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西维斯健康CVS Health(CVS)2025年10-K年度报告「NYSE」(英文版)(185页).pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K (Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2025 orTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 19

2、34For the transition period from _ to_Commission file number:001-01011 CVS HEALTH CORPORATION(Exact name of registrant as specified in its charter)Delaware05-0494040(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification No.)One CVS Drive,Woonsocket,Rhode Island0

3、2895(Address of principal executive offices)(Zip Code)Registrants telephone number,including area code:(401)765-1500Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock,par value$0.01 per shareCVSNew York

4、Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes NoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or S

5、ection 15(d)of the Act.Yes NoIndicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)

6、has been subject to such filing requirements for the past 90 days.Yes NoIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for

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1. **业务板块**:公司分三大板块——健康福利(Health Care Benefits)、健康服务(Health Services)、药房与消费者健康(Pharmacy & Consumer Wellness)。 2. **核心数据**: - 健康福利:2025年联邦政府收入占合并总收入20%,其中CMS合同占79%;Medicare Advantage超81%成员获4星以上评级。 - 健康服务:2025年处理19亿处方药(30天等效),运营246家Oak Street Health诊所,完成350万次居家健康评估(IHE)。 - 药房与消费者健康:2025年运营9000家零售门店,填充18亿处方药,占美国零售处方28.5%。 3. **竞争与创新**:通过AI、云技术优化运营,布局价值医疗(如Oak Street Health)和生物类似药(Cordavis)。 4. **季节性与风险**:健康福利收入受医保年度 enrollment 影响;健康服务PBM收入无季节性,但IHE业务Q4最低。
**医保如何定价?** **健康服务有哪些创新?** **零售药房如何竞争?**
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