CVS Health Corp (NYSE: CVS) shares spiked about 3% Wednesday morning after the company reported operating results for the three and six months ended June 30, 2018. Net revenues for the three months ended June 30, 2018, increased 2.2%, or $1.0 billion, to approximately $46.7 billion, up from $45.7 billion in the three months ended June 30, 2017. Same store sales increased 5.9% and pharmacy same store sales increased 8.3% in the same period.
President and Chief Executive Officer Larry Merlo stated, "Our solid performance both in the quarter and year-to-date demonstrates our ability to drive value. It also builds upon a strong foundation for a seamless integration of CVS and Aetna with one goal: to transform the consumer health care experience and, by doing so, deliver long-term profitable growth for shareholders.
"The strong revenue, adjusted EPS, gross and operating margins, along with cash flow generated in the quarter were the direct result of our team's ability to increase prescription growth by expanding relationships with PBMs and health plans as well as our ongoing streamlining efforts and innovation. The genuine enthusiasm and the depth of talent throughout the CVS and Aetna organizations will be key assets as we focus on realizing the potential of our combination."
CVS explained that the increase in pharmacy network claim volume was primarily due to an increase in net new business. On a 30-day equivalent basis, mail choice claims processed during the three months ended June 30, 2018 increased 9.5% to 71.9 million, compared to 65.6 million in the same quarter of the prior year. The increase in mail choice claim volume was driven by the continued adoption of our Maintenance Choice® offerings and an increase in specialty pharmacy claims.