The Ledger

106.1 billion dollars: that is CVS Health’s second quarter revenue, beating Wall Street by 6 billion dollars, and the stock still fell more than 6 percent. CVS Health reported second quarter 2026 revenue of 106.1 billion dollars, up 7.3 percent year over year and well ahead of the roughly 100.1 billion dollar consensus estimate, with adjusted earnings per share of 2.58 dollars against a 1.85 dollar estimate and net income of 2.995 billion dollars. The Health Care Benefits segment, which houses Aetna, posted a medical benefit ratio of 87.4 percent, down from 89.9 percent a year earlier, on 26.0 million medical members, evidence the insurer has gotten a handle on the elevated medical costs that hammered it through 2025. CVS raised full year 2026 guidance to at least 414 billion dollars in revenue and 7.90 to 8.10 dollars in adjusted earnings per share, up from 7.30 to 7.50 dollars, yet shares dropped anyway after executives flagged continued 340B drug discount program headwinds into 2027 and an expected membership decline next year at its Caremark pharmacy benefit manager. Separately the same day, CVS Health announced it is expanding GLP-1 weight loss drug access: MinuteClinic virtual weight loss visits drop to 29 dollars with no membership fee, the CVS Health app will show transparent insured and cash pay pricing by early fourth quarter, and a new collaboration with Eli Lilly restores Zepbound and the pill Foundayo to covered, preferred status on commercial formularies, alongside a Medicare GLP-1 Bridge program pricing eligible beneficiaries at 50 dollars a month through December 31, 2027. Confidence: High. The earnings and guidance figures come directly from CVS Health’s own release; the reason for the stock decline is corroborated across multiple outlets citing management’s own call commentary. Sources: CVS Health Corporation Reports Strong Second Quarter 2026 Results, PR Newswire, CVS Health Profits Hit 2.9 Billion As Firm Gets Handle On Aetna Costs, Forbes, CVS Health Enhances Its Direct-to-Consumer Weight Management Offerings, PR Newswire.

9.9 billion dollars: that is what Eli Lilly’s Mounjaro alone brought in last quarter, up 91 percent, as the drugmaker blew past Wall Street and raised guidance for the second time this year. Eli Lilly reported second quarter 2026 revenue of roughly 23.0 billion dollars, up 48 percent year over year, with non-GAAP earnings per share of 8.38 dollars, well ahead of consensus; Mounjaro sales hit 9.9 billion dollars for the quarter and Zepbound sales hit 4.9 billion dollars, up 46 percent. Lilly raised full year 2026 revenue guidance to 85 to 87 billion dollars, up from 82 to 85 billion dollars, though non-GAAP earnings per share guidance narrowed to 35.50 to 36.50 dollars after absorbing 3.03 dollars a share of acquired IPR&D charges tied to second quarter business development deals. The results land the same day CVS Health restored Zepbound and Lilly’s new pill Foundayo to preferred commercial formulary status, putting Lilly back on equal footing with rival Novo Nordisk at one of the country’s largest pharmacy benefit managers. Confidence: High. The revenue, product sales and guidance figures come directly from Lilly’s own earnings release. Source: Lilly Reports Second-Quarter 2026 Financial Results, Raises Full-Year Guidance, PR Newswire.

5 percent: that is how much Novo Nordisk shares fell in Copenhagen even after the company raised its full year outlook, as a slight miss on its Wegovy pill collided with a failed clinical trial in the same week. Novo Nordisk reported second quarter 2026 adjusted net sales of 78.488 billion Danish kroner, up 7 percent at constant exchange rates, and adjusted operating profit of 33.389 billion kroner, up 11 percent, raising its full year 2026 outlook to a range of flat to down 6 percent adjusted sales and operating profit growth at constant exchange rates, an improvement from its prior range of down 4 to down 12 percent. The oral Wegovy pill generated 3.22 billion kroner in the quarter, just short of the roughly 3.27 billion kroner analysts expected, even as it surpassed 5 million prescriptions since its January launch; separately, Novo’s ZEUS trial testing ziltivekimab, an anti-inflammatory heart drug acquired through its 725 million dollar purchase of Corvidia in 2020, failed to meet its primary endpoint, a result that landed the same week as earnings. Confidence: High on the reported figures, since they come directly from Novo Nordisk’s own release; Medium on the exact share price decline, since outlets reported figures ranging from 5 to 6 percent. Source: Novo Nordisk Reports Adjusted Operating Profit of DKK 33,389 Million for Q2 2026 and Raises Full-Year Outlook, GlobeNewswire.

2.4 billion dollars: that is how much two nonprofit hospital systems borrowed in a single day this week, racing ahead of a crowded municipal bond calendar. Henry Ford Health System priced 1.317 billion dollars of bonds through the Michigan Finance Authority, rated A2 by Moody’s and A plus by Fitch, with a 186 million dollar tranche of 5s due 2036 pricing to yield 3.99 percent, 42 basis points over comparable A2 rated Dana-Farber Cancer Institute bonds from April; the same day, Intermountain Health priced 1.118 billion dollars through the Colorado Health Facilities Authority, rated Aa1 by Moody’s and AA plus by S&P Global, with spreads around 37 basis points over AAA municipal market data levels. Both deals were accelerated to Monday, August 3, ahead of an estimated 20 billion dollars in municipal supply expected Tuesday through Thursday and before Friday’s employment report, taking advantage of lower Treasury yields tied to Middle East peace-talk optimism. FRONTIER SCAN. Confidence: Medium. The pricing details and rationale come from a single trade publication with direct market access; this run could not independently corroborate the exact spread figures against a second primary source. Source: Two massive healthcare deals accelerated on Monday, Bond Buyer.

345,000 patients: that is how many people a cloud-based electronic health record vendor is now notifying after hackers spent six days inside its systems, including more than 270,000 in Texas alone. CareCloud, a Somerset, New Jersey-based vendor of cloud EHR, revenue cycle and practice management software serving more than 45,000 providers, disclosed that an unauthorized third party accessed one of its Amazon Web Services environments between March 10 and March 16, 2026, and exfiltrated data before the intrusion was detected; state attorney general filings compiled this run put the total at least 345,000 individuals nationwide, including 270,197 Texas residents. Exposed data included names, addresses, dates of birth, Social Security numbers, driver’s license numbers, health insurance and physician information, and for a subset of patients complete credit card numbers including CVV codes; CareCloud has mailed notification letters and is offering 24 months of identity theft protection. Confidence: Medium. The breach mechanics and scope are corroborated across multiple outlets citing state attorney general breach notification filings, but this run could not independently retrieve a CareCloud company statement or SEC filing describing the incident. Source: CareCloud Notifies More Than 345,000 Patients About Cyberattack Data Theft, HIPAA Journal.

THE DEAL SHEET

agilon health and Clover Health report second quarter results after market close today, August 5; Privia Health and Oscar Health follow Thursday, August 6.