“As a result, Healthcare Benefits 2024 MBR will see the largest year-over-year increase in the first quarter and the smallest in the fourth quarter.”

In context

“e delivery businesses were able to successfully manage through medical cost trend pressures in 2023, we think it is prudent to recognize the potential for emerging risk our pair partners until we have further clarity on 2024 utilization trends. Finally, we've made a corresponding adjustment to cash flow from operations which we now project to will be at least $12 billion to ship. As you think about the cadence of earnings in 2024, we expect to generate less than 50% of our adjusted EPS in the first-half. More specifically, we expect to generate roughly 20% of full-year adjusted EPS in the first quarter. This pattern will look different than 2023, primarily due to the way Medicare Advantage utilization emerged over the course of 2023, and the timing and impact of prior period developments. As a result, Healthcare Benefits 2024 MBR will see the largest year-over-year increase in the first quarter and the smallest in the fourth quarter. You can find additional details on the components of our updated 2024 guidance on our investor relations web page. Beyond 2024, we are committed to returning our Medicare Advantage margins to our target of 4% to 5%, while also preserving the projected returns on capital for our 2023 acquisitions. Our stars recovery in 2025 will enhance our earnings trajectory, even as we work to adjust our plans or count for the preliminary 2025 Medicare Advantage wait notice, which does not adequately cover recent medical cost runs. For 2025 our goal is to deliver low-double-digit adjusted EPS growth of our updated 2024 guidance. We expect to update investors later this year on our progress against this goal. To conclude, 2023 was a year where CVS Health demonstrated the power of our diversified enterpri”