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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“CVS Health and Telecom Argentina and TD Bank and the IRS, somebody who's gonna be getting a big check from all of us.”
CVS Health is named among new AgentForce customer wins in the quarter.
“does the assumptions now include Rite Aid from CVS closing that? Obviously, you've aligned with a high-growth customer there, and that's amazing.”
An analyst characterizes CVS as a high-growth Cardinal Health customer picking up former Rite Aid store volume.
“In infrastructure, clients such as CVS are turning to Z17's AI capabilities for enhanced management of mainframe application workloads and increased resiliency.”
CVS is named as adopting IBM Z17's AI capabilities for mainframe workload management and resiliency, a read-through on CVS's infrastructure modernization.
“We're very excited to be partnering with companies like Kroger or CVS to really offer the highest possible quality, the perfect inventory accuracy at the lowest cost and the fastest speeds.”
DoorDash names CVS as a fulfillment-services partner for high-quality, low-cost same-day delivery, indicating CVS's use of third-party last-mile infrastructure.
“you have 2 large mail order pieces of business with both Optum and Caremark.”
An analyst references McKesson's large mail-order pharmacy relationships with PBMs Optum (UnitedHealth) and Caremark (CVS Health) amid discussion of formulary-driven biosimilar revenue impacts.
“our discussions with the remaining 25% of payers, including CVS, are ongoing, and we're very confident about our ability to reach the goals that we've set forth”
CVS is among the remaining payers that have not yet covered Yeztugo; Gilead says coverage discussions are ongoing.
“While the impact of the CVS template formulary change was disruptive to patients and physicians, the impact on Zepbound performance was modest.”
CVS's template formulary change (dropping/altering Zepbound coverage) disrupted patients and physicians, though Lilly says the effect on Zepbound was modest and share recovered.
“CVS announced more improved results this week, as you may have seen.”
Colgate cites improving results at retail customer CVS as it works with the drugstore channel to drive traffic back to the middle of the store.
“We entered into an innovative partnership with CVS to run our pharmacy business.”
Target recaps its partnership handing CVS operation of its in-store pharmacy business.
“Vestcom, our suite of productivity and media solutions for the retail shelf edge was up roughly 10% in the quarter on the successful rollout of our productivity solutions at CVS Health, which was completed earlier in the quarter.”
Avery Dennison's Vestcom shelf-edge business grew ~10% in the quarter, driven largely by a completed rollout at CVS Health.
“we learned in May that CVS was taking four of the Rite Aid positions in our Pacific Northwest portfolio”
CVS is backfilling four former Rite Aid store positions in Regency's Pacific Northwest portfolio, providing clarity that lowered Regency's credit-loss guidance.
“we did see certainly with the first exclusionary formulary that was CVS last year, we did see movement from Humira not all of it went to the biosimilars”
CVS's exclusionary formulary decision drove some HUMIRA patients to biosimilars, though management notes some also moved to AbbVie's own Skyrizi/Rinvoq instead.
“the positive impacts that we saw through the Rite Aid acquisition. We successfully welcomed 9 million new patients into our stores and welcomed over 3,500 new colleagues from Rite Aid into CVS Health.”
CVS absorbed roughly 9 million Rite Aid patients and 3,500 colleagues via an asset acquisition after Rite Aid's collapse, signaling Rite Aid's exit as a community-pharmacy competitor and a script-volume tailwind for CVS.
“we were the first large provider to join the NovoCare program for GLP-1s.”
CVS was the first large provider to join Novo Nordisk's NovoCare direct-to-consumer program for GLP-1 obesity drugs.
“taking advantage of market opportunities like our acquisition of the Rite Aid assets.”
CVS acquired Rite Aid assets (including prescription files) as a growth opportunity for its retail pharmacy business.
“Last month, we announced our pledge with CMS to streamline, simplify and reduce unnecessary complexities in health care.”
CVS's pledge with CMS to streamline prior authorization reflects a broader industry initiative to reduce administrative friction in Medicare, positioning CVS as an early participant in the government's simplification push.
“For example, in our new business win with CalPERS, they specifically highlighted our commitment to delivering more affordable drug benefits and our performance-based model that emphasizes managing pharmacy costs and ensuring clinical quality.”
CalPERS selected CVS's Caremark as its PBM based on its affordability commitments and performance-based model, signaling continued competitive wins for CVS in the large public-sector plan sponsor market.
“These increases were primarily driven by pharmacy drug mix and increased prescription and front store volume, including some early impact from the acquisition of a portion of Rite Aid Scripts, partially offset by continued pharmacy reimbursement pressure.”
CVS's early integration of prescription files acquired from Rite Aid is contributing to pharmacy volume growth, consistent with Rite Aid's ongoing asset divestitures amid its wind-down.
“back to the Blue Shield of California contract, where they kind of split that contract up and you guys ended up retaining the specialty pharmacy part of the business”
Analyst cites CVS's prior experience with the Blue Shield of California contract, where CVS retained the more profitable specialty pharmacy piece after the client split PBM services, as a precedent for how CVS might respond to further vertical-integration pressure.
“we are partnering with Novo Nordisk to significantly increase access to Wegovy for our members at a more affordable price”
CVS/Caremark struck a formulary partnership with Novo Nordisk to prefer Wegovy at a lower price for its largest commercial template and become the first retail pharmacy in the NovoCare network, expanding GLP-1 access across 9,000 locations.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Elizabeth Anderson | Evercore ISI | 6 (0%) |
| Justin Lake | Wolfe Research | 6 (0%) |
| Lisa Gill | JPMorgan | 6 (0%) |
| Andy Mok | Barclays | 6 (0%) |
| Steve Baxter | Wells Fargo | 5 (0%) |
| Mike Cherny | Leerink Partners | 4 (0%) |
| George Hill | Deutsche Bank | 4 (0%) |
| Ann Hynes | Mizuho Securities | 3 (0%) |
| Erin Wright | Morgan Stanley | 3 (0%) |
| Eric Percher | Nephron Research | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 6 (0%) |
| Evercore ISI | 1 | 6 (0%) |
| JPMorgan | 1 | 6 (0%) |
| Wolfe Research | 1 |
CVS Health closed FY2025 with Q4 revenue exceeding $105 billion, up over 8%, and adjusted EPS of $1.09, while the medical benefit ratio was 94.8%, consistent with the prior year. Full-year 2025 meaningfully exceeded initial expectations, with the Aetna margin recovery delivering $2.6 billion in AOI improvement. New FY2026 guidance was introduced with adjusted EPS of $7.00 to $7.20 on a strong foundation. The 2027 Medicare Advantage advance rate notice was characterized as disappointing, and PCW established a new trajectory of at least flat earnings.
Margin | Pricing | Regulation Policy | Guidance Reliability | Competitive Dynamics | Cost Pressure | Revenue Growth | Demand | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 2 | 2 | 1 | 1 | ||
| 2025Q1 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | |
| 2025Q2 | 6 | 2 | 2 | 2 | 2 | 1 | 1 | 2 |
| 2025Q3 | 5 | 3 | 2 | 1 | 1 | 3 | 1 | |
| 2025Q4 | 4 | 3 | 1 | 2 | 2 | 1 | ||
| 2026Q1 | 4 | 2 | 2 | 1 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 4 | 3 | 6 | 5 | 4 | 4 |
| Pricing | 3 | 2 | 2 | 3 | 2 | |
| Regulation Policy | 2 | 2 | 2 | 3 | 2 | |
| Guidance Reliability | 2 | 1 | 2 | 2 | 1 | 1 |
| Competitive Dynamics | 1 | 2 | 1 | 2 | 3 | |
| Cost Pressure | 1 | 2 | 1 | 1 | 2 | |
| Revenue Growth | 1 | 1 | 3 | 1 | ||
| Demand | 1 | 2 | 1 | 2 |
| 6 (0%) |
| Wells Fargo | 1 | 5 (0%) |
| Leerink Partners | 1 | 4 (0%) |
| Deutsche Bank | 1 | 4 (0%) |
| Mizuho Securities | 1 | 3 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CVS CVS Health | 9 | +6.2% | |
| CI Cigna | 8 | +4.6% | |
| CNC Centene Corporation | 9 | +7.1% | |
| ELV Elevance Health | 7 | +2.6% | |
| HUM Humana | 7 | +23.5% | |
| UNH UnitedHealth Group Incorporated | 7 | +2.0% |