CVS Health Corporation (NYSE:CVS) Q3 2019 Earnings Conference Call - Final Transcript

Nov 06, 2019 • 08:00 am ET


CVS Health Corporation (NYSE:CVS) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the CVS Health Q3 2019 Earnings Call. [Operator Instructions]. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Valerie Haertel, Senior Vice President of Investor Relations. Thank you. Please go ahead.

Valerie Haertel

Thank you and good morning everyone. Welcome to the CVS Health Third Quarter 2019 Earnings Call. As a reminder, this call is being recorded. I'm Valerie Haertel, Senior Vice President of Investor Relations for CVS Health. I am joined this morning by Larry Merlo, President and CEO; Eva Boratto, Executive Vice President and CFO. Following our prepared remarks, we'll host a question-and-answer session when Jon Roberts, Chief Operating Officer; Karen Lynch, President of Aetna; Derica Rice, President of Caremark; and Kevin Hourican, President of CVS Pharmacy will also join us.

In order to provide more people with the chance to ask their questions during the Q&A, please limit yourself to no more than one question with a quick follow-up. In addition to this call and our press release, consistent with our practice, we have posted a slide presentation on our website. Our Form 10-Q was filed this morning and is available. 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 filed with the SEC regarding these 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 Concerning Forward-Looking Statements disclosures in our quarterly reports on Form 10-Q. You should also review the section entitled Cautionary Statement Concerning 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 the 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 the call.

Now, I'll turn the call over to Larry.

Larry J. Merlo

Well thanks, Valerie. Good morning everyone and thanks for joining us. In the third quarter, we continue building on our positive business momentum delivering adjusted earnings per share of $1.84, exceeding the high end of our guidance range. Importantly, this performance was driven by strong operational execution across our enterprise with all three segments performing in line with or above