Blue Shield of California to drop CVS Caremark as PBM except specialty; CVS reaffirms 2023 guidance

CVS HEALTH Corp

Blue Shield of California will use multiple pharmacy providers starting 2024; CVS Caremark retained only for specialty pharmacy.
Partial contract termination has no impact on CVS's 2023 guidance and immaterial longer-term impact.
CVS reaffirms 2023 GAAP diluted EPS range $6.53-$6.75, adjusted EPS $8.50-$8.70, cash flow from ops $12.5B-$13.5B.
CVS states CVS Caremark remains the leading U.S. PBM by members and health plans served.

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