“Recently, there have been significant developments in the 340B program that create challenges for our Pharmacy Benefits business. And based on our most recent experience, COVID contributions may dissipate more rapidly than previously anticipated.”

In context

“year results with the third quarter modestly higher than the fourth quarter. We also want to highlight our expectations for quarterly MBRs. We continue to expect the year-on-year increases in MBR to be higher in the first half than the second half. This dynamic is due to COVID-driven lower utilization trends in the first half of 2022. We expect the MBR progression in the second quarter of this year to look similar to the trend in the first quarter. Shifting now to our multiyear outlook. We remain committed to achieving the $9 and $10 targets for 2024 and 2025 that we shared during our earnings call in February. We take these commitments seriously and have aligned the organization and our operations to achieve these goals. As with any multiyear plan, new headwinds and tailwinds can emerge. Recently, there have been significant developments in the 340B program that create challenges for our Pharmacy Benefits business. And based on our most recent experience, COVID contributions may dissipate more rapidly than previously anticipated. The early close of the Signify and Oak Street transactions improve our ability to accelerate synergy realization. In addition, our business re-segmentation presents the opportunity to reduce duplicative efforts and enhanced focus on rationalizing our core operations. We believe these opportunities combined with the underlying strength of our business and our commitment to evaluate all alternatives to accelerate growth and synergies from our new acquisitions will enable us to mitigate the new headwinds I just discussed. To conclude, our first quarter results reflect continued strengths from all of our core business segments. We are excited to begin the work of integrating Signify and Oak Street into our operations and are pleased with the positive contribution of our foundational businesse”