CVS Health Corporation (NYSE:CVS) Q1 2019 Earnings Conference Call Transcript

May 01, 2019 • 08:30 am ET

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CVS Health Corporation (NYSE:CVS) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning. My name is Melissa and I will be your conference operator today. At this time, I would like to welcome everyone to the CVS Health Q1 2019 Earnings Call. (Operator Instructions).

Thank you. Joe Krocheski, Vice President, Investor Relations, you may begin your conference.

Executive
Joe Krocheski

Good morning everyone and thank you for standing by. Welcome to the conference call to discuss CVS Health's first quarter 2019 results and outlook for the remainder of the year. As a reminder, this call is being recorded on Wednesday May 1, 2019.

I'm Joe Krocheski, Vice President of Investor Relations for CVS Health. I am joined this morning by Larry Merlo, President and CEO; and Eva Boratto, Executive Vice President and CFO. Following our prepared remarks, we'll host a question-and-answer session. Jon Roberts COO; Karen Lynch President of Aetna; Derica Rice President of Caremark; and Kevin Hourican President of CVS Pharmacy will also be joining us for the question-and-answer session. (Operator Instructions)

In addition to this call and our press release, we will have posted a slide presentation on our website that summarizes the information in our prepared remarks as well as some additional facts and figures regarding our operating performance and guidance.

Our Form 10-Q will be filed later today and that too will be available on our website once filed. Please note during this call we will make certain forward-looking statements that reflect our current views related to our future financial performance, future events and industry and market conditions and forward-looking statements related to the integration of the Aetna acquisition including the expected consumer benefits, financial projections and synergies. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from what may be indicated in the forward-looking statements.

We strongly encourage you to review the information in the reports we file with the SEC regarding these specific risks and uncertainties, in particular those that are described in the Risk Factors section of our annual report on Form 10-K and the cautionary statement disclosures in our quarterly reports on Form 10-Q. You should also review the section entitled Forward-Looking Statements in this morning's earnings press release. During this call. we will use non-GAAP financial measures when talking about the Company's performance and financial condition. In accordance with SEC regulations, you can find a discussion of these non-GAAP measures and the comparable GAAP measures in this morning's earnings press release and the reconciliation document posted on the Investor Relations portion of our website. And as always today's call is being broadcast on our website where it will be archived for one year following today's call.

Now I'll turn the call over to Larry Merlo. Larry?

Executive
Larry Merlo

Thanks Joe. Good morning everyone and thanks for joining us. Today I'm pleased to report that we are off to a strong start to the year as evidenced by our first quarter adjusted earnings per share of $1.62 which exceeds our initial expectations. The strong performance was driven by all businesses achieving