shareholders in 2025 and ended the quarter with approximately $2.8 billion of cash at the parent and unrestricted subsidiaries. Our leverage ratio as of year-end 2025 was approximately 4times, a meaningful improvement from the prior year, primarily driven by our strong financial performance in 2025.

2025 年，我們向股東派發了超過 30 億美元的股息，本季末，母公司和非限制性子公司擁有約 28 億美元的現金。截至 2025 年底，我們的槓桿率約為 4 倍，較上年有顯著改善，這主要得益於我們 2025 年強勁的財務表現。

We expect to drive further improvement in our leverage this year as we continue to improve enterprise earnings. Shifting now to our outlook for 2026. As David and I both discussed at our Investor Day in December, we are focused on delivering on our financial commitments.

我們預計，隨著企業獲利能力的持續提升，今年我們的槓桿率將進一步改善。現在讓我們展望一下2026年。正如我和大衛在 12 月的投資者日上所討論的那樣，我們專注於履行我們的財務承諾。

Our guidance philosophy is predicated on reflecting thoughtful, incredible targets while simultaneously striving to identify and execute on opportunities to deliver outperformance. It also includes our commitment to clear communication.

我們的指導理念是，在設定深思熟慮、令人矚目的目標的同時，努力發現並把握機會，實現超額收益。它也包括我們對清晰溝通的承諾。

These are the principles we used when issuing our initial 2026 guidance at the end of last year, and are what you can expect as we move forward.

這些是我們去年底發布 2026 年初步指導意見時所遵循的原則，也是您在未來發展過程中可以期待的原則。

Today, we are reaffirming our guidance for full year 2026 revenue of at least $400 billion, as well as our expectation for full year 2026 adjusted EPS in a range of $7 to $7.20. We are encouraged by the strength of our results as we closed out 2025 and by our momentum as we start this year.

今天，我們重申2026年全年營收至少達到4,000億美元的預期，以及2026年全年調整後每股盈餘在7美元至7.20美元之間的預期。我們對2025年末的強勁業績以及今年開局的良好勢頭感到鼓舞。

While medical cost trends remain elevated, our experience in 2025 is supportive of our trend assumptions underlying our guidance. We are also pleased with how we completed the Medicare Advantage annual enrolment period with our enrolment coming in modestly down, which was in line with our expectations. We are updating our outlook for full year cash flow from operations to at least $9 billion.

儘管醫療成本趨勢依然居高不下，但我們在 2025 年的經驗支持了我們指導意見所依據的趨勢假設。我們對Medicare Advantage年度註冊期的完成情況也感到滿意，註冊人數略有下降，這符合我們的預期。我們將全年經營活動現金流預期上調至至少90億美元。

This reflects the impact from certain payments that shifted from 2026 into late 2025, as well as the persistence of underlying outperformance.

這反映了某些款項從 2026 年推遲到 2025 年末所帶來的影響，以及潛在超額收益的持續性。

Cash generation has long been a strength of this enterprise, and our position continues to improve as we make progress unlocking our embedded earnings power.

現金流一直是這家企業的優勢，隨著我們不斷釋放內在獲利能力，我們的現金流狀況也持續改善。

While our expectation for 2026 operating cash flow is down slightly, when combined with the higher cash flow we delivered in 2025, our cumulative cash flow expectation across 2025 and 2026 has increased by over $1.5 billion.

雖然我們對 2026 年的營運現金流預期略有下降，但加上我們在 2025 年實現的較高現金流，我們對 2025 年和 2026 年的累積現金流預期增加了超過 15 億美元。

We continue to expect a roughly 55-45 split of earnings between the first half and second half. As a reminder, we expect the increase between first quarter and fourth quarter MBR to be approximately 850 basis points in 2026, which is slightly steeper than the initial expectations we provided for 2025.

我們仍預期上半年和下半年的收益比例大致為 55:45。提醒一下，我們預計 2026 年第一季和第四季之間的 MBR 增幅約為 850 個基點，比我們最初對 2025 年的預期略高。

You can find additional details on the components of our 2026 guidance on our Investor Relations website.

您可以在我們的投資者關係網站上找到有關我們 2026 年指導意見組成部分的更多詳細資訊。

Overall, 2025 was a strong year at CVS Health. We successfully navigated unexpected challenges and delivered on our targets. The performance of our diversified enterprise in 2025 reinforces that we are on the right track in building significant momentum into 2026.

整體而言，2025 年是 CVS Health 業績強勁的一年。我們成功克服了意料之外的挑戰，並實現了目標。我們多元化企業在 2025 年的業績表明，我們正走在正確的道路上，為 2026 年的發展奠定了堅實的基礎。

I'm confident 2026 will be another year of meaningful progress as we deliver on the tremendous amount of earnings opportunity ahead of us. We see a clear path to an incredible amount of shareholder value and are excited about the year ahead.

我相信，隨著我們把握住眼前巨大的獲利機會，2026年將是另一個取得實質進展的年份。我們看到了實現巨大股東價值的清晰路徑，並對未來一年充滿期待。

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

接下來，我們將開放提問環節。操作員？

(Operator Instructions) Justin Lake, Wolf.

（操作說明）賈斯汀·萊克，沃爾夫。

Thanks. Good morning. Can you hear me?

謝謝。早安.你聽得到我嗎？

Yes, we can hear you, Justin.

是的，我們能聽到你說話，賈斯汀。

All right, So I wanted to ask about Medicare Advantage. My recollection is that the company had expected to return to target margins in MA by 2028. How should we think about the potential impact of these preliminary 2027 rates on that trajectory?

好的，我想問一下關於聯邦醫療保險優勢計劃（M​​edicare Advantage）的問題。我記得該公司曾預計到 2028 年 MA 的利潤率將恢復到目標水準。我們該如何看待這些 2027 年的初步利率對此發展軌跡的潛在影響？

Would you still expect Medicare Advantage margins to improve in 2027 despite these rates? And lastly, just let us know your view on the potential impact to your mid-teens earnings growth target through 2028 shared at Investor Day for these rates? Thanks.

儘管有這些費率，您是否仍預期 Medicare Advantage 的利潤率在 2027 年會有所提高？最後，請談談在投資人日上提出的2028年實現15%左右獲利成長的目標，在這些利率的影響下，您有何看法？謝謝。

Yeah, perfect. Yes. Perfect. So thanks, Justin, for the question. Obviously, the advanced rate notice is top of mind for us as a company. And it's -- as we look at it, it's really affecting two parts of our business.

對，完美。是的。完美的。謝謝賈斯汀的提問。顯然，提前通知費率是我們公司最關注的問題。仔細觀察，它確實影響了我們業務的兩個方面。

We'll have Steve Nelson speak to impact to Aetna and I'll also give some perspectives on '27 and '28. And Dr. Sri will talk specifically about how it's impacting our health care delivery business.

我們將請史蒂夫·尼爾森談談對安泰保險的影響，我也會就 2027 年和 2028 年發表一些看法。斯里博士將具體談談這對我們的醫療保健服務業務有何影響。

So let me just put some context around the rate notice as we're looking at it today is obviously much more impactful to the Aetna business.

所以，讓我先介紹一下我們今天看到的這份費率通知的背景，它顯然對安泰保險的業務影響更大。

Oak Streets remains an important part of our strategy. But I think it's important to note that it's a much smaller portion our business and impact with the rate notice. So we remain committed to Medicare recovery. We think '25 proved that we've made meaningful progress.

Oak Streets 仍然是我們策略的重要組成部分。但我認為需要指出的是，這只是我們業務中很小的一部分，而且與費率通知有關。因此，我們仍然致力於醫療保險的復甦。我們認為 2025 年證明我們已經取得了實質的進步。

We expect to continue with that progress into I also think as we look more broadly at the MA program, it remains an important offering in terms of lowering costs and improving care for the Medicare beneficiaries.

我們期望繼續取得這項進展。同時，我認為，當我們更廣泛地審視醫療保險優勢計劃時，它仍然是降低成本和改善醫療保險受益人照護的重要舉措。

We think it's one of the most successful private and public sector partnerships, and we've actually seen that -- and it's been proven to be successful just based off the growth rate that we've seen with the enrolment now representing more than 50% of the seniors.

我們認為這是最成功的公私合作項目之一，而且我們已經看到了這一點——僅從我們看到的增長率來看，它就已經證明了其成功，目前入學人數已佔老年人口的 50% 以上。

So the 2 things on the rate notice. And I think, obviously, if you look at the risk coding aspects of it, this is how we operate our business today. So it's consistent with the policies and the advanced rate notice. We actually supported the documentation aligned with the encounters, and we're pleased to see that the in-home provider assessments have been maintained. That said, we obviously don't believe that the rates are sufficient that reflects the current medical costs.

所以，費率通知單上的兩項內容。而且我認為，很明顯，如果你從風險編碼的角度來看，這就是我們今天經營業務的方式。所以這與政策和提前通知的費率一致。我們實際上支援與就診記錄相符的文檔，我們很高興看到家庭服務提供者的評估工作得到了保留。也就是說，我們顯然認為這些費率不足以反映當前的醫療成本。

And so that's where the advocacy and what Steve will speak to. So I think the most important question that you asked is how -- while its disappointment in terms of the -- what we've seen is the preliminary rate for APR 27, we're committed to the Aetna margins, and that commitment remains unchanged. And we do not see this impacting our long-term enterprise guide that we provided in December during the Investor Day. So Steve, you want to talk specifically about some of the work you're doing at Aetna?

所以，這就是史蒂夫要倡導和談論的內容。所以我認為你提出的最重要的問題是——儘管就我們目前看到的2027年4月初步利率而言，我們感到失望，但我們仍然致力於安泰保險的利潤率，而且這一承諾保持不變。我們認為這不會對我們去年 12 月投資者日上發布的長期企業發展指南產生影響。史蒂夫，你想具體談談你在安泰保險公司所做的一些工作嗎？

Sure, thanks, David. Good morning, Justin, so I'm just going to echo it. David said the advanced rate notice. Those rates signal rates that are simply not adequate based on the trends in the medical cost that we've seen and we've already engaged with CMS, and we're going to continue to engage and hopefully be helpful as we can bring this data forward and over the next several weeks advance to -- hopefully, a final rate notice that is more in line with the trends that we're seeing. And we -- it's so important to the seniors that we serve to have access to these benefits and great health care that they need and deserve.

好的，謝謝你，大衛。早安，賈斯汀，我只是想重複。大衛說，這是提前通知費率表。這些費率表明，根據我們所看到的醫療成本趨勢，這些費率根本不足夠。我們已經與 CMS 進行了溝通，我們將繼續溝通，希望能夠提供幫助，因為我們可以提出這些數據，並在接下來的幾週內推進——希望——最終的費率通知能夠更符合我們所看到的趨勢。對我們來說，讓老年人獲得他們需要和應得的這些福利和優質醫療保健至關重要。

So having said that, just a couple points to build on David's about how we think about our Medicare business. We spent the last 1.5 years or so, laying down this really strong foundation for the business, and we're going to continue to build on it.

說了這麼多，我想補充幾點，關於我們如何看待我們的醫療保險業務，我再補充幾點。在過去一年半左右的時間裡，我們為公司打下了非常堅實的基礎，我們將繼續在此基礎上成長。

So second straight successful year of executing both on bids and the AP. We're exiting AP, this recent AP in line with what we signalled during our Investor Day with modest contraction, but very much strengthening the business with a better geographic and product mix. We also continue to maintain a leading stars position.

所以連續第二年成功完成了投標和AP專案。我們正在退出亞太地區業務，最近退出亞太地區的業務與我們在投資者日上所表明的一致，規模略有縮小，但透過更好的地域和產品組合，大大增強了業務實力。我們也繼續保持領先明星的地位。

So this business is going to advance towards its recovery and target margin in 2026.

因此，該業務將逐步恢復，並在 2026 年實現目標利潤率。

In addition to that, we talked about our group Medicare Advantage business and that we had 50% of our block up for renewal in 2026, and we've executed on those rate renewals in a very positive way, and we'll continue to do that.

除此之外，我們還談到了我們的團體醫療保險優勢計劃業務，以及我們有 50% 的份額將在 2026 年續約，我們已經非常積極地完成了這些費率續約，我們將繼續這樣做。

So this business returns to target margin as well. It's an important part of our business for our enterprise. So all in all, great progress, and we're going to continue to build on that momentum. So specifically about 2027, the strategy, I'll just -- David said it, but I'll say it again, it remains unchanged.

所以這項業務也恢復到了目標利潤率。這對我們企業而言是業務的重要組成部分。總而言之，取得了巨大進展，我們將繼續保持這一勢頭。所以具體到 2027 年，戰略方面，我只想說——大衛說過，但我再說一遍，戰略保持不變。

We are going to build on the momentum in 2026 and continue to drive the Medicare business back to target margins.

我們將在 2026 年保持這一勢頭，繼續推動 Medicare 業務恢復到目標利潤率。

We take a leading stars position into 2027. That will be very helpful. And so notwithstanding the advanced rate notice, we think this, our business is well positioned. It's an important part of our portfolio at Aetna, and we really take pride in serving the members that we serve.

我們將以領先明星的地位進入2027年。那將非常有幫助。因此，儘管提前收到了利率通知，但我們認為，我們的業務目前處境良好。這是安泰保險業務的重要組成部分，我們非常自豪能夠為我們的客戶提供服務。

So look, we have confidence in that outcome in our ability to drive the business forward. Sree?

所以你看，我們對這結果以及我們推動業務發展的能力充滿信心。斯里？

Thanks, David. Thanks, Steve. So as David mentioned, we are pleased to see the value of in-home provider visits are maintained, and that's a recognition of the importance of Signify’ s business model. and we'll continue to provide this value to payer partners and members. However, as you've heard from David and Steve, the proposed rates failed to match utilization to cost trends, particularly as member needs become more complex.

謝謝你，大衛。謝謝你，史蒂夫。正如David所提到的，我們很高興看到居家服務提供者的價值得以維持，這體現了Signify商業模式的重要性。我們將繼續為支付方合作夥伴和會員提供這種價值。但是，正如您從大衛和史蒂夫那裡聽到的那樣，擬議的費率未能使利用率與成本趨勢相匹配，尤其是在會員需求變得越來越複雜的情況下。

We firmly believe in the importance of value-based care in Oak Street Health is a best-in-class model. It delivers better outcomes and better experiences at lower cost for the patients we serve. We will continue to assess the rate notice to understand the full impact and continue to share our insights with CMS. We have clear line of sight to improve performance in health care delivery, New Street Health in 2026. we'll continue to make progress in future years.

我們堅信以價值為導向的醫療保健的重要性，Oak Street Health 就是一個一流的模式。它能以更低的成本為我們服務的患者帶來更好的治療效果和更好的體驗。我們將繼續評估費率通知，以了解其全部影響，並繼續與CMS分享我們的見解。我們有一個清晰的願景來改善醫療保健服務的績效，即2026年的「新街健康」。未來幾年，我們將繼續取得進展。

Thank you, Sree.

謝謝你，Sree。

Lisa Gill, J.P. Morgan.

Lisa Gill，摩根大通。

Good morning and thanks very much. David, I just want to follow up on a couple of your comments you made as it relates to the PBM side of the business. First, when you talked about regulatory, you said we're all for any type of regulation that doesn't impact the ability to create competition in the supply chain.

早安，非常感謝。David，我想就你之前關於藥品福利管理（PBM）業務方面的一些評論做個後續說明。首先，在談到監管時，您說過我們完全支持任何不影響供應鏈中競爭能力的監管措施。

So I have really a three-part question here. The first is, do you feel that currently what the FTC is proposing would, in some way, hinder your ability to negotiate in the supply chain? And is that the reason that we haven't seen some type of settlement yet for CVS Health?

所以我的問題其實包含三個部分。首先，您是否認為聯邦貿易委員會目前提出的方案會在某種程度上阻礙您在供應鏈中進行談判的能力？這就是我們至今仍未看到 CVS Health 達成任何和解協議的原因嗎？

And then secondly, when I think about the PBM legislation, again, you talked about how that's manageable. We've seen you really start to shift your business towards transparency towards many of the things that are talked about.

其次，當我想到藥品福利管理機構 (PBM) 的立法時，您也談到了這是可以控制的。我們看到您確實開始將您的業務轉向更加透明化，尤其是在許多被討論的事情上。

So when I think about this, will it be the new default option in the marketplace. When I think about transparency and some of the things they're asking for, whether it's pass-through rebates, et cetera.

所以，當我思考這個問題時，它會成為市場上新的預設選項嗎？當我想到透明度以及他們提出的一些要求時，無論是轉嫁回扣等等。

And then the third part is just really the long-term margin for the PBM. So we understand there is this headwind with the guaranteed rebates in 2026. But can you talk about the time frame and how you think about long-term margins?

第三部分其實就是 PBM 的長期利潤。因此，我們了解到，2026 年的保證退款有這樣的不利因素。但您能否談談時間框架以及您如何看待長期利潤率？

Yes. Thanks, Lisa, and I'll -- let me try to take each one of those separately. And let me think it's important to start with the long-term margin profile. And you've been and you've watched this industry for some time now. And we've had a long history of adapting to both changing client needs and a variety of different market dynamic changes.

是的。謝謝麗莎，我會──讓我試著把這些問題一個一個回答。我認為首先應該關注長期利潤率狀況。你一直都在關注這個行業，已經有一段時間了。我們一直以來都善於適應不斷變化的客戶需求和各種不同的市場動態變化。

And what we've seen come through over the years is that we've been able to consistently earn what I believe are fair margins for the value that PBM delivers. That's not going to change with any of the things that you've seen presented.

多年來，我們看到的是，我們能夠持續獲得我認為與 PBM 所提供的價值相符的合理利潤。你所看到的這些事情並不會改變這一點。

The PBM value, we believe, still stays intact. We remain the only entity that's the sole job is to create the competition and actually negotiate for lower prices on the pharmaceutical supply chain. I talked a lot in the opening comments about still there's big drivers. Just in '26 alone, when you have 750 price increases that represent $25 billion of added cost to our customers just on our book alone, the role that PBM, I think, remains more important now than ever, especially when you have launch prices that we've seen a median price of over $350,000. So this, again, I think, speaks to somebody needs to play the role to continue to be the competition and/or create an entity that lowers cost for the consumer.

我們認為，PBM 的價值仍然保持不變。我們仍然是唯一一家以創造競爭、真正為降低藥品供應鏈價格而進行談判的機構。我在開場白中多次提到，仍然存在一些重要的驅動因素。光是我們自己的帳簿就給客戶增加了 250 億美元的成本，我認為，藥品福利管理 (PBM) 的作用現在比以往任何時候都更加重要，尤其是在我們看到的上市價格中位數超過 35 萬美元的情況下。所以，我認為這再次表明，需要有人扮演這個角色，繼續保持競爭力，或創造一個能夠降低消費者成本的實體。

So that said, what we've seen now, at least is more clarity on where the reform is coming from.

也就是說，至少我們現在看到的是，改革的方向更清楚了。

So the good news is, is that we know at least with the legislation, how to operate and how to run our business, and we have time to put the changes in place. I can't speak to the FTC. While we're in conversations, we're really not in a position to be able to elaborate or talk to the specifics. But I will say at least consistent with the PBM legislation. The tools that we've seen are essentially leaning into what we've been doing for the last couple of years.

好消息是，我們至少透過立法了解如何經營和經營我們的業務，而且我們還有時間來落實這些改變。我無法就聯邦貿易委員會的情況發表評論。在對話過程中，我們真的無法詳細闡述或討論具體細節。但我可以說，至少這與藥品福利管理機構（PBM）的立法是一致的。我們看到的這些工具，本質上與我們過去幾年一直在做的事情是一致的。

And this is in large part what I saw when I first came back into the business, which is the market needed to change. We were leading that change with both TrueCost on the PBM side and cost vantage at retail. So the fact is we anticipated these changes. We're driving the change. And now I'm going to have Ed DeVaney speak more broadly to how we're thinking about Trucost and maybe this being an accelerator for the adoption.

而這很大程度也是我重返這個產業後所看到的，那就是市場需要改變。我們引領了這項變革，無論是 PBM 方面的 TrueCost，還是零售方面的 Cost Vantage。所以事實上，我們預料到了這些變化。我們正在引領變革。現在，我將請 Ed DeVaney 更廣泛地談談我們對 Trucost 的看法，以及它是否會成為 Trucost 普及的加速器。

So thank you, David, and I appreciate the question, Lisa. And with TruCost, we anticipated the market events would demand change in the marketplace, which is really why Caremark innovated and led the market over two years ago. It's important to remember that TrueCost is built for transparency, durability and stable margins.

所以，謝謝你，大衛；我也很感謝你的提問，麗莎。而有了 TruCost，我們預見市場事件將要求市場改變，這正是 Caremark 兩年前創新並引領市場的原因。需要注意的是，TrueCost 的設計宗旨是透明、持久和穩定的利潤率。

The PBM industry is a dynamic market and profit pools, not only have bold over time, but we certainly expect they will evolve in the future. and we ultimately believe the margin profile will be similar and underlying growth for Caremark remains unchanged.

PBM產業是一個充滿活力的市場，利潤池不僅會隨著時間的推移而大幅波動，而且我們預計未來還會繼續演變。我們最終認為，Caremark的利潤率結構將保持穩定，其潛在成長也將保持不變。

We're excited about the shift to greater transparency and believe this recent legislation will accelerate adoption of TrueCost.

我們對這種轉向更高透明度的轉變感到興奮，並相信這項最新立法將加速 TrueCost 的普及。

All right, thanks, Ed. All right, operator, next question.

好的，謝謝，艾德。好的，接線生，下一個問題。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning and thanks for taking the question. Maybe to keep the momentum going, let's dig in a little bit on PCW. Great to hear the progress on cost vantage, the completion of the contracting. As you think about your market positioning to '26, especially going on a full basis with cost Vantage with the write age scripts that are continuing to ramp.

早上好，感謝您回答這個問題。為了保持這股勢頭，我們不妨深入了解 PCW。很高興聽到成本優勢的進展，以及合約的完成。當你考慮 2026 年的市場定位時，特別是要全面採用成本優勢，並撰寫年齡腳本，這些腳本正在增加。

How do you think about your opportunity to continue to gain share? And where do you see the competitive position across the market given the changing competitive dynamics that are currently in place relative to your position as an all-encompassing omnipresent pharmacy, obviously, with the mail side attached as well. Thank you.

您如何看待繼續擴大市場佔有率的機會？鑑於當前不斷變化的市場競爭格局，您如何看待您作為包羅萬象、無處不在的藥房（當然也包括郵寄業務）在整個市場中的競爭地位？謝謝。

Yes. Thanks, Michael. I think I'm going to have Len Shankman talk specifically to the PCW.

是的。謝謝你，麥可。我想我會讓 Len Shankman 專門和 PCW 談談。

Thanks, David, and I appreciate the question, Michael. Let me start by just highlighting 2025, which really serves as the foundation for the future. PCW delivered another strong quarter, and we're delivering these results by operating at high levels of service, colleague engagement and driving strong execution across the business. In the pharmacy, we saw prescription growth from market disruption, which is inclusive of the Rite Aid asset acquisition and pharmacy innovation as well. And let me remind you of the positive impacts that we saw through the Rite Aid acquisition.

謝謝你，大衛，我也很感謝你的提問，麥可。首先，我想重點強調一下 2025 年，它真正奠定了未來的基礎。PCW 又取得了強勁的季度業績，我們之所以能取得這些成果，是因為我們維持了高水準的服務、員工敬業度，並在整個業務中推動了強有力的執行。在藥局方面，我們看到處方藥成長源自於市場顛覆，這也包括 Rite Aid 的資產收購和藥局創新。讓我提醒各位，我們透過收購 Rite Aid 獲得了哪些正面影響。

We successfully welcomed 9 million new patients into our stores and welcome over 3,500 new colleagues from Rite Aid into CVS Health. And the transaction allowed us to serve patients who were left without a community pharmacy while also expanding our coast-to-coast footprint.

我們成功迎來了 900 萬名新患者光臨我們的門市，並歡迎 3500 多名來自 Rite Aid 的新同事加入 CVS Health。這項交易使我們能夠為那些失去社區藥局的患者提供服務，同時也擴大了我們在全國各地的業務範圍。

And I think the success reflects our deep commitments to ensuring patients maintain continued access to care they need, especially in the communities we serve throughout our country.

我認為這項成功體現了我們致力於確保患者能夠持續獲得所需醫療服務的堅定承諾，尤其是在我們全國各地服務的社區中。

Finally, with pharmacy, as David mentioned in his prepared remarks, we have successfully completed the transition of cost-based reimbursement across commercial, third-party discount, Medicare and Medicaid lines of business. the cost-based pricing models are performing in line with our expectations.

最後，正如大衛在事先準備好的演講稿中提到的，在藥房方面，我們已成功完成了商業保險、第三方折扣、聯邦醫療保險和聯邦醫療補助等業務線的成本報銷模式過渡。成本定價模式的運作情況符合我們的預期。

The front store performance was powered by a few initiatives in particular. We're focused on delivering value and driving loyalty through improved value propositions. We're localizing our assortment to better meet the needs of our customers.

前店業績的提升主要得益於幾項措施。我們致力於透過改進價值主張來創造價值並提高客戶忠誠度。我們正在調整產品種類，以便更好地滿足客戶的需求。

We're providing excellent customer service and the consumer sits at the centre of all of our decisions and experiences, which combined for the front store is resulting in growth in our customer base, increased trips and increased retail market share, leading to our fourth consecutive quarter of front store comp growth.

我們提供卓越的客戶服務，並將消費者置於我們所有決策和體驗的核心，這些因素共同促成了前店客戶群的增長、客流量的增加和零售市場份額的擴大，從而實現了前店同店銷售額連續第四個季度的增長。

And finally, we continue to invest in our colleagues technology and AI to improve consumer experience. And as Brian mentioned in his remarks, our results demonstrate that we are the best run pharmacy in the country operating nationally with strong consumer engagement expertise and trust.

最後，我們將繼續投資於同事們的技術和人工智慧，以改善消費者體驗。正如布萊恩在演講中提到的那樣，我們的結果表明，我們是全國經營最好的藥房，擁有強大的消費者互動專業知識和信任度。

So if I shift to this year, we feel good about our position in 2026. And as discussed during our Investor Day, we built a competitive advantage that we believe no one else in health care can replicate. We will continue to expand the role we play in on customers everyday health and retail convenience.

所以，如果我把時間改到今年，我們對2026年的地位感到樂觀。正如我們在投資者日上所討論的那樣，我們建立了一種競爭優勢，我們相信醫療保健領域的其他任何人都無法複製這種優勢。我們將繼續擴大我們在顧客日常健康和零售便利方面所發揮的作用。

And this is demonstrated by our pharmacy script growth, driven by innovation, adherence and strong service levels, and emphasis on the front store through localized assortment, loyalty and best-in-class customer experience, all through value propositions that resonate with our customers.

這一點可以從我們藥房處方量的增長中得到體現，這得益於創新、堅持和強大的服務水平，以及通過本地化商品種類、忠誠度和一流的客戶體驗來重視門店運營，所有這些都是通過能夠引起客戶共鳴的價值主張來實現的。

And let me just give you one example of those value propositions. We recently made a decision to reduce prices on products such as milk in thousands of our stores, to provide our customers with affordable options for everyday essentials.

讓我舉一個這些價值主張的例子。我們最近決定降低旗下數千家門市中牛奶等產品的價格，以便為顧客提供價格實惠的日常必需品選擇。

And finally, as I mentioned, we remain focused on efforts to drive operational efficiencies with technology and AI. We fundamentally believe health care is best delivered locally in the community. It's best delivered by trusted caring and tech-enabled colleagues and retail customers desire freedom to shop and engage in a way that's most convenient for their busy lives.

最後，正如我之前提到的，我們將繼續致力於透過技術和人工智慧來提高營運效率。我們從根本上認為，醫療保健的最佳提供方式是在社區內進行。值得信賴、富有愛心且精通科技的同事才能最好地提供服務，零售客戶希望能夠自由地以最方便的方式購物和參與，以適應他們忙碌的生活。

Yeah, thanks, Lynn. Thanks, Len. Maybe just one additional point. While cost manage is important in terms of the stable and durable profit margins in the business, I think what you hear Len saying is that our investments in the consumer and the experience both in terms of how our colleagues support as well as the technology and also the assortment of things that Len talked about, we will be a consumer-based health care company in this country. And I think in large part, because of the work that we're doing within our retail stores. So thanks for the question, Michael. Next question, operator.

謝謝你，琳恩。謝謝你，Len。或許再加一分。雖然成本管理對於企業保持穩定持久的利潤率很重要，但我認為你從 Len 的話語中聽到的是，我們對消費者和體驗的投資，包括我們同事的支持、技術以及 Len 所談到的各種產品，將使我們成為這個國家以消費者為中心的醫療保健公司。我認為這很大程度上是因為我們在零售店裡所做的工作。謝謝你的提問，麥可。下一個問題，操作員。

Andrew Mok, Barclays.

Andrew Mok，巴克萊銀行。

Hi, good morning. Your medical membership was revised up 200,000 members even though AEP results were described as being consistent with prior expectations. Can you help us understand the drivers behind that change and relatedly, what are your expectations for a commercial group and ASO membership and any potential implications for commercial rebate dynamics? Thanks.

您好，早安。儘管 AEP 結果被描述為與先前的預期一致，但您的醫療會員人數仍增加了 20 萬人。您能否幫助我們了解這項變化背後的驅動因素？此外，您對商業集團和 ASO 會員資格有何期望？以及這對商業回扣動態有何潛在影響？謝謝。

Yeah, so Steve, you want to take that question please?

好的，史蒂夫，你想回答這個問題嗎？

Sure. Good morning, Andrew. So on respect to our commercial membership, we saw about 18 million members. It's the highest membership level that we have served in the last decade actually. And so this is a strong business for us, and it remains strong.

當然。早安，安德魯。就我們的商業會員而言，我們看到大約有 1800 萬會員。實際上，這是我們近十年來提供的最高會員等級。因此，這對我們來說是一項強勁的業務，而且目前依然強勁。

We I think the over performance and growth that we saw in '25 and then as we will continue to grow in '26, it's a result of better-than-expected retention.

我認為我們在 2025 年取得的超額業績和成長，以及我們將在 2026 年繼續成長，都是因為客戶留存率高於預期所致。

And just the innovative products and the approach that we're taking with these very sophisticated purchasers of health care offering leading technology and solutions that they've been looking for. It's resonating with them.

我們為這些眼光獨到的醫療保健採購商提供創新產品和方法，提供他們一直在尋找的領先技術和解決方案。它引起了他們的共鳴。

And so really pleased with the results there and the we're making in the commercial business.

我對那裡的成果以及我們在商業領域的成就感到非常滿意。

Fully insured remains pressured just due to the disciplined pricing approach, and we're going to continue to be really disciplined in our pricing across all parts of this business. but that's been more than offset by growth in the self-funded business.

由於定價策略較為嚴格，全額保險業務仍面臨壓力，我們將繼續在所有業務領域維持嚴格的定價策略。但自保業務的成長已經完全抵消了這項壓力。

So continue to be well positioned. Aetna has been a brand that's long been associated with product innovation and clinical innovation, and we're getting back to that.

所以要繼續保持良好的發展態勢。安泰保險一直以來都是一個與產品創新和臨床創新聯繫在一起的品牌，而我們正在重拾這項傳統。

And as David mentioned in his prepared remarks, that really, really proud to be honoured by Press Ganey, acknowledging the innovative work we're doing around member experience and reducing friction there.

正如大衛在事先準備好的發言稿中提到的那樣，能夠獲得 Press Ganey 的認可，我們感到非常榮幸，這肯定了我們在提升會員體驗和減少會員摩擦方面所做的創新工作。

And then the engagement we've had with our provider partners, again, plays out really well in terms of just reducing the friction, but also lowering the total cost of care. So I'm pleased with how the commercial business is performing and confident about the ability to continue to advance that.

此外，我們與供應商合作夥伴的合作也取得了非常好的效果，不僅減少了摩擦，也降低了醫療總成本。我對商業業務的進展感到滿意，並且有信心繼續推動業務發展。

Great. Thanks, Steve. All right, operator, next question.

偉大的。謝謝你，史蒂夫。好的，接線生，下一個問題。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Hi guys, good morning. Thanks so much for the question. I was wondering if you could comment in a little bit more detail about sort of Medicaid rates. How are you thinking about how those are coming in versus your expectations 2026? Anything changes in terms of acuity versus a mismatch either positive or negative on that side? Thanks you.

大家好，早安。非常感謝你的提問。我想請您更詳細地介紹一下醫療補助費率方面的問題。您如何看待這些情況與您2026年的預期相比如何？如果該側視力出現正向或負向不匹配，視力方面會有什麼變化嗎？感謝您。

All right, Steve, another question for you.

好的，史蒂夫，我還有一個問題想問你。

Sure. No, thanks. Look, the Medicaid business has been performing in line with our expectations. We had a really strong year of rate efficacy execution in and we're going to continue that focus and discipline there. And as we enter 2026, again, I think we're off to a strong execution start.

當然。不，謝謝。你看，醫療補助業務的表現一直符合我們的預期。我們去年在費率效率執行方面取得了非常出色的成績，我們將繼續保持這一重點和嚴謹態度。進入 2026 年，我認為我們又迎來了一個強勁的執行開端。

It's obviously a high trend environment. We remain cautious and prudent as we think about this, but it's -- the trends that we're seeing are in line with what we've laid out in our expectations. So we're going to continue to work really closely with our state partners to make sure we have adequate rates, but also to provide clinical and operational excellence. This is a really important population that we serve and proud to do it and look at like our progress on the Medicaid business overall.

這顯然是一個高趨勢的環境。我們在考慮這個問題時仍然保持謹慎和審慎的態度，但是——我們看到的趨勢與我們預期的情況相符。因此，我們將繼續與州政府合作夥伴密切合作，以確保我們擁有足夠的費率，同時也提供卓越的臨床和營運服務。我們服務的這個群體非常重要，我們為此感到自豪，也對我們在醫療補助業務方面取得的整體進展感到滿意。

Great. All right, operator, next question.

偉大的。好的，接線生，下一個問題。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Yes, good morning guys, and I appreciate taking the question. I'll say, David, you're probably going to defer this one right to Steve as well. I guess I appreciate that you guys provided the color on the MLR expectations for 2026. Steve, I was just wondering if you might provide any color on kind of the directional pieces inside of MA, Medicaid, commercial and maybe the other lines of business kind of following up on Elizabeth's question like kind of which where will MLR look a little bit better? Where will MLR look a little bit worse and would love to hear any big moving pieces you would call out?

是的，各位早安，感謝你們回答這個問題。大衛，我得說，你可能也會把這件事交給史蒂夫來處理。我很感謝你們對 2026 年 MLR 的預期進行了詳細介紹。史蒂夫，我只是想問你是否可以就 MA、Medicaid、商業保險以及其他業務線內部的方向性部分提供一些見解，算是對伊麗莎白提出的問題的一種補充，比如 MLR 在哪些方面看起來會更好一些？MLR在哪些方面可能會顯得遜色一些？我很想聽聽您認為有哪些重大變動因素需要指出？

All right. I'm going to have Brian take this first, George.

好的。喬治，我先讓布萊恩來做這件事。

So last year was, I think, a strong first year of our journey to the target margins. You'll recall AOI improved by about $2.6 billion. We expect another year, George, of strong progress in '26. We continue to make progress towards achieving the target margins in each of the businesses. And we've been clear the trends are still very elevated, but we're not expecting that to change in '26.

所以我認為，去年是我們實現目標利潤率旅程中強勁的第一年。您可能還記得，AOI 的收益增加了約 26 億美元。喬治，我們預計2026年將取得另一個強勁的進步。我們在實現各業務目標利潤率方面持續取得進展。我們已經明確表示，目前的趨勢仍然非常高，但我們預計這種情況在 2026 年不會改變。

So as you think about the expectations embedded in the guide for each of the businesses. In Medicare, we expect another year of margin improvement driven by a rational disciplined approach to pricing in our individual and PDP products and repricing in our group MA business.

所以，當你思考指南中針對每家企業所包含的期望。在 Medicare 方面，我們預計利潤率將再持續一年有所提高，這得益於我們對個人和 PDP 產品採取的理性嚴謹的定價方法，以及我們對團體 MA 業務的重新定價。

On the Medicaid side, I'd expect to maintain our cautious outlook on performance in light of the broader pressures across the industry that we're seeing. And then lastly, in commercial, we maintained pricing discipline. And as a result, I think you can expect performance will remain strong. So I just emphasize tremendous earning power at Aetna. We have built a strong foundation in '25 and then we have confidence as we will go down the right path in '26.

就醫療補助計劃而言，鑑於我們目前看到的整個行業面臨的更大壓力，我預計我們將維持對業績的謹慎預期。最後，在商業方面，我們保持了價格紀律。因此，我認為可以預期業績將保持強勁。所以我只想強調安泰保險公司龐大的獲利能力。我們在 2025 年打下了堅實的基礎，因此我們有信心在 2026 年走上正確的道路。

So Steve, do you want to provide some more color?

史蒂夫，你想再補充一些細節嗎？

Thanks, Brian. Yes, look, we're really pleased with the performance of the business overall. Each business has made meaningful progress on the build on it's important to understand some of the drivers that you asked about discipline around exiting -- so we're always going to be focused on returning the business margin, I'm switching microphones here. So you can -- I guess there's out of your I'm not sure. But -- so I'll just keep going here.

謝謝你，布萊恩。是的，你看，我們對公司的整體表現非常滿意。每個企業都在發展方面取得了實質進展，重要的是要了解你提到的關於退出紀律的一些驅動因素——所以我們將始終專注於恢復業務利潤率，我現在要換個麥克風了。所以你可以——我猜你……我不確定。但是——所以我還是繼續在這裡吧。

But look, we have an opportunity to continue to build on the momentum across the business. But an additional driver beyond just focus on the fundamentals is we built this really strong culture at Aetna, which when you have more than 50,000 colleagues all aligned to returning the business to not only target margin, but leading capability and consumer solutions company.

但是，我們有機會繼續保持業務發展勢頭。除了專注於基本面之外，另一個驅動因素是我們在安泰保險建立了非常強大的企業文化。擁有超過 50,000 名員工，大家齊心協力，不僅要讓公司恢復到目標利潤率，還要成為領先的能力和消費者解決方案公司。

We're really excited about the progress there and just the engagement of our population. And I would include CVS overall as we feel supported by the enterprise. So we have a lot of passion around the competitive capabilities better navigation, better advocacy and better partnerships with a provider. So we're going to continue to build on the momentum and return the business to target margins. And there's a lot of drivers that are beyond just the focus on the fundamentals.

我們對那裡的進展以及民眾的參與感到非常興奮。而且我還會把 CVS 整體也考慮在內，因為我們覺得得到了公司的支持。因此，我們對提升競爭力、增強導航能力、更好地進行宣傳以及與供應商建立更好的合作關係充滿熱情。因此，我們將繼續保持這種勢頭，使業務恢復到目標利潤率。而且，除了專注於基本面之外，還有很多其他因素在起作用。

Perfect. Thanks, Steve. All right, operator, next question.

完美的。謝謝你，史蒂夫。好的，接線生，下一個問題。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Great, thanks. So on the technology investment side, you highlighted a lot of this at Investor Day, but can you break down a little bit more what some of those incremental investments are in 2026? Is there any sort of lumpiness to this that we should think about in terms of the quarterly progression of EPS and highlight some of those advancements or efficiencies gained from some of those investments?

太好了，謝謝。在技​​術投資方面，您在投資者日上重點介紹了很多內容，但您能否更詳細地介紹一下 2026 年的一些新增投資項目？就每股盈餘的季度成長而言，是否存在某種波動性值得我們考慮，並重點介紹從某些投資中獲得的進步或效率提升？

Okay. That's a great question, and I'm going to have Brian kick it off on the investments and then have Prem speak a little bit to where we are currently with the open platform.

好的。這是一個很好的問題，我將首先讓 Brian 談談投資方面的情況，然後讓 Prem 簡單介紹一下我們目前在開放平台上的進展。

Yes. Thanks, Erin and David, AI, as you heard from us, it's being utilized across the enterprise, and we had the opportunity at Investor Day to highlight some of these examples in the way we're changing how we work, Erin, I think we're trying to change the experience we're able to provide in the health care system. So we're using AI to reimagine the health care experience, putting the consumer at the centre and to ensure each business is best-in-class. It's helping us with our cost and growth goals, allows us to reinvest product innovation, including the open engagement platform, which Prem and talked about at Investor Day, and hopefully enabling us to lead health services and technology from a corporate perspective. So still early days .

是的。謝謝艾琳和戴維。正如你們從我們這裡了解到的，人工智慧正在整個企業範圍內應用。在投資者日上，我們有機會重點介紹了一些我們正在改變工作方式的例子。艾琳，我認為我們正在努力改變我們在醫療保健系統中所能提供的體驗。因此，我們正在利用人工智慧重新構想醫療保健體驗，將消費者置於中心，並確保每個業務都達到一流水平。它幫助我們實現了成本和成長目標，使我們能夠重新投資產品創新，包括 Prem 和在投資者日上談到的開放式互動平台，並有望使我們能夠從企業角度引領醫療服務和技術。所以現在還處於早期階段。

But we see an incredible amount of opportunity to leverage the tools that we're investing in and connectivity. It will both drive savings as well as accelerate growth. Prem, do you want to provide a little color on what you're seeing?

但我們看到了大量利用我們正在投資的工具和連結性的機會。它既能節省成本，又能加速成長。Prem，你想對你看到的情況做些補充說明嗎？

Sure. Thanks, Erin, for the question. And we're incredibly excited about the prospect of our announcement at Analyst Day with the open engagement platform. Progress to date is performing well, and we believe we're uniquely positioned to create the next-generation health care engagement. If you think about some of the things that Len said earlier, and David said, we have over 185 million consumers that engage with us across CVS Health every year.

當然。謝謝艾琳的提問。我們非常興奮地期待在分析師日上宣布推出開放式互動平台。迄今為止，進展順利，我們相信我們擁有獨特的優勢，能夠打造下一代醫療保健互動模式。想想 Len 和 David 之前說過的一些話，我們每年有超過 1.85 億消費者透過 CVS Health 與我們互動。

We have the best run pharmacy in our local footprint across the 9,000 pharmacy destinations we have. And we have a really important trusted brand and a loyal set of customer bases that we can leverage and really engaging them inside of their health.

在我們擁有的 9000 家藥局中，我們擁有在地化營運中最好的藥局。我們擁有一個非常重要的、值得信賴的品牌和一群忠實的客戶群，我們可以利用這些優勢，真正讓他們參與自己的健康管理。

We also have a unique set of existing capabilities that we've proven across business integration across Aetna, Caremark and retail. We're extremely excited about kind of bringing that to market as we go forward. We continue to engage in productive conversations with potential partners across a diverse range of the health care ecosystem participants. \

我們還擁有一套獨特的現有能力，這些能力已在安泰保險、凱爾馬克和零售等業務整合方面得到驗證。我們非常興奮能夠逐步將這項技術推向市場。我們繼續與醫療保健生態系統中各個領域的潛在合作夥伴進行富有成效的對話。\

And we strongly believe we can unlock the power of that connection with consumers and drive greater engagement in health care, improve the quality of health care and lower overall total cost of care. We plan to report our new product launches as well as partnership announcements in the coming quarters, and we're looking forward to bringing you guys all along our journey over the course of 2026.

我們堅信，我們可以釋放與消費者之間聯繫的力量，推動他們更積極地參與醫療保健，提高醫療保健質量，並降低整體醫療保健成本。我們計劃在接下來的幾季公佈我們的新產品發布以及合作夥伴關係公告，我們期待在 2026 年與大家分享我們的發展歷程。

Perfect. Thanks. Thanks for Aaron. Thanks for the question. So operator, we have time for one more question.

完美的。謝謝。謝謝你，亞倫。謝謝你的提問。操作員，我們還有時間再問一個問題。

Anne Hines, Mizuo.

安妮·海因斯，水尾。

Yeah, great. Thank you. We couldn't hear Steve in the beginning of George question. So I might reask that a different way. Can you just tell us where you ended in the health insurance business, where you ended from a margin perspective in each subsegment what's embedded in guidance for 2026 from a margin perspective? And then maybe trend what trend was in each subsegment and what you're expecting it to be in 2026. That would be great.

好的，太棒了。謝謝。在喬治提問的開頭，我們聽不到史蒂夫的聲音。所以我可能會換個方式問。您能否告訴我們您在健康保險業務方面的最終業績，以及從每個細分市場來看，您的利潤率最終是多少？ 2026 年的利潤率預期又包含哪些內容？然後，或許可以分析一下每個細分市場的趨勢，以及你對 2026 年趨勢的期望。那太好了。

Okay. Thanks, Ann. I'm going to have Brian talk more broadly about the margins and the trends but not by product.

好的。謝謝你，安。我打算讓布萊恩更廣泛地談談利潤率和趨勢，但不會具體到產品。

So thanks very much for the question. And as we think about the margins by business, I think you can expect Medicare to be another year of margin improvement. We think that's driven by a rational disciplined approach to pricing in our individual B2B products and repricing of the group MA business. From a Medicaid perspective, maintain a cautious outlook on the performance in light of the broader pressures across the industry and finally, in commercial, I think maintaining pricing discipline as a result. Steve, maybe you can share some of the color that was muted on your microphone earlier.

非常感謝您的提問。當我們從各個業務領域來考慮利潤率時，我認為可以預期醫療保險業務的利潤率將在未來一年繼續提高。我們認為這是由於我們在各個 B2B 產品定價方面採取了理性嚴謹的定價方法，以及對集團 MA 業務進行了重新定價。從醫療補助的角度來看，鑑於整個行業面臨的更大壓力，對業績保持謹慎態度；最後，在商業方面，我認為因此需要保持定價紀律。史蒂夫，或許你可以分享一下你之前麥克風裡被消音的部分色彩。

I'm sorry about that. I'm not sure you switch microphones, so hopefully, you can hear me now, but I was just highlighting that we maintain a real disciplined focus around the fundamentals of the business, and that has contributed to the success. We expect, as Brian said, progress in the Medicare business as we continue to strengthen that and that will be a meaningful driver of margin improvement overall Aetna, not just in 2026, but believe in 2027 as well.

對此我深感抱歉。我不確定你們是否會切換麥克風，所以希望你們現在能聽到我的聲音，我只是想強調，我們始終保持著對業務基本面的嚴格關注，而這正是我們取得成功的原因。正如布萊恩所說，我們預計隨著我們繼續加強醫療保險業務，該業務將取得進展，這將成為安泰整體利潤率提高的重要驅動力，不僅在 2026 年，而且我們相信在 2027 年也是如此。

We expect stable margins in our Medicaid business. We're off to a good start and cautious about the high trend environment, but it's in line with our expectations and the commercial business is strong. And we continue that to perform well even in the midst of this very dynamic high trend environment, we maintain pricing discipline, but bringing compelling products and capabilities and solutions to our sophisticated purchasers. But I was just highlighting to the underlying culture of our team and how they've come together to drive kind of from a transaction mindset to this consumer solutions mindset, and it's resonating with our customers and our members. So really proud of that.

我們預期醫療補助業務的利潤率將保持穩定。我們開局良好，對高趨勢環境保持謹慎，但這符合我們的預期，商業業務也很強勁。即使在當前瞬息萬變的高趨勢環境下，我們仍然能夠保持良好的業績，我們堅持價格紀律，同時為我們成熟的客戶帶來極具吸引力的產品、功能和解決方案。但我只是想強調我們團隊的潛在文化，以及他們如何齊心協力，從交易思維轉變為消費者解決方案思維，而這種思維方式引起了我們的客戶和會員的共鳴。我真的為此感到驕傲。

And so look, we're going to continue to strengthen the business and drive towards target margins and really like the momentum we're seeing as we head into 2026.

所以，我們將繼續加強業務，努力實現目標利潤率，並且非常高興看到我們在邁向 2026 年之際所取得的進展。

Thank you, Steve, and thanks, everyone, for your questions. I think, Steve, closed with right focus. We are a consumer-based health care company, and this is occurring across all of our businesses, and I'm incredibly proud of the results that we delivered in 2025, also very bullish on the momentum that we're carrying into '26.

謝謝你，史蒂夫，也謝謝大家的提問。我認為，史蒂夫，你總結得很好。我們是一家以消費者為中心的醫療保健公司，這種情況正在我們所有的業務中發生，我對我們在 2025 年取得的成果感到無比自豪，也對我們延續到 2026 年的勢頭非常樂觀。

So I just want to thank again the 300,000-plus colleagues that are actually delivering the work day in and day out to serve the consumers. I'm also proud of the work that we've done to make health care more affordable and accessible for American families.

所以，我再次感謝超過30萬名同事，感謝他們日復一日地辛勤工作，為消費者提供服務。我也為我們為使美國家庭能夠更負擔得起、更方便地獲得醫療保健所做的工作感到自豪。

I do believe that CVS Health through our unique position in health care and our connections with millions of Americans and their communities is best positioned to simplify health care, one person, one family, one community at a time. So thank you for joining our call.

我相信，CVS Health憑藉其在醫療保健領域的獨特地位以及與數百萬美國人及其社區的聯繫，最有能力簡化醫療保健，一次服務一個人、一個家庭、一個社區。感謝您參加我們的電話會議。

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

感謝您參加 CVS Health 2025 年第四季財報電話會議。今天的電話會議到此結束。您現在可以斷開連線了。