“We continue to expect our leverage ratio to return to more normalized levels as we maintain disciplined financial policies and make progress on margin recovery in the Aetna business.”

In context

“e timing of the Easter holiday, which contributed roughly 1 percentage point. Adjusted operating income increased nearly 8% from the prior year to over $1.3 billion, primarily driven by increased prescription and front store volume, partially offset by continued pharmacy reimbursement pressure. Turning now to cash flow and the balance sheet. We generated cash flows from operations of approximately $6.5 billion in the first half of the year. We have distributed approximately $1.7 billion in dividends to our shareholders year-to-date, and we ended the quarter with approximately $2.4 billion of cash at the parent and unrestricted subsidiaries. While our leverage ratio remains above our long-term targets, it has improved meaningfully since year-end 2024, and we remain pleased by our progress. We continue to expect our leverage ratio to return to more normalized levels as we maintain disciplined financial policies and make progress on margin recovery in the Aetna business. CVS Health's strong cash flow generation has been an important strength for the enterprise, which I will look to build upon by seeking opportunities to drive greater efficiency in working capital. As I step into this role, I will ensure that we maintain a disciplined and balanced approach to capital deployment. This is critical as we continue to strengthen our balance sheet and make progress towards our leverage target. Shifting now to our revised outlook for 2025. We are increasing our full year 2025 guidance for adjusted EPS to a range of $6.30 to $6.40. This update incorporates our second quarter performance while maintaining a prudent outlook on medical cost trends and macro factors for the remainder of the year. We now expect full year total revenues of at least $391.5 billion, an in”