Says on track to exceed near-term synergy target of $750M in 2020. Says challenges — structural and CVS-specific in long-term care space, lower brand inflation, questions about rebates, ongoing pharmacy reimbursement pressures — having disproportionate impact vs. prior years. Says Continuing to evaluate all assets and the roles they play in enabling core strategies of the new company. Sees FY19 Enterprise revenue $249.86B-$254.29B, Retail/LTC adjusted revenue $*5.25B-$86.79B, Pharmacy Services adjusted revenue $136.59B-$138.95B, Health Care Benefits adjusted revenue $67.68B-$68.71B. Sees FY19 net synergies $300M-$350M, incremental investment spending $325M-$350M, effective tax rate about 26%, gross CapEx $2.3B-$2.6B, cash flow from operations $9.8B-$10.3B. Comments taken from slides being presented on the Q4 earnings conference call.
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