{"id":305627,"date":"2025-07-15T13:09:58","date_gmt":"2025-07-15T13:09:58","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/cvs-vs-walgreens-stock-2\/"},"modified":"2025-07-15T13:09:58","modified_gmt":"2025-07-15T13:09:58","slug":"cvs-vs-walgreens-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/cvs-vs-walgreens-stock\/","title":{"rendered":"CVS so v\u1edbi Walgreens Stock: Khai ph\u00e1 Ti\u1ec1m n\u0103ng \u0110\u1ea7u t\u01b0 trong c\u00e1c G\u00e3 kh\u1ed5ng l\u1ed3 Ng\u00e0nh D\u01b0\u1ee3c ph\u1ea9m"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":220418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[28,45,44],"class_list":["post-305627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"Ph\u00e2n T\u00edch Ho\u00e0n Ch\u1ec9nh: So S\u00e1nh C\u1ed5 Phi\u1ebfu CVS v\u00e0 Walgreens","h1_source":{"label":"H1","type":"text","formatted_value":"Ph\u00e2n T\u00edch Ho\u00e0n Ch\u1ec9nh: So S\u00e1nh C\u1ed5 Phi\u1ebfu CVS v\u00e0 Walgreens"},"description":"Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu CVS so v\u1edbi Walgreens, v\u1ecb tr\u00ed th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai \u2014 th\u00f4ng tin chi ti\u1ebft c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng t\u1eeb c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh c\u00f3 s\u1eb5n h\u00f4m nay.","description_source":{"label":"Description","type":"textarea","formatted_value":"Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u1ec1 hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu CVS so v\u1edbi Walgreens, v\u1ecb tr\u00ed th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai \u2014 th\u00f4ng tin chi ti\u1ebft c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng t\u1eeb c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh c\u00f3 s\u1eb5n h\u00f4m nay."},"intro":"Vi\u1ec7c l\u1ef1a ch\u1ecdn gi\u1eefa CVS v\u00e0 Walgreens \u0111\u00f2i h\u1ecfi ph\u1ea3i ph\u00e2n t\u00edch s\u00e2u v\u1ec1 kinh t\u1ebf b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m, chi\u1ebfn l\u01b0\u1ee3c t\u00edch h\u1ee3p ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 v\u1ecb th\u1ebf c\u1ea1nh tranh. Nghi\u00ean c\u1ee9u n\u00e0y xem x\u00e9t c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t, \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u1ea7n thi\u1ebft cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 so s\u00e1nh c\u00e1c \u0111\u1ea1i gia b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m n\u00e0y.","intro_source":{"label":"Intro","type":"text","formatted_value":"Vi\u1ec7c l\u1ef1a ch\u1ecdn gi\u1eefa CVS v\u00e0 Walgreens \u0111\u00f2i h\u1ecfi ph\u1ea3i ph\u00e2n t\u00edch s\u00e2u v\u1ec1 kinh t\u1ebf b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m, chi\u1ebfn l\u01b0\u1ee3c t\u00edch h\u1ee3p ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 v\u1ecb th\u1ebf c\u1ea1nh tranh. Nghi\u00ean c\u1ee9u n\u00e0y xem x\u00e9t c\u00e1c ch\u1ec9 s\u1ed1 hi\u1ec7u su\u1ea5t, \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u1ea7n thi\u1ebft cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 so s\u00e1nh c\u00e1c \u0111\u1ea1i gia b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m n\u00e0y."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u1ea1nh Tranh Th\u1ecb Tr\u01b0\u1eddng: C\u1ed5 Phi\u1ebfu CVS vs Walgreens trong B\u00e1n L\u1ebb D\u01b0\u1ee3c Ph\u1ea9m<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m mang l\u1ea1i s\u1ef1 ti\u1ebfp x\u00fac \u0111\u1ed9c \u0111\u00e1o v\u1edbi ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0. Khi xem x\u00e9t c\u1ed5 phi\u1ebfu CVS vs Walgreens, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i nh\u1eadn ra r\u1eb1ng c\u00e1c c\u00f4ng ty n\u00e0y \u0111\u1ea1i di\u1ec7n cho c\u00e1c h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe to\u00e0n di\u1ec7n v\u1edbi c\u00e1c m\u00f4 h\u00ecnh kinh doanh, qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng v\u00e0 v\u1ecb tr\u00ed th\u1ecb tr\u01b0\u1eddng kh\u00e1c bi\u1ec7t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>CVS theo \u0111u\u1ed5i t\u00edch h\u1ee3p d\u1ecdc th\u00f4ng qua qu\u1ea3n l\u00fd b\u1ea3o hi\u1ec3m v\u00e0 l\u1ee3i \u00edch d\u01b0\u1ee3c ph\u1ea9m, trong khi Walgreens nh\u1ea5n m\u1ea1nh m\u1edf r\u1ed9ng qu\u1ed1c t\u1ebf v\u00e0 h\u1ee3p t\u00e1c chi\u1ebfn l\u01b0\u1ee3c\u2014t\u1ea1o ra c\u00e1c h\u1ed3 s\u01a1 \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n kh\u00e1c nhau. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch Pocket Option theo d\u00f5i nh\u1eefng kh\u00e1c bi\u1ec7t n\u00e0y \u0111\u1ec3 cung c\u1ea5p th\u00f4ng tin \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee5c ti\u00eau.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n T\u00edch Hi\u1ec7u Su\u1ea5t L\u1ecbch S\u1eed: C\u1ed5 Phi\u1ebfu Walgreens vs C\u1ed5 Phi\u1ebfu CVS<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c c\u1ed5 phi\u1ebfu Walgreens vs CVS, d\u1eef li\u1ec7u hi\u1ec7u su\u1ea5t l\u1ecbch s\u1eed ti\u1ebft l\u1ed9 c\u00e1c xu h\u01b0\u1edbng gi\u00e1 c\u1ee5 th\u1ec3 ph\u1ea3n \u00e1nh c\u00e1c quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c v\u00e0 s\u1ef1 th\u00edch \u1ee9ng th\u1ecb tr\u01b0\u1eddng c\u1ee7a t\u1eebng c\u00f4ng ty.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th><th>CVS Health (CVS)<\/th><th>Walgreens Boots Alliance (WBA)<\/th><\/tr><\/thead><tbody><tr><td>Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu 5 N\u0103m<\/td><td>+12% v\u1edbi bi\u1ebfn \u0111\u1ed9ng 22%<\/td><td>-45% v\u1edbi bi\u1ebfn \u0111\u1ed9ng 30%<\/td><\/tr><tr><td>L\u1ee3i Su\u1ea5t C\u1ed5 T\u1ee9c (Hi\u1ec7n T\u1ea1i)<\/td><td>3.2%<\/td><td>4.8%<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 P\/E (Hi\u1ec7n T\u1ea1i)<\/td><td>8.7x<\/td><td>6.9x<\/td><\/tr><tr><td>T\u0103ng Tr\u01b0\u1edfng Doanh Thu (CAGR 5 N\u0103m)<\/td><td>8.9%<\/td><td>3.2%<\/td><\/tr><tr><td>Bi\u00ean EBITDA (Hi\u1ec7n T\u1ea1i)<\/td><td>6.8%<\/td><td>4.5%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vi\u1ec7c mua l\u1ea1i c\u00f4ng ty b\u1ea3o hi\u1ec3m s\u1ee9c kh\u1ecfe Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 USD c\u1ee7a CVS v\u00e0o n\u0103m 2018 \u0111\u00e3 t\u0103ng t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA l\u00ean 4.6x nh\u01b0ng \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n 3.0x trong khi mang l\u1ea1i h\u01a1n 900 tri\u1ec7u USD trong c\u00e1c h\u1ee3p l\u1ef1c h\u00e0ng n\u0103m, \u1ed5n \u0111\u1ecbnh hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu. Ng\u01b0\u1ee3c l\u1ea1i, Walgreens t\u1eadp trung v\u00e0o m\u1edf r\u1ed9ng ngang th\u00f4ng qua c\u00e1c quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u1edbi k\u1ebft qu\u1ea3 h\u1ed7n h\u1ee3p cho s\u1ef1 t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu WBA.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chu K\u1ef3 Th\u1ecb Tr\u01b0\u1eddng v\u00e0 Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu D\u01b0\u1ee3c Ph\u1ea9m<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Gi\u00e1 c\u1ed5 phi\u1ebfu CVS v\u00e0 Walgreens kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 trong c\u00e1c chu k\u1ef3 kinh t\u1ebf, v\u1edbi h\u1ec7 s\u1ed1 beta n\u0103m n\u0103m l\u1ea7n l\u01b0\u1ee3t l\u00e0 0.75 v\u00e0 0.90, cho th\u1ea5y s\u1ef1 nh\u1ea1y c\u1ea3m kh\u00e1c nhau v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong \u0111\u1ee3t suy tho\u00e1i th\u1ecb tr\u01b0\u1eddng n\u0103m 2020, c\u1ed5 phi\u1ebfu CVS gi\u1ea3m 14% so v\u1edbi m\u1ee9c gi\u1ea3m 28% c\u1ee7a Walgreens, cho th\u1ea5y kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a CVS t\u1eeb c\u00e1c ngu\u1ed3n doanh thu \u0111a d\u1ea1ng trong c\u00e1c ph\u00e2n kh\u00fac qu\u1ea3n l\u00fd l\u1ee3i \u00edch d\u01b0\u1ee3c ph\u1ea9m v\u00e0 b\u1ea3o hi\u1ec3m.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>So S\u00e1nh M\u00f4 H\u00ecnh Kinh Doanh: N\u1ec1n T\u1ea3ng C\u1ed5 Phi\u1ebfu WBA vs CVS<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ef1 \u1ed5n \u0111\u1ecbnh doanh thu, h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng\u2014c\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh khi \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu WBA vs CVS.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ph\u00e2n Kh\u00fac Kinh Doanh<\/th><th>C\u00e1ch Ti\u1ebfp C\u1eadn c\u1ee7a CVS Health<\/th><th>C\u00e1ch Ti\u1ebfp C\u1eadn c\u1ee7a Walgreens Boots Alliance<\/th><\/tr><\/thead><tbody><tr><td>B\u00e1n L\u1ebb D\u01b0\u1ee3c Ph\u1ea9m<\/td><td>9,900 \u0111\u1ecba \u0111i\u1ec3m v\u1edbi 1,100 \u0111\u1ecba \u0111i\u1ec3m MinuteClinic<\/td><td>9,000 \u0111\u1ecba \u0111i\u1ec3m t\u1ea1i M\u1ef9, h\u01a1n 13,000 tr\u00ean to\u00e0n c\u1ea7u<\/td><\/tr><tr><td>D\u1ecbch V\u1ee5 Ch\u0103m S\u00f3c S\u1ee9c Kh\u1ecfe<\/td><td>Caremark PBM (h\u01a1n 105 tri\u1ec7u ng\u01b0\u1eddi), Aetna (h\u01a1n 25 tri\u1ec7u th\u00e0nh vi\u00ean)<\/td><td>C\u1ed5 ph\u1ea7n VillageMD (55%), mua l\u1ea1i CareCentrix<\/td><\/tr><tr><td>Chi\u1ebfn L\u01b0\u1ee3c S\u1ed1<\/td><td>\u1ee8ng d\u1ee5ng t\u00edch h\u1ee3p v\u1edbi h\u01a1n 43 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng, h\u1ed3 s\u01a1 k\u1ebft n\u1ed1i<\/td><td>N\u1ec1n t\u1ea3ng myWalgreens (92 tri\u1ec7u th\u00e0nh vi\u00ean), quan h\u1ec7 \u0111\u1ed1i t\u00e1c giao h\u00e0ng<\/td><\/tr><tr><td>S\u1ef1 Hi\u1ec7n Di\u1ec7n Qu\u1ed1c T\u1ebf<\/td><td>&lt;2% doanh thu t\u1eeb ho\u1ea1t \u0111\u1ed9ng qu\u1ed1c t\u1ebf<\/td><td>~25% doanh thu t\u1eeb th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf<\/td><\/tr><tr><td>C\u1ea5u Tr\u00fac N\u1ee3<\/td><td>N\u1ee3 d\u00e0i h\u1ea1n 67.4 t\u1ef7 USD, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA 3.0x<\/td><td>N\u1ee3 d\u00e0i h\u1ea1n 38.5 t\u1ef7 USD, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA 2.6x<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>CVS ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p, k\u1ebft h\u1ee3p 9,900 \u0111\u1ecba \u0111i\u1ec3m d\u01b0\u1ee3c ph\u1ea9m, d\u1ecbch v\u1ee5 Caremark PBM x\u1eed l\u00fd h\u01a1n 2 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m v\u00e0 25 tri\u1ec7u th\u00e0nh vi\u00ean b\u1ea3o hi\u1ec3m c\u1ee7a Aetna. S\u1ef1 t\u00edch h\u1ee3p n\u00e0y y\u00eau c\u1ea7u h\u01a1n 80 t\u1ef7 USD v\u1ed1n nh\u01b0ng t\u1ea1o ra c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m doanh thu ph\u00f2ng th\u1ee7 v\u00e0 c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng b\u00e1n ch\u00e9o 15%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Walgreens \u0111\u00e3 \u0111\u1ea7u t\u01b0 5.2 t\u1ef7 USD v\u00e0o VillageMD v\u00e0 330 tri\u1ec7u USD v\u00e0o CareCentrix thay v\u00ec theo \u0111u\u1ed5i c\u00e1c v\u1ee5 mua l\u1ea1i to\u00e0n b\u1ed9. Chi\u1ebfn l\u01b0\u1ee3c nh\u1eb9 v\u1ed1n n\u00e0y b\u1ea3o to\u00e0n s\u1ef1 linh ho\u1ea1t c\u1ee7a b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n nh\u01b0ng t\u1ea1o ra s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n c\u1ee7a c\u00e1c \u0111\u1ed1i t\u00e1c, cu\u1ed1i c\u00f9ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu WBA.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u1ea5u Tr\u00fac Bi\u00ean L\u1ee3i Nhu\u1eadn v\u00e0 So S\u00e1nh Kh\u1ea3 N\u0103ng Sinh L\u1eddi<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch Pocket Option x\u00e1c \u0111\u1ecbnh c\u00e1c h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh: CVS duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 5.3% th\u00f4ng qua hi\u1ec7u qu\u1ea3 t\u00edch h\u1ee3p PBM, trong khi bi\u00ean l\u1ee3i nhu\u1eadn 3.8% c\u1ee7a Walgreens ph\u1ea3n \u00e1nh s\u1ef1 ti\u1ebfp x\u00fac l\u1edbn h\u01a1n v\u1edbi kinh t\u1ebf b\u00e1n l\u1ebb c\u1eeda h\u00e0ng ph\u00eda tr\u01b0\u1edbc.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 Kh\u1ea3 N\u0103ng Sinh L\u1eddi<\/th><th>CVS Health<\/th><th>Walgreens Boots Alliance<\/th><\/tr><\/thead><tbody><tr><td>Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p<\/td><td>18.9%<\/td><td>21.5%<\/td><\/tr><tr><td>Bi\u00ean L\u1ee3i Nhu\u1eadn Ho\u1ea1t \u0110\u1ed9ng<\/td><td>5.3%<\/td><td>3.8%<\/td><\/tr><tr><td>Bi\u00ean L\u1ee3i Nhu\u1eadn R\u00f2ng<\/td><td>3.1%<\/td><td>2.2%<\/td><\/tr><tr><td>L\u1ee3i Nhu\u1eadn Tr\u00ean T\u00e0i S\u1ea3n<\/td><td>4.2%<\/td><td>2.5%<\/td><\/tr><tr><td>L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu<\/td><td>12.8%<\/td><td>9.6%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c S\u00e1ng Ki\u1ebfn Chi\u1ebfn L\u01b0\u1ee3c \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Tri\u1ec3n V\u1ecdng C\u1ed5 Phi\u1ebfu CVS vs Walgreens<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ea3 hai c\u00f4ng ty \u0111ang chuy\u1ec3n \u0111\u1ed5i m\u00f4 h\u00ecnh kinh doanh c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi s\u1ef1 gi\u00e1n \u0111o\u1ea1n ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, t\u0103ng t\u1ed1c k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 s\u1edf th\u00edch ti\u00eau d\u00f9ng \u0111ang thay \u0111\u1ed5i\u2014nh\u1eefng ph\u00e1t tri\u1ec3n \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn qu\u1ef9 \u0111\u1ea1o c\u1ed5 phi\u1ebfu CVS vs Walgreens.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>CVS \u0111\u00e3 \u0111\u1ea7u t\u01b0 1.5 t\u1ef7 USD m\u1edf r\u1ed9ng h\u01a1n 900 \u0111\u1ecba \u0111i\u1ec3m HealthHUB, bi\u1ebfn c\u00e1c c\u1eeda h\u00e0ng th\u00e0nh \u0111i\u1ec3m \u0111\u1ebfn ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 l\u00e2m s\u00e0ng m\u1edf r\u1ed9ng bao g\u1ed3m ch\u0103m s\u00f3c ti\u1ec3u \u0111\u01b0\u1eddng, \u0111\u00e1nh gi\u00e1 ng\u01b0ng th\u1edf khi ng\u1ee7 v\u00e0 d\u1ecbch v\u1ee5 l\u1ea5y m\u00e1u. S\u1ef1 c\u1ea3i t\u1ea1o n\u00e0y th\u00fac \u0111\u1ea9y t\u1ef7 l\u1ec7 thu h\u00fat \u0111\u01a1n thu\u1ed1c cao h\u01a1n 15% v\u00e0 l\u01b0u l\u01b0\u1ee3ng kh\u00e1ch h\u00e0ng t\u0103ng 8%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Walgreens \u0111\u00e3 cam k\u1ebft 5.2 t\u1ef7 USD cho VillageMD thi\u1ebft l\u1eadp 1,000 ph\u00f2ng kh\u00e1m ch\u0103m s\u00f3c ch\u00ednh \u0111\u1ea7y \u0111\u1ee7 d\u1ecbch v\u1ee5 v\u00e0o n\u0103m 2025, \u0111\u1ed3ng v\u1ecb tr\u00ed v\u1edbi c\u00e1c c\u1eeda h\u00e0ng Walgreens. C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean quan h\u1ec7 \u0111\u1ed1i t\u00e1c n\u00e0y gi\u1ea3m y\u00eau c\u1ea7u v\u1ed1n ban \u0111\u1ea7u nh\u01b0ng gi\u1edbi thi\u1ec7u s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n \u0111\u00e3 l\u00e0m t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu WBA sau khi kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau tri\u1ec3n khai.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>CVS t\u1eadn d\u1ee5ng m\u00f4 h\u00ecnh t\u00edch h\u1ee3p c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean r\u1ee7i ro bao ph\u1ee7 h\u01a1n 2 tri\u1ec7u ng\u01b0\u1eddi, t\u1ea1o ra h\u01a1n 250 tri\u1ec7u USD doanh thu ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb v\u1edbi d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m 15%.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Walgreens duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng t\u1ea1i 9 qu\u1ed1c gia, t\u1ea1o ra s\u1ef1 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd nh\u01b0ng gi\u1edbi thi\u1ec7u c\u00e1c hi\u1ec7u \u1ee9ng chuy\u1ec3n \u0111\u1ed5i ti\u1ec1n t\u1ec7 \u0111\u00e3 t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng thu nh\u1eadp l\u00ean 3.5% trong n\u0103m 2023.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea3 hai c\u00f4ng ty \u0111ang m\u1edf r\u1ed9ng d\u1ecbch v\u1ee5 l\u00e2m s\u00e0ng ngo\u00e0i d\u01b0\u1ee3c ph\u1ea9m truy\u1ec1n th\u1ed1ng, v\u1edbi CVS \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m 22% trong c\u00e1c l\u01b0\u1ee3t th\u0103m kh\u00e1m MinuteClinic so v\u1edbi t\u0103ng tr\u01b0\u1edfng 17% c\u1ee7a Walgreens trong c\u00e1c cu\u1ed9c g\u1eb7p VillageMD.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 v\u00e0o t\u1ef1 \u0111\u1ed9ng h\u00f3a \u0111\u01a1n thu\u1ed1c v\u00e0 ho\u00e0n th\u00e0nh t\u1eadp trung \u0111ang gi\u1ea3m chi ph\u00ed lao \u0111\u1ed9ng t\u1eeb 8-10% cho CVS v\u00e0 6-8% cho Walgreens, tr\u1ef1c ti\u1ebfp c\u1ea3i thi\u1ec7n h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>S\u1ee9c Kh\u1ecfe T\u00e0i Ch\u00ednh: N\u1ec1n T\u1ea3ng C\u1ed5 Phi\u1ebfu CVS vs WBA<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ee9c m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, t\u1ea1o d\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0 \u01b0u ti\u00ean ph\u00e2n b\u1ed5 v\u1ed1n \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ed5 phi\u1ebfu CVS vs WBA v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/th><th>CVS Health<\/th><th>Walgreens Boots Alliance<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean EBITDA<\/td><td>3.0x (gi\u1ea3m t\u1eeb 4.6x n\u0103m 2018)<\/td><td>2.6x (t\u0103ng t\u1eeb 1.9x n\u0103m 2020)<\/td><\/tr><tr><td>D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td><td>12.5 t\u1ef7 USD h\u00e0ng n\u0103m<\/td><td>3.8 t\u1ef7 USD h\u00e0ng n\u0103m<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Chi Tr\u1ea3 C\u1ed5 T\u1ee9c<\/td><td>32%<\/td><td>42%<\/td><\/tr><tr><td>Chi Ph\u00ed V\u1ed1n<\/td><td>2.8 t\u1ef7 USD (1.8% doanh thu)<\/td><td>1.7 t\u1ef7 USD (2.1% doanh thu)<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m L\u00e3i Su\u1ea5t<\/td><td>8.2x<\/td><td>6.1x<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u1ee3 d\u00e0i h\u1ea1n 67.4 t\u1ef7 USD c\u1ee7a CVS \u0111\u1ea1i di\u1ec7n cho s\u1ef1 gi\u1ea3m 12% k\u1ec3 t\u1eeb khi mua l\u1ea1i Aetna, trong khi t\u1ea1o ra 12.5 t\u1ef7 USD d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m\u2014\u0111\u1ee7 \u0111\u1ec3 ph\u1ee5c v\u1ee5 n\u1ee3 v\u00e0 tr\u1ea3 l\u1ea1i cho c\u1ed5 \u0111\u00f4ng th\u00f4ng qua l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3.2%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Walgreens \u0111\u00e3 t\u0103ng \u0111\u00f2n b\u1ea9y t\u1eeb 1.9x l\u00ean 2.6x n\u1ee3 tr\u00ean EBITDA \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe trong khi duy tr\u00ec tr\u1ea1ng th\u00e1i qu\u00fd t\u1ed9c c\u1ed5 t\u1ee9c. Chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n n\u00e0y g\u00e2y lo ng\u1ea1i khi t\u1ef7 l\u1ec7 bao ph\u1ee7 c\u1ed5 t\u1ee9c c\u1ee7a WBA \u0111\u00e3 gi\u1ea3m t\u1eeb 2.4x xu\u1ed1ng 1.8x trong ba n\u0103m qua.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>\u01afu Ti\u00ean Ph\u00e2n B\u1ed5 V\u1ed1n v\u00e0 L\u1ee3i Nhu\u1eadn C\u1ed5 \u0110\u00f4ng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 v\u1ed1n kh\u00e1c nhau t\u1ea1o ra c\u00e1c h\u1ed3 s\u01a1 l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng kh\u00e1c bi\u1ec7t. CVS t\u1ea1m th\u1eddi \u0111\u00ecnh ch\u1ec9 t\u0103ng c\u1ed5 t\u1ee9c trong ba n\u0103m sau khi mua l\u1ea1i Aetna nh\u01b0ng \u0111\u00e3 ti\u1ebfp t\u1ee5c t\u0103ng c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m 10% v\u00e0o n\u0103m 2022 trong khi kh\u1edfi \u0111\u1ed9ng ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 10 t\u1ef7 USD.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Walgreens \u0111\u00e3 duy tr\u00ec 47 n\u0103m li\u00ean ti\u1ebfp t\u0103ng c\u1ed5 t\u1ee9c, hi\u1ec7n \u0111ang c\u00f3 l\u1ee3i su\u1ea5t 4.8%. Tuy nhi\u00ean, cam k\u1ebft n\u00e0y h\u1ea1n ch\u1ebf s\u1ef1 linh ho\u1ea1t chi\u1ebfn l\u01b0\u1ee3c, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu h\u1ea1n ch\u1ebf 1 t\u1ef7 USD c\u1ee7a c\u00f4ng ty m\u1eb7c d\u00f9 giao d\u1ecbch \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 th\u1ea5p l\u1ecbch s\u1eed.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>CVS ph\u00e2n b\u1ed5 2.8 t\u1ef7 USD h\u00e0ng n\u0103m cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c v\u00e0o m\u1edf r\u1ed9ng d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, v\u1edbi vi\u1ec7c c\u1ea3i t\u1ea1o HealthHUB t\u1ed1n 450,000 USD m\u1ed7i \u0111\u1ecba \u0111i\u1ec3m nh\u01b0ng t\u1ea1o ra 18% ROI.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Walgreens \u0111\u00e3 h\u01b0\u1edbng 65% kho\u1ea3n \u0111\u1ea7u t\u01b0 5.2 t\u1ef7 USD v\u00e0o VillageMD cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng t\u1ea1i M\u1ef9 v\u1edbi ph\u1ea7n c\u00f2n l\u1ea1i h\u1ed7 tr\u1ee3 c\u00e1c m\u00f4 h\u00ecnh ph\u00f2ng kh\u00e1m qu\u1ed1c t\u1ebf t\u1ea1i Anh v\u00e0 \u0110\u1ee9c.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea3 hai c\u00f4ng ty \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o t\u1ef1 \u0111\u1ed9ng h\u00f3a, v\u1edbi c\u00e1c trung t\u00e2m ho\u00e0n th\u00e0nh t\u1eadp trung tr\u1ecb gi\u00e1 600 tri\u1ec7u USD c\u1ee7a CVS x\u1eed l\u00fd 50% kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c trong khi gi\u1ea3m chi ph\u00ed ph\u00e2n ph\u1ed1i 15%.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ho\u1ea1t \u0111\u1ed9ng mua l\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau \u0111\u00e1ng k\u1ec3: CVS \u0111\u00e3 mua l\u1ea1i 3.5 t\u1ef7 USD c\u1ed5 phi\u1ebfu k\u1ec3 t\u1eeb n\u0103m 2022 trong khi Walgreens ch\u1ec9 mua l\u1ea1i 500 tri\u1ec7u USD m\u1eb7c d\u00f9 c\u00f3 m\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1 l\u1edbn h\u01a1n.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>M\u00f4i Tr\u01b0\u1eddng Quy \u0110\u1ecbnh \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu Walgreens vs CVS<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c ph\u00e1t tri\u1ec3n quy \u0111\u1ecbnh \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1ee3c ph\u1ea9m, m\u00f4 h\u00ecnh cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 qu\u1ef9 \u0111\u1ea1o hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu Walgreens vs CVS.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu T\u1ed1 Quy \u0110\u1ecbnh<\/th><th>\u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn CVS Health<\/th><th>\u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Walgreens Boots Alliance<\/th><\/tr><\/thead><tbody><tr><td>C\u1ea3i C\u00e1ch Gi\u00e1 Thu\u1ed1c<\/td><td>\u1ea2nh h\u01b0\u1edfng EBITDA -1.8% \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1edfi l\u1ee3i \u00edch Aetna +2.2%<\/td><td>\u1ea2nh h\u01b0\u1edfng EBITDA -2.5% v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 b\u00f9 \u0111\u1eafp h\u1ea1n ch\u1ebf<\/td><\/tr><tr><td>M\u1edf R\u1ed9ng B\u1ea3o Hi\u1ec3m Y T\u1ebf<\/td><td>C\u01a1 h\u1ed9i doanh thu +3.5% th\u00f4ng qua \u0111\u0103ng k\u00fd Aetna<\/td><td>Ti\u1ec1m n\u0103ng t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c +1.7%<\/td><\/tr><tr><td>Ho\u00e0n Tr\u1ea3 D\u01b0\u1ee3c Ph\u1ea9m<\/td><td>\u1ea2nh h\u01b0\u1edfng bi\u00ean l\u1ee3i nhu\u1eadn -1.5%, \u0111\u01b0\u1ee3c h\u1ea5p th\u1ee5 m\u1ed9t ph\u1ea7n b\u1edfi ho\u1ea1t \u0111\u1ed9ng PBM<\/td><td>\u1ea2nh h\u01b0\u1edfng bi\u00ean l\u1ee3i nhu\u1eadn -2.1% v\u1edbi s\u1ef1 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp P&amp;L<\/td><\/tr><tr><td>Quy \u0110\u1ecbnh Qu\u1ed1c T\u1ebf<\/td><td>\u1ea2nh h\u01b0\u1edfng &lt;0.5% t\u1eeb s\u1ef1 ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf h\u1ea1n ch\u1ebf<\/td><td>\u1ea2nh h\u01b0\u1edfng -1.2% t\u1eeb thay \u0111\u1ed5i ho\u00e0n tr\u1ea3 NHS t\u1ea1i Anh<\/td><\/tr><tr><td>Gi\u00e1m S\u00e1t Ch\u1ed1ng \u0110\u1ed9c Quy\u1ec1n<\/td><td>Y\u00eau c\u1ea7u tho\u00e1i v\u1ed1n ti\u1ec1m n\u0103ng cho t\u00edch h\u1ee3p d\u1ecdc<\/td><td>H\u1ed3 s\u01a1 r\u1ee7i ro th\u1ea5p h\u01a1n do h\u1ee3p nh\u1ea5t d\u1ecdc h\u1ea1n ch\u1ebf<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c \u0111i\u1ec1u kho\u1ea3n \u0111\u00e0m ph\u00e1n gi\u00e1 thu\u1ed1c Medicare c\u1ee7a \u0110\u1ea1o lu\u1eadt Gi\u1ea3m L\u1ea1m Ph\u00e1t 2022 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea3 hai c\u00f4ng ty kh\u00e1c nhau: CVS c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i th\u00f4ng qua c\u00e1c k\u1ebf ho\u1ea1ch Medicare c\u1ee7a Aetna trong khi \u0111\u1ed1i m\u1eb7t v\u1edbi y\u00eau c\u1ea7u minh b\u1ea1ch PBM, trong khi Walgreens \u0111\u1ed1i m\u1eb7t v\u1edbi \u01b0\u1edbc t\u00ednh n\u00e9n bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m 1.5-2.0%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ho\u1ea1t \u0111\u1ed9ng qu\u1ed1c t\u1ebf c\u1ee7a Walgreens khi\u1ebfn c\u00f4ng ty ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c khung quy \u0111\u1ecbnh kh\u00e1c nhau, bao g\u1ed3m \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 NHS t\u1ea1i th\u1ecb tr\u01b0\u1eddng Anh \u0111\u00e3 gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m Boots 120 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong n\u0103m 2023. S\u1ef1 t\u1eadp trung trong n\u01b0\u1edbc c\u1ee7a CVS h\u1ea1n ch\u1ebf s\u1ef1 ti\u1ebfp x\u00fac quy \u0111\u1ecbnh qu\u1ed1c t\u1ebf nh\u01b0ng t\u1eadp trung r\u1ee7i ro v\u00e0o c\u00e1c thay \u0111\u1ed5i ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u1ee7a M\u1ef9.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Lu\u1eadn \u0110i\u1ec3m \u0110\u1ea7u T\u01b0: Quan \u0110i\u1ec3m C\u1ee7a Nh\u00e0 Ph\u00e2n T\u00edch V\u1ec1 C\u1ed5 Phi\u1ebfu CVS vs Walgreens<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p ph\u00e1t tri\u1ec3n c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t cho t\u1eebng c\u00f4ng ty d\u1ef1a tr\u00ean th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c, \u0111\u1ecbnh v\u1ecb v\u00e0 xu h\u01b0\u1edbng ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh \u0111\u1ecbnh h\u00ecnh gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1eebng c\u1ed5 phi\u1ebfu.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Tr\u01b0\u1eddng H\u1ee3p T\u0103ng Gi\u00e1 Cho CVS Health<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 CVS l\u01b0u \u00fd \u0111\u1ebfn vi\u1ec7c c\u00f4ng ty \u0111\u00e3 th\u00e0nh c\u00f4ng trong vi\u1ec7c thu \u0111\u01b0\u1ee3c h\u01a1n 900 tri\u1ec7u USD h\u1ee3p l\u1ef1c h\u00e0ng n\u0103m t\u1eeb vi\u1ec7c t\u00edch h\u1ee3p Aetna, v\u01b0\u1ee3t qu\u00e1 m\u1ee5c ti\u00eau ban \u0111\u1ea7u 20% trong khi m\u1edf r\u1ed9ng c\u00e1c \u0111\u1ecba \u0111i\u1ec3m HealthHUB \u0111\u1ec3 t\u1ea1o ra h\u01a1n 500 tri\u1ec7u USD doanh thu b\u1ed5 sung v\u00e0o n\u0103m 2024.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c \u0111\u1ecba \u0111i\u1ec3m MinuteClinic v\u00e0 HealthHUB th\u00fac \u0111\u1ea9y t\u1ef7 l\u1ec7 thu h\u00fat \u0111\u01a1n thu\u1ed1c cao h\u01a1n 12% trong khi t\u0103ng mua h\u00e0ng t\u1ea1i c\u1eeda h\u00e0ng ph\u00eda tr\u01b0\u1edbc 8%, t\u1ea1o ra c\u00e1c c\u01a1 h\u1ed9i b\u00e1n ch\u00e9o c\u00f3 gi\u00e1 tr\u1ecb.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c s\u00e1ng ki\u1ebfn s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 k\u1ebft n\u1ed1i h\u01a1n 43 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng \u1ee9ng d\u1ee5ng v\u1edbi tr\u1ea3i nghi\u1ec7m tr\u1ef1c ti\u1ebfp, d\u1eabn \u0111\u1ebfn s\u1ef1 tu\u00e2n th\u1ee7 thu\u1ed1c cao h\u01a1n 22% v\u00e0 t\u0103ng 15% s\u1ed1 l\u1ea7n n\u1ea1p \u0111\u01a1n thu\u1ed1c.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m n\u1ee3 \u0111\u00e3 c\u1ee7ng c\u1ed1 s\u1ef1 linh ho\u1ea1t t\u00e0i ch\u00ednh, v\u1edbi 12.5 t\u1ef7 USD d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m h\u1ed7 tr\u1ee3 c\u1ea3 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3.2% v\u00e0 \u1ee7y quy\u1ec1n mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 10 t\u1ef7 USD.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c s\u00e1ng ki\u1ebfn ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb hi\u1ec7n bao ph\u1ee7 h\u01a1n 2 tri\u1ec7u ng\u01b0\u1eddi, \u0111\u1ecbnh v\u1ecb CVS m\u1ed9t c\u00e1ch thu\u1eadn l\u1ee3i khi ho\u00e0n tr\u1ea3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe chuy\u1ec3n t\u1eeb ph\u00ed d\u1ecbch v\u1ee5 sang m\u00f4 h\u00ecnh d\u1ef1a tr\u00ean k\u1ebft qu\u1ea3.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Tr\u01b0\u1eddng H\u1ee3p T\u0103ng Gi\u00e1 Cho Walgreens Boots Alliance<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 Walgreens nh\u1ea5n m\u1ea1nh c\u00e1c s\u00e1ng ki\u1ebfn chuy\u1ec3n \u0111\u1ed5i chi ph\u00ed tr\u1ecb gi\u00e1 5 t\u1ef7 USD c\u1ee7a c\u00f4ng ty v\u00e0 t\u00e1i \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c th\u00f4ng qua VillageMD, ch\u1ec9 ra s\u1ef1 \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111\u00e1ng k\u1ec3 c\u1ee7a c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c P\/E d\u1ef1 ph\u00f3ng 6.9x so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 12.8x.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quan h\u1ec7 \u0111\u1ed1i t\u00e1c VillageMD m\u1edf r\u1ed9ng 1,000 \u0111\u1ecba \u0111i\u1ec3m ch\u0103m s\u00f3c ch\u00ednh v\u00e0o n\u0103m 2025, t\u1ea1o ra t\u0103ng tr\u01b0\u1edfng \u0111\u01a1n thu\u1ed1c b\u1ed5 sung d\u1ef1 ki\u1ebfn 30-35% t\u1ea1i c\u00e1c nh\u00e0 thu\u1ed1c Walgreens \u0111\u1ed3ng v\u1ecb tr\u00ed.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ho\u1ea1t \u0111\u1ed9ng qu\u1ed1c t\u1ebf cung c\u1ea5p s\u1ef1 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd, v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng Anh v\u00e0 \u0110\u1ee9c cung c\u1ea5p bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m cao h\u01a1n 1.2% so v\u1edbi ho\u1ea1t \u0111\u1ed9ng t\u1ea1i M\u1ef9.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u01b0\u01a1ng tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i chi ph\u00ed nh\u1eafm m\u1ee5c ti\u00eau ti\u1ebft ki\u1ec7m 3.5 t\u1ef7 USD v\u00e0o n\u0103m 2024 \u0111\u00e3 mang l\u1ea1i 2.2 t\u1ef7 USD, c\u1ea3i thi\u1ec7n bi\u00ean EBITDA 80 \u0111i\u1ec3m c\u01a1 b\u1ea3n m\u1eb7c d\u00f9 c\u00f3 \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i \u1edf t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean doanh thu 0.25x \u0111\u1ea1i di\u1ec7n cho m\u1ee9c chi\u1ebft kh\u1ea5u 50% so v\u1edbi b\u1ed9i s\u1ed1 0.50x c\u1ee7a CVS, cung c\u1ea5p ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 n\u1ebfu vi\u1ec7c th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n.<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th><th>CVS Health<\/th><th>Walgreens Boots Alliance<\/th><th>Trung B\u00ecnh Ng\u00e0nh<\/th><\/tr><\/thead><tbody><tr><td>T\u1ef7 L\u1ec7 P\/E D\u1ef1 Ph\u00f3ng<\/td><td>8.7x<\/td><td>6.9x<\/td><td>12.8x<\/td><\/tr><tr><td>B\u1ed9i S\u1ed1 EV\/EBITDA<\/td><td>8.2x<\/td><td>6.1x<\/td><td>11.5x<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 Gi\u00e1 Tr\u00ean Doanh Thu<\/td><td>0.35x<\/td><td>0.25x<\/td><td>0.60x<\/td><\/tr><tr><td>L\u1ee3i Su\u1ea5t C\u1ed5 T\u1ee9c<\/td><td>3.2%<\/td><td>4.8%<\/td><td>2.2%<\/td><\/tr><tr><td>T\u1ef7 L\u1ec7 PEG<\/td><td>1.15<\/td><td>1.75<\/td><td>1.45<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>\u0110\u00e1nh Gi\u00e1 R\u1ee7i Ro: C\u00e2n Nh\u1eafc \u0110\u1ea7u T\u01b0 C\u1ed5 Phi\u1ebfu WBA vs CVS<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch r\u1ee7i ro to\u00e0n di\u1ec7n ti\u1ebft l\u1ed9 c\u00e1c h\u1ed3 s\u01a1 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng kh\u00e1c bi\u1ec7t gi\u1eefa c\u1ed5 phi\u1ebfu WBA vs CVS d\u1ef1a tr\u00ean s\u1ef1 k\u1ebft h\u1ee3p kinh doanh, th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c v\u00e0 v\u1ecb tr\u00ed t\u00e0i ch\u00ednh.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Danh M\u1ee5c R\u1ee7i Ro<\/th><th>Ti\u1ebfp X\u00fac C\u1ee7a CVS Health<\/th><th>Ti\u1ebfp X\u00fac C\u1ee7a Walgreens Boots Alliance<\/th><\/tr><\/thead><tbody><tr><td>Ho\u00e0n Tr\u1ea3 D\u01b0\u1ee3c Ph\u1ea9m<\/td><td>42% doanh thu tr\u1ef1c ti\u1ebfp ti\u1ebfp x\u00fac<\/td><td>68% doanh thu tr\u1ef1c ti\u1ebfp ti\u1ebfp x\u00fac<\/td><\/tr><tr><td>Gi\u00e1n \u0110o\u1ea1n K\u1ef9 Thu\u1eadt S\u1ed1<\/td><td>15% kh\u1ed1i l\u01b0\u1ee3ng d\u01b0\u1ee3c ph\u1ea9m c\u00f3 th\u1ec3 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng<\/td><td>22% kh\u1ed1i l\u01b0\u1ee3ng d\u01b0\u1ee3c ph\u1ea9m c\u00f3 th\u1ec3 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng<\/td><\/tr><tr><td>Ch\u00ednh S\u00e1ch Ch\u0103m S\u00f3c S\u1ee9c Kh\u1ecfe<\/td><td>H\u1ed7n h\u1ee3p: Aetna ti\u1ebfp x\u00fac v\u1edbi thay \u0111\u1ed5i b\u1ea3o hi\u1ec3m<\/td><td>H\u1ea1n ch\u1ebf: Ch\u1ee7 y\u1ebfu th\u00f4ng qua c\u00e1c k\u00eanh d\u01b0\u1ee3c ph\u1ea9m<\/td><\/tr><tr><td>R\u1ee7i Ro Th\u1ef1c Hi\u1ec7n<\/td><td>Ph\u1ee9c t\u1ea1p t\u00edch h\u1ee3p tr\u00ean ba ph\u00e2n kh\u00fac<\/td><td>Ki\u1ec3m so\u00e1t h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi k\u1ebft qu\u1ea3 h\u1ee3p t\u00e1c<\/td><\/tr><tr><td>C\u01b0\u1eddng \u0110\u1ed9 C\u1ea1nh Tranh<\/td><td>\u0110\u01b0\u1ee3c b\u1ea3o v\u1ec7 b\u1edfi r\u00e0o c\u1ea3n t\u00edch h\u1ee3p d\u1ecdc<\/td><td>Ti\u1ebfp x\u00fac v\u1edbi c\u1ea1nh tranh b\u00e1n l\u1ebb v\u00e0 k\u1ef9 thu\u1eadt s\u1ed1 thu\u1ea7n t\u00fay<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>CVS \u0111\u1ed1i m\u1eb7t v\u1edbi th\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1eb1ng chi ph\u00ed t\u00edch h\u1ee3p IT cao h\u01a1n 12% so v\u1edbi d\u1ef1 ki\u1ebfn ban \u0111\u1ea7u, m\u1eb7c d\u00f9 \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1edfi c\u00e1c h\u1ee3p l\u1ef1c doanh thu m\u1ea1nh h\u01a1n d\u1ef1 ki\u1ebfn. S\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a vi\u1ec7c ph\u1ed1i h\u1ee3p h\u01a1n 70 tri\u1ec7u kh\u00e1ch h\u00e0ng d\u01b0\u1ee3c ph\u1ea9m, h\u01a1n 105 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng PBM v\u00e0 h\u01a1n 25 tri\u1ec7u th\u00e0nh vi\u00ean b\u1ea3o hi\u1ec3m t\u1ea1o ra ma s\u00e1t ho\u1ea1t \u0111\u1ed9ng nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Walgreens \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c m\u1ed1i \u0111e d\u1ecda c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp h\u01a1n v\u1edbi 22% kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c d\u1ec5 b\u1ecb gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 so v\u1edbi 15% c\u1ee7a CVS. S\u1ef1 ph\u1ee5 thu\u1ed9c 35% v\u00e0o doanh s\u1ed1 b\u00e1n l\u1ebb c\u1eeda h\u00e0ng ph\u00eda tr\u01b0\u1edbc c\u1ee7a c\u00f4ng ty l\u00e0m t\u0103ng t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng tr\u01b0\u1edbc c\u1ea1nh tranh t\u1eeb Amazon v\u00e0 c\u00e1c k\u00eanh b\u00e1n h\u00e0ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ng\u01b0\u1eddi ti\u00eau d\u00f9ng, trong khi chi\u1ebfn l\u01b0\u1ee3c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed1i t\u00e1c c\u1ee7a c\u00f4ng ty gi\u1edbi thi\u1ec7u r\u1ee7i ro th\u1ef1c hi\u1ec7n \u0111\u00e1ng k\u1ec3 khi c\u00e1c m\u1ee5c ti\u00eau tri\u1ec3n khai VillageMD kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n B\u1ed5 Danh M\u1ee5c: C\u1ed5 Phi\u1ebfu CVS vs Walgreens<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>X\u00e2y d\u1ef1ng danh m\u1ee5c hi\u1ec7u qu\u1ea3 \u0111\u00f2i h\u1ecfi \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m n\u00e0y d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0, th\u1eddi gian \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp th\u01b0\u1eddng ph\u00e2n b\u1ed5 2-3% danh m\u1ee5c c\u1ee7a h\u1ecd cho Walgreens v\u00ec l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i 4.8%, m\u1eb7c d\u00f9 t\u1ef7 l\u1ec7 bao ph\u1ee7 c\u1ed5 t\u1ee9c \u0111\u00e3 gi\u1ea3m t\u1eeb 2.4x xu\u1ed1ng 1.8x trong ba n\u0103m qua, g\u00e2y lo ng\u1ea1i v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng th\u01b0\u1eddng \u01b0a th\u00edch m\u00f4 h\u00ecnh h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u1ee7a CVS, ph\u00e2n b\u1ed5 1.5-2.5% danh m\u1ee5c \u0111\u1ec3 n\u1eafm b\u1eaft c\u1ea3 \u0111\u1eb7c \u0111i\u1ec3m ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ph\u00f2ng th\u1ee7 v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u1eeb chuy\u1ec3n \u0111\u1ed5i ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ea7u t\u01b0 Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m hi\u1ec7u qu\u1ea3:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ebfp x\u00fac ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u00e2n b\u1eb1ng: Tr\u1ecdng s\u1ed1 60% CVS \/ 40% Walgreens n\u1eafm b\u1eaft s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a m\u00f4 h\u00ecnh t\u00edch h\u1ee3p c\u1ee7a CVS trong khi duy tr\u00ec s\u1ef1 ti\u1ebfp x\u00fac v\u1edbi ti\u1ec1m n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a Walgreens.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Giao d\u1ecbch c\u1eb7p: C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ch\u00eanh l\u1ec7ch th\u1ed1ng k\u00ea c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0.68 c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu khi s\u1ef1 kh\u00e1c bi\u1ec7t gi\u00e1 v\u01b0\u1ee3t qu\u00e1 1.5 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh v\u1ecb nh\u1ea1y c\u1ea3m kinh t\u1ebf: T\u0103ng ph\u00e2n b\u1ed5 CVS trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i t\u1eadn d\u1ee5ng h\u1ec7 s\u1ed1 beta 0.75 c\u1ee7a n\u00f3 so v\u1edbi beta 0.90 c\u1ee7a Walgreens \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn: C\u00e1c ph\u01b0\u01a1ng ph\u00e1p g\u1ecdi c\u00f3 b\u1ea3o hi\u1ec3m tr\u00ean c\u1ed5 phi\u1ebfu Walgreens t\u0103ng c\u01b0\u1eddng l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 4.8% c\u1ee7a n\u00f3 th\u00eam 3-5% h\u00e0ng n\u0103m th\u00f4ng qua thu nh\u1eadp t\u1eeb ph\u00ed b\u1ea3o hi\u1ec3m.<\/li><\/ul><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Tri\u1ec3n V\u1ecdng T\u01b0\u01a1ng Lai v\u00e0 K\u1ebft Lu\u1eadn<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ea3nh quan b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n v\u1edbi s\u1ef1 chuy\u1ec3n \u0111\u1ed5i cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, t\u0103ng t\u1ed1c k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 k\u1ef3 v\u1ecdng ti\u00eau d\u00f9ng thay \u0111\u1ed5i. M\u1ed9t s\u1ed1 xu h\u01b0\u1edbng quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ti\u1ec1m n\u0103ng c\u1ed5 phi\u1ebfu CVS vs Walgreens.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c m\u00f4 h\u00ecnh ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb hi\u1ec7n \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 15% ho\u00e0n tr\u1ea3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 d\u1ef1 ki\u1ebfn s\u1ebd \u0111\u1ea1t 25% v\u00e0o n\u0103m 2026. C\u00e1ch ti\u1ebfp c\u1eadn t\u00edch h\u1ee3p c\u1ee7a CVS \u0111\u1ecbnh v\u1ecb n\u00f3 m\u1ed9t c\u00e1ch thu\u1eadn l\u1ee3i v\u1edbi d\u1eef li\u1ec7u b\u1ec7nh nh\u00e2n to\u00e0n di\u1ec7n tr\u00ean c\u00e1c ph\u00e2n kh\u00fac d\u01b0\u1ee3c ph\u1ea9m, PBM v\u00e0 b\u1ea3o hi\u1ec3m. Chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p t\u00e1c c\u1ee7a Walgreens t\u1ea1o ra s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n nh\u01b0ng c\u00f3 th\u1ec3 y\u00eau c\u1ea7u v\u1ed1n th\u1ea5p h\u01a1n \u0111\u1ec3 tham gia ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 ch\u1ea5p nh\u1eadn s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u00e3 t\u0103ng t\u1ed1c t\u1eeb 11% l\u00ean 38% c\u00e1c t\u01b0\u01a1ng t\u00e1c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe k\u1ec3 t\u1eeb n\u0103m 2019. CVS x\u1eed l\u00fd 45% \u0111\u01a1n thu\u1ed1c th\u00f4ng qua c\u00e1c k\u00eanh k\u1ef9 thu\u1eadt s\u1ed1 so v\u1edbi 38% c\u1ee7a Walgreens, ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 chuy\u1ec3n \u0111\u1ed5i k\u1ef9 thu\u1eadt s\u1ed1 kh\u00e1c nhau.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>So s\u00e1nh c\u1ed5 phi\u1ebfu CVS vs Walgreens ti\u1ebft l\u1ed9 hai c\u00e1ch ti\u1ebfp c\u1eadn chuy\u1ec3n \u0111\u1ed5i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe kh\u00e1c bi\u1ec7t. CVS theo \u0111u\u1ed5i t\u00edch h\u1ee3p d\u1ecdc th\u00f4ng qua vi\u1ec7c mua l\u1ea1i Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 USD, ch\u1ea5p nh\u1eadn n\u1ee3 cao h\u01a1n v\u00e0 s\u1ef1 ph\u1ee9c t\u1ea1p t\u00edch h\u1ee3p \u0111\u1ec3 ph\u00e1t tri\u1ec3n h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. Walgreens th\u1ef1c hi\u1ec7n m\u00f4 h\u00ecnh t\u1eadp trung v\u00e0o quan h\u1ec7 \u0111\u1ed1i t\u00e1c tr\u1ecb gi\u00e1 5.2 t\u1ef7 USD v\u1edbi y\u00eau c\u1ea7u v\u1ed1n th\u1ea5p h\u01a1n nh\u01b0ng t\u0103ng r\u1ee7i ro ph\u1ee5 thu\u1ed9c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng khung ph\u00e2n t\u00edch c\u1ee7a Pocket Option, c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y n\u00ean ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c gi\u1ea3 thuy\u1ebft \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3: CVS cung c\u1ea5p c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 m\u1ea1nh h\u01a1n v\u1edbi h\u1ec7 s\u1ed1 beta 0.75 v\u00e0 t\u1ef7 l\u1ec7 P\/E d\u1ef1 ph\u00f3ng 8.7x, trong khi Walgreens tr\u00ecnh b\u00e0y ti\u1ec1m n\u0103ng gi\u00e1 tr\u1ecb \u1edf t\u1ef7 l\u1ec7 P\/E d\u1ef1 ph\u00f3ng 6.9x v\u1edbi l\u1ee3i su\u1ea5t cao h\u01a1n 4.8% nh\u01b0ng r\u1ee7i ro th\u1ef1c hi\u1ec7n cao h\u01a1n trong chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p t\u00e1c c\u1ee7a n\u00f3.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u1ea1nh Tranh Th\u1ecb Tr\u01b0\u1eddng: C\u1ed5 Phi\u1ebfu CVS vs Walgreens trong B\u00e1n L\u1ebb D\u01b0\u1ee3c Ph\u1ea9m<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m mang l\u1ea1i s\u1ef1 ti\u1ebfp x\u00fac \u0111\u1ed9c \u0111\u00e1o v\u1edbi ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe \u0111\u1ec3 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0. Khi xem x\u00e9t c\u1ed5 phi\u1ebfu CVS vs Walgreens, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i nh\u1eadn ra r\u1eb1ng c\u00e1c c\u00f4ng ty n\u00e0y \u0111\u1ea1i di\u1ec7n cho c\u00e1c h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe to\u00e0n di\u1ec7n v\u1edbi c\u00e1c m\u00f4 h\u00ecnh kinh doanh, qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng v\u00e0 v\u1ecb tr\u00ed th\u1ecb tr\u01b0\u1eddng kh\u00e1c bi\u1ec7t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>CVS theo \u0111u\u1ed5i t\u00edch h\u1ee3p d\u1ecdc th\u00f4ng qua qu\u1ea3n l\u00fd b\u1ea3o hi\u1ec3m v\u00e0 l\u1ee3i \u00edch d\u01b0\u1ee3c ph\u1ea9m, trong khi Walgreens nh\u1ea5n m\u1ea1nh m\u1edf r\u1ed9ng qu\u1ed1c t\u1ebf v\u00e0 h\u1ee3p t\u00e1c chi\u1ebfn l\u01b0\u1ee3c\u2014t\u1ea1o ra c\u00e1c h\u1ed3 s\u01a1 \u0111\u1ea7u t\u01b0 c\u01a1 b\u1ea3n kh\u00e1c nhau. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch Pocket Option theo d\u00f5i nh\u1eefng kh\u00e1c bi\u1ec7t n\u00e0y \u0111\u1ec3 cung c\u1ea5p th\u00f4ng tin \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee5c ti\u00eau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n T\u00edch Hi\u1ec7u Su\u1ea5t L\u1ecbch S\u1eed: C\u1ed5 Phi\u1ebfu Walgreens vs C\u1ed5 Phi\u1ebfu CVS<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c c\u1ed5 phi\u1ebfu Walgreens vs CVS, d\u1eef li\u1ec7u hi\u1ec7u su\u1ea5t l\u1ecbch s\u1eed ti\u1ebft l\u1ed9 c\u00e1c xu h\u01b0\u1edbng gi\u00e1 c\u1ee5 th\u1ec3 ph\u1ea3n \u00e1nh c\u00e1c quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c v\u00e0 s\u1ef1 th\u00edch \u1ee9ng th\u1ecb tr\u01b0\u1eddng c\u1ee7a t\u1eebng c\u00f4ng ty.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Hi\u1ec7u Su\u1ea5t<\/th>\n<th>CVS Health (CVS)<\/th>\n<th>Walgreens Boots Alliance (WBA)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu 5 N\u0103m<\/td>\n<td>+12% v\u1edbi bi\u1ebfn \u0111\u1ed9ng 22%<\/td>\n<td>-45% v\u1edbi bi\u1ebfn \u0111\u1ed9ng 30%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t C\u1ed5 T\u1ee9c (Hi\u1ec7n T\u1ea1i)<\/td>\n<td>3.2%<\/td>\n<td>4.8%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 P\/E (Hi\u1ec7n T\u1ea1i)<\/td>\n<td>8.7x<\/td>\n<td>6.9x<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng Tr\u01b0\u1edfng Doanh Thu (CAGR 5 N\u0103m)<\/td>\n<td>8.9%<\/td>\n<td>3.2%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean EBITDA (Hi\u1ec7n T\u1ea1i)<\/td>\n<td>6.8%<\/td>\n<td>4.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vi\u1ec7c mua l\u1ea1i c\u00f4ng ty b\u1ea3o hi\u1ec3m s\u1ee9c kh\u1ecfe Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 USD c\u1ee7a CVS v\u00e0o n\u0103m 2018 \u0111\u00e3 t\u0103ng t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA l\u00ean 4.6x nh\u01b0ng \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n 3.0x trong khi mang l\u1ea1i h\u01a1n 900 tri\u1ec7u USD trong c\u00e1c h\u1ee3p l\u1ef1c h\u00e0ng n\u0103m, \u1ed5n \u0111\u1ecbnh hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu. Ng\u01b0\u1ee3c l\u1ea1i, Walgreens t\u1eadp trung v\u00e0o m\u1edf r\u1ed9ng ngang th\u00f4ng qua c\u00e1c quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u1edbi k\u1ebft qu\u1ea3 h\u1ed7n h\u1ee3p cho s\u1ef1 t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu WBA.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chu K\u1ef3 Th\u1ecb Tr\u01b0\u1eddng v\u00e0 Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu D\u01b0\u1ee3c Ph\u1ea9m<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Gi\u00e1 c\u1ed5 phi\u1ebfu CVS v\u00e0 Walgreens kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 trong c\u00e1c chu k\u1ef3 kinh t\u1ebf, v\u1edbi h\u1ec7 s\u1ed1 beta n\u0103m n\u0103m l\u1ea7n l\u01b0\u1ee3t l\u00e0 0.75 v\u00e0 0.90, cho th\u1ea5y s\u1ef1 nh\u1ea1y c\u1ea3m kh\u00e1c nhau v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong \u0111\u1ee3t suy tho\u00e1i th\u1ecb tr\u01b0\u1eddng n\u0103m 2020, c\u1ed5 phi\u1ebfu CVS gi\u1ea3m 14% so v\u1edbi m\u1ee9c gi\u1ea3m 28% c\u1ee7a Walgreens, cho th\u1ea5y kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a CVS t\u1eeb c\u00e1c ngu\u1ed3n doanh thu \u0111a d\u1ea1ng trong c\u00e1c ph\u00e2n kh\u00fac qu\u1ea3n l\u00fd l\u1ee3i \u00edch d\u01b0\u1ee3c ph\u1ea9m v\u00e0 b\u1ea3o hi\u1ec3m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>So S\u00e1nh M\u00f4 H\u00ecnh Kinh Doanh: N\u1ec1n T\u1ea3ng C\u1ed5 Phi\u1ebfu WBA vs CVS<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ef1 \u1ed5n \u0111\u1ecbnh doanh thu, h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng\u2014c\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh khi \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu WBA vs CVS.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ph\u00e2n Kh\u00fac Kinh Doanh<\/th>\n<th>C\u00e1ch Ti\u1ebfp C\u1eadn c\u1ee7a CVS Health<\/th>\n<th>C\u00e1ch Ti\u1ebfp C\u1eadn c\u1ee7a Walgreens Boots Alliance<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>B\u00e1n L\u1ebb D\u01b0\u1ee3c Ph\u1ea9m<\/td>\n<td>9,900 \u0111\u1ecba \u0111i\u1ec3m v\u1edbi 1,100 \u0111\u1ecba \u0111i\u1ec3m MinuteClinic<\/td>\n<td>9,000 \u0111\u1ecba \u0111i\u1ec3m t\u1ea1i M\u1ef9, h\u01a1n 13,000 tr\u00ean to\u00e0n c\u1ea7u<\/td>\n<\/tr>\n<tr>\n<td>D\u1ecbch V\u1ee5 Ch\u0103m S\u00f3c S\u1ee9c Kh\u1ecfe<\/td>\n<td>Caremark PBM (h\u01a1n 105 tri\u1ec7u ng\u01b0\u1eddi), Aetna (h\u01a1n 25 tri\u1ec7u th\u00e0nh vi\u00ean)<\/td>\n<td>C\u1ed5 ph\u1ea7n VillageMD (55%), mua l\u1ea1i CareCentrix<\/td>\n<\/tr>\n<tr>\n<td>Chi\u1ebfn L\u01b0\u1ee3c S\u1ed1<\/td>\n<td>\u1ee8ng d\u1ee5ng t\u00edch h\u1ee3p v\u1edbi h\u01a1n 43 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng, h\u1ed3 s\u01a1 k\u1ebft n\u1ed1i<\/td>\n<td>N\u1ec1n t\u1ea3ng myWalgreens (92 tri\u1ec7u th\u00e0nh vi\u00ean), quan h\u1ec7 \u0111\u1ed1i t\u00e1c giao h\u00e0ng<\/td>\n<\/tr>\n<tr>\n<td>S\u1ef1 Hi\u1ec7n Di\u1ec7n Qu\u1ed1c T\u1ebf<\/td>\n<td>&lt;2% doanh thu t\u1eeb ho\u1ea1t \u0111\u1ed9ng qu\u1ed1c t\u1ebf<\/td>\n<td>~25% doanh thu t\u1eeb th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf<\/td>\n<\/tr>\n<tr>\n<td>C\u1ea5u Tr\u00fac N\u1ee3<\/td>\n<td>N\u1ee3 d\u00e0i h\u1ea1n 67.4 t\u1ef7 USD, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA 3.0x<\/td>\n<td>N\u1ee3 d\u00e0i h\u1ea1n 38.5 t\u1ef7 USD, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean EBITDA 2.6x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>CVS ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe t\u00edch h\u1ee3p, k\u1ebft h\u1ee3p 9,900 \u0111\u1ecba \u0111i\u1ec3m d\u01b0\u1ee3c ph\u1ea9m, d\u1ecbch v\u1ee5 Caremark PBM x\u1eed l\u00fd h\u01a1n 2 t\u1ef7 \u0111\u01a1n thu\u1ed1c h\u00e0ng n\u0103m v\u00e0 25 tri\u1ec7u th\u00e0nh vi\u00ean b\u1ea3o hi\u1ec3m c\u1ee7a Aetna. S\u1ef1 t\u00edch h\u1ee3p n\u00e0y y\u00eau c\u1ea7u h\u01a1n 80 t\u1ef7 USD v\u1ed1n nh\u01b0ng t\u1ea1o ra c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m doanh thu ph\u00f2ng th\u1ee7 v\u00e0 c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng b\u00e1n ch\u00e9o 15%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Walgreens \u0111\u00e3 \u0111\u1ea7u t\u01b0 5.2 t\u1ef7 USD v\u00e0o VillageMD v\u00e0 330 tri\u1ec7u USD v\u00e0o CareCentrix thay v\u00ec theo \u0111u\u1ed5i c\u00e1c v\u1ee5 mua l\u1ea1i to\u00e0n b\u1ed9. Chi\u1ebfn l\u01b0\u1ee3c nh\u1eb9 v\u1ed1n n\u00e0y b\u1ea3o to\u00e0n s\u1ef1 linh ho\u1ea1t c\u1ee7a b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n nh\u01b0ng t\u1ea1o ra s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n c\u1ee7a c\u00e1c \u0111\u1ed1i t\u00e1c, cu\u1ed1i c\u00f9ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu WBA.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u1ea5u Tr\u00fac Bi\u00ean L\u1ee3i Nhu\u1eadn v\u00e0 So S\u00e1nh Kh\u1ea3 N\u0103ng Sinh L\u1eddi<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch Pocket Option x\u00e1c \u0111\u1ecbnh c\u00e1c h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh: CVS duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng 5.3% th\u00f4ng qua hi\u1ec7u qu\u1ea3 t\u00edch h\u1ee3p PBM, trong khi bi\u00ean l\u1ee3i nhu\u1eadn 3.8% c\u1ee7a Walgreens ph\u1ea3n \u00e1nh s\u1ef1 ti\u1ebfp x\u00fac l\u1edbn h\u01a1n v\u1edbi kinh t\u1ebf b\u00e1n l\u1ebb c\u1eeda h\u00e0ng ph\u00eda tr\u01b0\u1edbc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 Kh\u1ea3 N\u0103ng Sinh L\u1eddi<\/th>\n<th>CVS Health<\/th>\n<th>Walgreens Boots Alliance<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p<\/td>\n<td>18.9%<\/td>\n<td>21.5%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean L\u1ee3i Nhu\u1eadn Ho\u1ea1t \u0110\u1ed9ng<\/td>\n<td>5.3%<\/td>\n<td>3.8%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean L\u1ee3i Nhu\u1eadn R\u00f2ng<\/td>\n<td>3.1%<\/td>\n<td>2.2%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn Tr\u00ean T\u00e0i S\u1ea3n<\/td>\n<td>4.2%<\/td>\n<td>2.5%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu<\/td>\n<td>12.8%<\/td>\n<td>9.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c S\u00e1ng Ki\u1ebfn Chi\u1ebfn L\u01b0\u1ee3c \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Tri\u1ec3n V\u1ecdng C\u1ed5 Phi\u1ebfu CVS vs Walgreens<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ea3 hai c\u00f4ng ty \u0111ang chuy\u1ec3n \u0111\u1ed5i m\u00f4 h\u00ecnh kinh doanh c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi s\u1ef1 gi\u00e1n \u0111o\u1ea1n ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, t\u0103ng t\u1ed1c k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 s\u1edf th\u00edch ti\u00eau d\u00f9ng \u0111ang thay \u0111\u1ed5i\u2014nh\u1eefng ph\u00e1t tri\u1ec3n \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn qu\u1ef9 \u0111\u1ea1o c\u1ed5 phi\u1ebfu CVS vs Walgreens.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>CVS \u0111\u00e3 \u0111\u1ea7u t\u01b0 1.5 t\u1ef7 USD m\u1edf r\u1ed9ng h\u01a1n 900 \u0111\u1ecba \u0111i\u1ec3m HealthHUB, bi\u1ebfn c\u00e1c c\u1eeda h\u00e0ng th\u00e0nh \u0111i\u1ec3m \u0111\u1ebfn ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 l\u00e2m s\u00e0ng m\u1edf r\u1ed9ng bao g\u1ed3m ch\u0103m s\u00f3c ti\u1ec3u \u0111\u01b0\u1eddng, \u0111\u00e1nh gi\u00e1 ng\u01b0ng th\u1edf khi ng\u1ee7 v\u00e0 d\u1ecbch v\u1ee5 l\u1ea5y m\u00e1u. S\u1ef1 c\u1ea3i t\u1ea1o n\u00e0y th\u00fac \u0111\u1ea9y t\u1ef7 l\u1ec7 thu h\u00fat \u0111\u01a1n thu\u1ed1c cao h\u01a1n 15% v\u00e0 l\u01b0u l\u01b0\u1ee3ng kh\u00e1ch h\u00e0ng t\u0103ng 8%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Walgreens \u0111\u00e3 cam k\u1ebft 5.2 t\u1ef7 USD cho VillageMD thi\u1ebft l\u1eadp 1,000 ph\u00f2ng kh\u00e1m ch\u0103m s\u00f3c ch\u00ednh \u0111\u1ea7y \u0111\u1ee7 d\u1ecbch v\u1ee5 v\u00e0o n\u0103m 2025, \u0111\u1ed3ng v\u1ecb tr\u00ed v\u1edbi c\u00e1c c\u1eeda h\u00e0ng Walgreens. C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean quan h\u1ec7 \u0111\u1ed1i t\u00e1c n\u00e0y gi\u1ea3m y\u00eau c\u1ea7u v\u1ed1n ban \u0111\u1ea7u nh\u01b0ng gi\u1edbi thi\u1ec7u s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n \u0111\u00e3 l\u00e0m t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu WBA sau khi kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau tri\u1ec3n khai.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>CVS t\u1eadn d\u1ee5ng m\u00f4 h\u00ecnh t\u00edch h\u1ee3p c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u1ef1a tr\u00ean r\u1ee7i ro bao ph\u1ee7 h\u01a1n 2 tri\u1ec7u ng\u01b0\u1eddi, t\u1ea1o ra h\u01a1n 250 tri\u1ec7u USD doanh thu ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb v\u1edbi d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m 15%.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Walgreens duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng t\u1ea1i 9 qu\u1ed1c gia, t\u1ea1o ra s\u1ef1 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd nh\u01b0ng gi\u1edbi thi\u1ec7u c\u00e1c hi\u1ec7u \u1ee9ng chuy\u1ec3n \u0111\u1ed5i ti\u1ec1n t\u1ec7 \u0111\u00e3 t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng thu nh\u1eadp l\u00ean 3.5% trong n\u0103m 2023.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea3 hai c\u00f4ng ty \u0111ang m\u1edf r\u1ed9ng d\u1ecbch v\u1ee5 l\u00e2m s\u00e0ng ngo\u00e0i d\u01b0\u1ee3c ph\u1ea9m truy\u1ec1n th\u1ed1ng, v\u1edbi CVS \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m 22% trong c\u00e1c l\u01b0\u1ee3t th\u0103m kh\u00e1m MinuteClinic so v\u1edbi t\u0103ng tr\u01b0\u1edfng 17% c\u1ee7a Walgreens trong c\u00e1c cu\u1ed9c g\u1eb7p VillageMD.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 c\u00f4ng ngh\u1ec7 v\u00e0o t\u1ef1 \u0111\u1ed9ng h\u00f3a \u0111\u01a1n thu\u1ed1c v\u00e0 ho\u00e0n th\u00e0nh t\u1eadp trung \u0111ang gi\u1ea3m chi ph\u00ed lao \u0111\u1ed9ng t\u1eeb 8-10% cho CVS v\u00e0 6-8% cho Walgreens, tr\u1ef1c ti\u1ebfp c\u1ea3i thi\u1ec7n h\u1ed3 s\u01a1 bi\u00ean l\u1ee3i nhu\u1eadn.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>S\u1ee9c Kh\u1ecfe T\u00e0i Ch\u00ednh: N\u1ec1n T\u1ea3ng C\u1ed5 Phi\u1ebfu CVS vs WBA<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ee9c m\u1ea1nh b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, t\u1ea1o d\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0 \u01b0u ti\u00ean ph\u00e2n b\u1ed5 v\u1ed1n \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn h\u1ed3 s\u01a1 r\u1ee7i ro c\u1ed5 phi\u1ebfu CVS vs WBA v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 T\u00e0i Ch\u00ednh<\/th>\n<th>CVS Health<\/th>\n<th>Walgreens Boots Alliance<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean EBITDA<\/td>\n<td>3.0x (gi\u1ea3m t\u1eeb 4.6x n\u0103m 2018)<\/td>\n<td>2.6x (t\u0103ng t\u1eeb 1.9x n\u0103m 2020)<\/td>\n<\/tr>\n<tr>\n<td>D\u00f2ng Ti\u1ec1n T\u1ef1 Do<\/td>\n<td>12.5 t\u1ef7 USD h\u00e0ng n\u0103m<\/td>\n<td>3.8 t\u1ef7 USD h\u00e0ng n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Chi Tr\u1ea3 C\u1ed5 T\u1ee9c<\/td>\n<td>32%<\/td>\n<td>42%<\/td>\n<\/tr>\n<tr>\n<td>Chi Ph\u00ed V\u1ed1n<\/td>\n<td>2.8 t\u1ef7 USD (1.8% doanh thu)<\/td>\n<td>1.7 t\u1ef7 USD (2.1% doanh thu)<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 B\u1ea3o Hi\u1ec3m L\u00e3i Su\u1ea5t<\/td>\n<td>8.2x<\/td>\n<td>6.1x<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>N\u1ee3 d\u00e0i h\u1ea1n 67.4 t\u1ef7 USD c\u1ee7a CVS \u0111\u1ea1i di\u1ec7n cho s\u1ef1 gi\u1ea3m 12% k\u1ec3 t\u1eeb khi mua l\u1ea1i Aetna, trong khi t\u1ea1o ra 12.5 t\u1ef7 USD d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m\u2014\u0111\u1ee7 \u0111\u1ec3 ph\u1ee5c v\u1ee5 n\u1ee3 v\u00e0 tr\u1ea3 l\u1ea1i cho c\u1ed5 \u0111\u00f4ng th\u00f4ng qua l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3.2%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Walgreens \u0111\u00e3 t\u0103ng \u0111\u00f2n b\u1ea9y t\u1eeb 1.9x l\u00ean 2.6x n\u1ee3 tr\u00ean EBITDA \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe trong khi duy tr\u00ec tr\u1ea1ng th\u00e1i qu\u00fd t\u1ed9c c\u1ed5 t\u1ee9c. Chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u1ed1n n\u00e0y g\u00e2y lo ng\u1ea1i khi t\u1ef7 l\u1ec7 bao ph\u1ee7 c\u1ed5 t\u1ee9c c\u1ee7a WBA \u0111\u00e3 gi\u1ea3m t\u1eeb 2.4x xu\u1ed1ng 1.8x trong ba n\u0103m qua.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>\u01afu Ti\u00ean Ph\u00e2n B\u1ed5 V\u1ed1n v\u00e0 L\u1ee3i Nhu\u1eadn C\u1ed5 \u0110\u00f4ng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 v\u1ed1n kh\u00e1c nhau t\u1ea1o ra c\u00e1c h\u1ed3 s\u01a1 l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng kh\u00e1c bi\u1ec7t. CVS t\u1ea1m th\u1eddi \u0111\u00ecnh ch\u1ec9 t\u0103ng c\u1ed5 t\u1ee9c trong ba n\u0103m sau khi mua l\u1ea1i Aetna nh\u01b0ng \u0111\u00e3 ti\u1ebfp t\u1ee5c t\u0103ng c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m 10% v\u00e0o n\u0103m 2022 trong khi kh\u1edfi \u0111\u1ed9ng ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 10 t\u1ef7 USD.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Walgreens \u0111\u00e3 duy tr\u00ec 47 n\u0103m li\u00ean ti\u1ebfp t\u0103ng c\u1ed5 t\u1ee9c, hi\u1ec7n \u0111ang c\u00f3 l\u1ee3i su\u1ea5t 4.8%. Tuy nhi\u00ean, cam k\u1ebft n\u00e0y h\u1ea1n ch\u1ebf s\u1ef1 linh ho\u1ea1t chi\u1ebfn l\u01b0\u1ee3c, nh\u01b0 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu h\u1ea1n ch\u1ebf 1 t\u1ef7 USD c\u1ee7a c\u00f4ng ty m\u1eb7c d\u00f9 giao d\u1ecbch \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 th\u1ea5p l\u1ecbch s\u1eed.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>CVS ph\u00e2n b\u1ed5 2.8 t\u1ef7 USD h\u00e0ng n\u0103m cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c v\u00e0o m\u1edf r\u1ed9ng d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, v\u1edbi vi\u1ec7c c\u1ea3i t\u1ea1o HealthHUB t\u1ed1n 450,000 USD m\u1ed7i \u0111\u1ecba \u0111i\u1ec3m nh\u01b0ng t\u1ea1o ra 18% ROI.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Walgreens \u0111\u00e3 h\u01b0\u1edbng 65% kho\u1ea3n \u0111\u1ea7u t\u01b0 5.2 t\u1ef7 USD v\u00e0o VillageMD cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng t\u1ea1i M\u1ef9 v\u1edbi ph\u1ea7n c\u00f2n l\u1ea1i h\u1ed7 tr\u1ee3 c\u00e1c m\u00f4 h\u00ecnh ph\u00f2ng kh\u00e1m qu\u1ed1c t\u1ebf t\u1ea1i Anh v\u00e0 \u0110\u1ee9c.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ea3 hai c\u00f4ng ty \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o t\u1ef1 \u0111\u1ed9ng h\u00f3a, v\u1edbi c\u00e1c trung t\u00e2m ho\u00e0n th\u00e0nh t\u1eadp trung tr\u1ecb gi\u00e1 600 tri\u1ec7u USD c\u1ee7a CVS x\u1eed l\u00fd 50% kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c trong khi gi\u1ea3m chi ph\u00ed ph\u00e2n ph\u1ed1i 15%.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ho\u1ea1t \u0111\u1ed9ng mua l\u1ea1i c\u1ed5 phi\u1ebfu kh\u00e1c nhau \u0111\u00e1ng k\u1ec3: CVS \u0111\u00e3 mua l\u1ea1i 3.5 t\u1ef7 USD c\u1ed5 phi\u1ebfu k\u1ec3 t\u1eeb n\u0103m 2022 trong khi Walgreens ch\u1ec9 mua l\u1ea1i 500 tri\u1ec7u USD m\u1eb7c d\u00f9 c\u00f3 m\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1 l\u1edbn h\u01a1n.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>M\u00f4i Tr\u01b0\u1eddng Quy \u0110\u1ecbnh \u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Hi\u1ec7u Su\u1ea5t C\u1ed5 Phi\u1ebfu Walgreens vs CVS<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c ph\u00e1t tri\u1ec3n quy \u0111\u1ecbnh \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1ee3c ph\u1ea9m, m\u00f4 h\u00ecnh cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 qu\u1ef9 \u0111\u1ea1o hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu Walgreens vs CVS.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu T\u1ed1 Quy \u0110\u1ecbnh<\/th>\n<th>\u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn CVS Health<\/th>\n<th>\u1ea2nh H\u01b0\u1edfng \u0110\u1ebfn Walgreens Boots Alliance<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u1ea3i C\u00e1ch Gi\u00e1 Thu\u1ed1c<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng EBITDA -1.8% \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1edfi l\u1ee3i \u00edch Aetna +2.2%<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng EBITDA -2.5% v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 b\u00f9 \u0111\u1eafp h\u1ea1n ch\u1ebf<\/td>\n<\/tr>\n<tr>\n<td>M\u1edf R\u1ed9ng B\u1ea3o Hi\u1ec3m Y T\u1ebf<\/td>\n<td>C\u01a1 h\u1ed9i doanh thu +3.5% th\u00f4ng qua \u0111\u0103ng k\u00fd Aetna<\/td>\n<td>Ti\u1ec1m n\u0103ng t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c +1.7%<\/td>\n<\/tr>\n<tr>\n<td>Ho\u00e0n Tr\u1ea3 D\u01b0\u1ee3c Ph\u1ea9m<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng bi\u00ean l\u1ee3i nhu\u1eadn -1.5%, \u0111\u01b0\u1ee3c h\u1ea5p th\u1ee5 m\u1ed9t ph\u1ea7n b\u1edfi ho\u1ea1t \u0111\u1ed9ng PBM<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng bi\u00ean l\u1ee3i nhu\u1eadn -2.1% v\u1edbi s\u1ef1 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp P&amp;L<\/td>\n<\/tr>\n<tr>\n<td>Quy \u0110\u1ecbnh Qu\u1ed1c T\u1ebf<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng &lt;0.5% t\u1eeb s\u1ef1 ti\u1ebfp x\u00fac qu\u1ed1c t\u1ebf h\u1ea1n ch\u1ebf<\/td>\n<td>\u1ea2nh h\u01b0\u1edfng -1.2% t\u1eeb thay \u0111\u1ed5i ho\u00e0n tr\u1ea3 NHS t\u1ea1i Anh<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1m S\u00e1t Ch\u1ed1ng \u0110\u1ed9c Quy\u1ec1n<\/td>\n<td>Y\u00eau c\u1ea7u tho\u00e1i v\u1ed1n ti\u1ec1m n\u0103ng cho t\u00edch h\u1ee3p d\u1ecdc<\/td>\n<td>H\u1ed3 s\u01a1 r\u1ee7i ro th\u1ea5p h\u01a1n do h\u1ee3p nh\u1ea5t d\u1ecdc h\u1ea1n ch\u1ebf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c \u0111i\u1ec1u kho\u1ea3n \u0111\u00e0m ph\u00e1n gi\u00e1 thu\u1ed1c Medicare c\u1ee7a \u0110\u1ea1o lu\u1eadt Gi\u1ea3m L\u1ea1m Ph\u00e1t 2022 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea3 hai c\u00f4ng ty kh\u00e1c nhau: CVS c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i th\u00f4ng qua c\u00e1c k\u1ebf ho\u1ea1ch Medicare c\u1ee7a Aetna trong khi \u0111\u1ed1i m\u1eb7t v\u1edbi y\u00eau c\u1ea7u minh b\u1ea1ch PBM, trong khi Walgreens \u0111\u1ed1i m\u1eb7t v\u1edbi \u01b0\u1edbc t\u00ednh n\u00e9n bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m 1.5-2.0%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ho\u1ea1t \u0111\u1ed9ng qu\u1ed1c t\u1ebf c\u1ee7a Walgreens khi\u1ebfn c\u00f4ng ty ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c khung quy \u0111\u1ecbnh kh\u00e1c nhau, bao g\u1ed3m \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 NHS t\u1ea1i th\u1ecb tr\u01b0\u1eddng Anh \u0111\u00e3 gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m Boots 120 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong n\u0103m 2023. S\u1ef1 t\u1eadp trung trong n\u01b0\u1edbc c\u1ee7a CVS h\u1ea1n ch\u1ebf s\u1ef1 ti\u1ebfp x\u00fac quy \u0111\u1ecbnh qu\u1ed1c t\u1ebf nh\u01b0ng t\u1eadp trung r\u1ee7i ro v\u00e0o c\u00e1c thay \u0111\u1ed5i ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u1ee7a M\u1ef9.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Lu\u1eadn \u0110i\u1ec3m \u0110\u1ea7u T\u01b0: Quan \u0110i\u1ec3m C\u1ee7a Nh\u00e0 Ph\u00e2n T\u00edch V\u1ec1 C\u1ed5 Phi\u1ebfu CVS vs Walgreens<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p ph\u00e1t tri\u1ec3n c\u00e1c lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 kh\u00e1c bi\u1ec7t cho t\u1eebng c\u00f4ng ty d\u1ef1a tr\u00ean th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c, \u0111\u1ecbnh v\u1ecb v\u00e0 xu h\u01b0\u1edbng ng\u00e0nh ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh \u0111\u1ecbnh h\u00ecnh gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1eebng c\u1ed5 phi\u1ebfu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Tr\u01b0\u1eddng H\u1ee3p T\u0103ng Gi\u00e1 Cho CVS Health<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 CVS l\u01b0u \u00fd \u0111\u1ebfn vi\u1ec7c c\u00f4ng ty \u0111\u00e3 th\u00e0nh c\u00f4ng trong vi\u1ec7c thu \u0111\u01b0\u1ee3c h\u01a1n 900 tri\u1ec7u USD h\u1ee3p l\u1ef1c h\u00e0ng n\u0103m t\u1eeb vi\u1ec7c t\u00edch h\u1ee3p Aetna, v\u01b0\u1ee3t qu\u00e1 m\u1ee5c ti\u00eau ban \u0111\u1ea7u 20% trong khi m\u1edf r\u1ed9ng c\u00e1c \u0111\u1ecba \u0111i\u1ec3m HealthHUB \u0111\u1ec3 t\u1ea1o ra h\u01a1n 500 tri\u1ec7u USD doanh thu b\u1ed5 sung v\u00e0o n\u0103m 2024.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c \u0111\u1ecba \u0111i\u1ec3m MinuteClinic v\u00e0 HealthHUB th\u00fac \u0111\u1ea9y t\u1ef7 l\u1ec7 thu h\u00fat \u0111\u01a1n thu\u1ed1c cao h\u01a1n 12% trong khi t\u0103ng mua h\u00e0ng t\u1ea1i c\u1eeda h\u00e0ng ph\u00eda tr\u01b0\u1edbc 8%, t\u1ea1o ra c\u00e1c c\u01a1 h\u1ed9i b\u00e1n ch\u00e9o c\u00f3 gi\u00e1 tr\u1ecb.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c s\u00e1ng ki\u1ebfn s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 k\u1ebft n\u1ed1i h\u01a1n 43 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng \u1ee9ng d\u1ee5ng v\u1edbi tr\u1ea3i nghi\u1ec7m tr\u1ef1c ti\u1ebfp, d\u1eabn \u0111\u1ebfn s\u1ef1 tu\u00e2n th\u1ee7 thu\u1ed1c cao h\u01a1n 22% v\u00e0 t\u0103ng 15% s\u1ed1 l\u1ea7n n\u1ea1p \u0111\u01a1n thu\u1ed1c.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1ea3m n\u1ee3 \u0111\u00e3 c\u1ee7ng c\u1ed1 s\u1ef1 linh ho\u1ea1t t\u00e0i ch\u00ednh, v\u1edbi 12.5 t\u1ef7 USD d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m h\u1ed7 tr\u1ee3 c\u1ea3 l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 3.2% v\u00e0 \u1ee7y quy\u1ec1n mua l\u1ea1i c\u1ed5 phi\u1ebfu tr\u1ecb gi\u00e1 10 t\u1ef7 USD.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c s\u00e1ng ki\u1ebfn ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb hi\u1ec7n bao ph\u1ee7 h\u01a1n 2 tri\u1ec7u ng\u01b0\u1eddi, \u0111\u1ecbnh v\u1ecb CVS m\u1ed9t c\u00e1ch thu\u1eadn l\u1ee3i khi ho\u00e0n tr\u1ea3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe chuy\u1ec3n t\u1eeb ph\u00ed d\u1ecbch v\u1ee5 sang m\u00f4 h\u00ecnh d\u1ef1a tr\u00ean k\u1ebft qu\u1ea3.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Tr\u01b0\u1eddng H\u1ee3p T\u0103ng Gi\u00e1 Cho Walgreens Boots Alliance<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 Walgreens nh\u1ea5n m\u1ea1nh c\u00e1c s\u00e1ng ki\u1ebfn chuy\u1ec3n \u0111\u1ed5i chi ph\u00ed tr\u1ecb gi\u00e1 5 t\u1ef7 USD c\u1ee7a c\u00f4ng ty v\u00e0 t\u00e1i \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c th\u00f4ng qua VillageMD, ch\u1ec9 ra s\u1ef1 \u0111\u1ecbnh gi\u00e1 th\u1ea5p \u0111\u00e1ng k\u1ec3 c\u1ee7a c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c P\/E d\u1ef1 ph\u00f3ng 6.9x so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh l\u00e0 12.8x.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quan h\u1ec7 \u0111\u1ed1i t\u00e1c VillageMD m\u1edf r\u1ed9ng 1,000 \u0111\u1ecba \u0111i\u1ec3m ch\u0103m s\u00f3c ch\u00ednh v\u00e0o n\u0103m 2025, t\u1ea1o ra t\u0103ng tr\u01b0\u1edfng \u0111\u01a1n thu\u1ed1c b\u1ed5 sung d\u1ef1 ki\u1ebfn 30-35% t\u1ea1i c\u00e1c nh\u00e0 thu\u1ed1c Walgreens \u0111\u1ed3ng v\u1ecb tr\u00ed.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ho\u1ea1t \u0111\u1ed9ng qu\u1ed1c t\u1ebf cung c\u1ea5p s\u1ef1 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd, v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng Anh v\u00e0 \u0110\u1ee9c cung c\u1ea5p bi\u00ean l\u1ee3i nhu\u1eadn d\u01b0\u1ee3c ph\u1ea9m cao h\u01a1n 1.2% so v\u1edbi ho\u1ea1t \u0111\u1ed9ng t\u1ea1i M\u1ef9.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ch\u01b0\u01a1ng tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i chi ph\u00ed nh\u1eafm m\u1ee5c ti\u00eau ti\u1ebft ki\u1ec7m 3.5 t\u1ef7 USD v\u00e0o n\u0103m 2024 \u0111\u00e3 mang l\u1ea1i 2.2 t\u1ef7 USD, c\u1ea3i thi\u1ec7n bi\u00ean EBITDA 80 \u0111i\u1ec3m c\u01a1 b\u1ea3n m\u1eb7c d\u00f9 c\u00f3 \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i \u1edf t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean doanh thu 0.25x \u0111\u1ea1i di\u1ec7n cho m\u1ee9c chi\u1ebft kh\u1ea5u 50% so v\u1edbi b\u1ed9i s\u1ed1 0.50x c\u1ee7a CVS, cung c\u1ea5p ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 \u0111\u00e1ng k\u1ec3 n\u1ebfu vi\u1ec7c th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 S\u1ed1 \u0110\u1ecbnh Gi\u00e1<\/th>\n<th>CVS Health<\/th>\n<th>Walgreens Boots Alliance<\/th>\n<th>Trung B\u00ecnh Ng\u00e0nh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u1ef7 L\u1ec7 P\/E D\u1ef1 Ph\u00f3ng<\/td>\n<td>8.7x<\/td>\n<td>6.9x<\/td>\n<td>12.8x<\/td>\n<\/tr>\n<tr>\n<td>B\u1ed9i S\u1ed1 EV\/EBITDA<\/td>\n<td>8.2x<\/td>\n<td>6.1x<\/td>\n<td>11.5x<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 Gi\u00e1 Tr\u00ean Doanh Thu<\/td>\n<td>0.35x<\/td>\n<td>0.25x<\/td>\n<td>0.60x<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i Su\u1ea5t C\u1ed5 T\u1ee9c<\/td>\n<td>3.2%<\/td>\n<td>4.8%<\/td>\n<td>2.2%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 L\u1ec7 PEG<\/td>\n<td>1.15<\/td>\n<td>1.75<\/td>\n<td>1.45<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>\u0110\u00e1nh Gi\u00e1 R\u1ee7i Ro: C\u00e2n Nh\u1eafc \u0110\u1ea7u T\u01b0 C\u1ed5 Phi\u1ebfu WBA vs CVS<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch r\u1ee7i ro to\u00e0n di\u1ec7n ti\u1ebft l\u1ed9 c\u00e1c h\u1ed3 s\u01a1 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng kh\u00e1c bi\u1ec7t gi\u1eefa c\u1ed5 phi\u1ebfu WBA vs CVS d\u1ef1a tr\u00ean s\u1ef1 k\u1ebft h\u1ee3p kinh doanh, th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c v\u00e0 v\u1ecb tr\u00ed t\u00e0i ch\u00ednh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Danh M\u1ee5c R\u1ee7i Ro<\/th>\n<th>Ti\u1ebfp X\u00fac C\u1ee7a CVS Health<\/th>\n<th>Ti\u1ebfp X\u00fac C\u1ee7a Walgreens Boots Alliance<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ho\u00e0n Tr\u1ea3 D\u01b0\u1ee3c Ph\u1ea9m<\/td>\n<td>42% doanh thu tr\u1ef1c ti\u1ebfp ti\u1ebfp x\u00fac<\/td>\n<td>68% doanh thu tr\u1ef1c ti\u1ebfp ti\u1ebfp x\u00fac<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1n \u0110o\u1ea1n K\u1ef9 Thu\u1eadt S\u1ed1<\/td>\n<td>15% kh\u1ed1i l\u01b0\u1ee3ng d\u01b0\u1ee3c ph\u1ea9m c\u00f3 th\u1ec3 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng<\/td>\n<td>22% kh\u1ed1i l\u01b0\u1ee3ng d\u01b0\u1ee3c ph\u1ea9m c\u00f3 th\u1ec3 d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng<\/td>\n<\/tr>\n<tr>\n<td>Ch\u00ednh S\u00e1ch Ch\u0103m S\u00f3c S\u1ee9c Kh\u1ecfe<\/td>\n<td>H\u1ed7n h\u1ee3p: Aetna ti\u1ebfp x\u00fac v\u1edbi thay \u0111\u1ed5i b\u1ea3o hi\u1ec3m<\/td>\n<td>H\u1ea1n ch\u1ebf: Ch\u1ee7 y\u1ebfu th\u00f4ng qua c\u00e1c k\u00eanh d\u01b0\u1ee3c ph\u1ea9m<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i Ro Th\u1ef1c Hi\u1ec7n<\/td>\n<td>Ph\u1ee9c t\u1ea1p t\u00edch h\u1ee3p tr\u00ean ba ph\u00e2n kh\u00fac<\/td>\n<td>Ki\u1ec3m so\u00e1t h\u1ea1n ch\u1ebf \u0111\u1ed1i v\u1edbi k\u1ebft qu\u1ea3 h\u1ee3p t\u00e1c<\/td>\n<\/tr>\n<tr>\n<td>C\u01b0\u1eddng \u0110\u1ed9 C\u1ea1nh Tranh<\/td>\n<td>\u0110\u01b0\u1ee3c b\u1ea3o v\u1ec7 b\u1edfi r\u00e0o c\u1ea3n t\u00edch h\u1ee3p d\u1ecdc<\/td>\n<td>Ti\u1ebfp x\u00fac v\u1edbi c\u1ea1nh tranh b\u00e1n l\u1ebb v\u00e0 k\u1ef9 thu\u1eadt s\u1ed1 thu\u1ea7n t\u00fay<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>CVS \u0111\u1ed1i m\u1eb7t v\u1edbi th\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n t\u00edch h\u1ee3p \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1eb1ng chi ph\u00ed t\u00edch h\u1ee3p IT cao h\u01a1n 12% so v\u1edbi d\u1ef1 ki\u1ebfn ban \u0111\u1ea7u, m\u1eb7c d\u00f9 \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp b\u1edfi c\u00e1c h\u1ee3p l\u1ef1c doanh thu m\u1ea1nh h\u01a1n d\u1ef1 ki\u1ebfn. S\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a vi\u1ec7c ph\u1ed1i h\u1ee3p h\u01a1n 70 tri\u1ec7u kh\u00e1ch h\u00e0ng d\u01b0\u1ee3c ph\u1ea9m, h\u01a1n 105 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng PBM v\u00e0 h\u01a1n 25 tri\u1ec7u th\u00e0nh vi\u00ean b\u1ea3o hi\u1ec3m t\u1ea1o ra ma s\u00e1t ho\u1ea1t \u0111\u1ed9ng nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Walgreens \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c m\u1ed1i \u0111e d\u1ecda c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp h\u01a1n v\u1edbi 22% kh\u1ed1i l\u01b0\u1ee3ng \u0111\u01a1n thu\u1ed1c d\u1ec5 b\u1ecb gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 so v\u1edbi 15% c\u1ee7a CVS. S\u1ef1 ph\u1ee5 thu\u1ed9c 35% v\u00e0o doanh s\u1ed1 b\u00e1n l\u1ebb c\u1eeda h\u00e0ng ph\u00eda tr\u01b0\u1edbc c\u1ee7a c\u00f4ng ty l\u00e0m t\u0103ng t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng tr\u01b0\u1edbc c\u1ea1nh tranh t\u1eeb Amazon v\u00e0 c\u00e1c k\u00eanh b\u00e1n h\u00e0ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ng\u01b0\u1eddi ti\u00eau d\u00f9ng, trong khi chi\u1ebfn l\u01b0\u1ee3c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed1i t\u00e1c c\u1ee7a c\u00f4ng ty gi\u1edbi thi\u1ec7u r\u1ee7i ro th\u1ef1c hi\u1ec7n \u0111\u00e1ng k\u1ec3 khi c\u00e1c m\u1ee5c ti\u00eau tri\u1ec3n khai VillageMD kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n B\u1ed5 Danh M\u1ee5c: C\u1ed5 Phi\u1ebfu CVS vs Walgreens<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>X\u00e2y d\u1ef1ng danh m\u1ee5c hi\u1ec7u qu\u1ea3 \u0111\u00f2i h\u1ecfi \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m n\u00e0y d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0, th\u1eddi gian \u0111\u1ea7u t\u01b0 v\u00e0 kh\u1ea3 n\u0103ng ch\u1ecbu r\u1ee7i ro.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o thu nh\u1eadp th\u01b0\u1eddng ph\u00e2n b\u1ed5 2-3% danh m\u1ee5c c\u1ee7a h\u1ecd cho Walgreens v\u00ec l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i 4.8%, m\u1eb7c d\u00f9 t\u1ef7 l\u1ec7 bao ph\u1ee7 c\u1ed5 t\u1ee9c \u0111\u00e3 gi\u1ea3m t\u1eeb 2.4x xu\u1ed1ng 1.8x trong ba n\u0103m qua, g\u00e2y lo ng\u1ea1i v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng t\u0103ng tr\u01b0\u1edfng th\u01b0\u1eddng \u01b0a th\u00edch m\u00f4 h\u00ecnh h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u1ee7a CVS, ph\u00e2n b\u1ed5 1.5-2.5% danh m\u1ee5c \u0111\u1ec3 n\u1eafm b\u1eaft c\u1ea3 \u0111\u1eb7c \u0111i\u1ec3m ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe ph\u00f2ng th\u1ee7 v\u00e0 t\u0103ng tr\u01b0\u1edfng t\u1eeb chuy\u1ec3n \u0111\u1ed5i ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ea7u t\u01b0 Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn ph\u00e2n b\u1ed5 b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m hi\u1ec7u qu\u1ea3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ebfp x\u00fac ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u00e2n b\u1eb1ng: Tr\u1ecdng s\u1ed1 60% CVS \/ 40% Walgreens n\u1eafm b\u1eaft s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a m\u00f4 h\u00ecnh t\u00edch h\u1ee3p c\u1ee7a CVS trong khi duy tr\u00ec s\u1ef1 ti\u1ebfp x\u00fac v\u1edbi ti\u1ec1m n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a Walgreens.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Giao d\u1ecbch c\u1eb7p: C\u00e1c chi\u1ebfn l\u01b0\u1ee3c ch\u00eanh l\u1ec7ch th\u1ed1ng k\u00ea c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan 0.68 c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu khi s\u1ef1 kh\u00e1c bi\u1ec7t gi\u00e1 v\u01b0\u1ee3t qu\u00e1 1.5 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ecbnh v\u1ecb nh\u1ea1y c\u1ea3m kinh t\u1ebf: T\u0103ng ph\u00e2n b\u1ed5 CVS trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i t\u1eadn d\u1ee5ng h\u1ec7 s\u1ed1 beta 0.75 c\u1ee7a n\u00f3 so v\u1edbi beta 0.90 c\u1ee7a Walgreens \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng b\u1ea3o v\u1ec7 gi\u1ea3m gi\u00e1.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chi\u1ebfn l\u01b0\u1ee3c quy\u1ec1n ch\u1ecdn: C\u00e1c ph\u01b0\u01a1ng ph\u00e1p g\u1ecdi c\u00f3 b\u1ea3o hi\u1ec3m tr\u00ean c\u1ed5 phi\u1ebfu Walgreens t\u0103ng c\u01b0\u1eddng l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c 4.8% c\u1ee7a n\u00f3 th\u00eam 3-5% h\u00e0ng n\u0103m th\u00f4ng qua thu nh\u1eadp t\u1eeb ph\u00ed b\u1ea3o hi\u1ec3m.<\/li>\n<\/ul>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Tri\u1ec3n V\u1ecdng T\u01b0\u01a1ng Lai v\u00e0 K\u1ebft Lu\u1eadn<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ea3nh quan b\u00e1n l\u1ebb d\u01b0\u1ee3c ph\u1ea9m ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n v\u1edbi s\u1ef1 chuy\u1ec3n \u0111\u1ed5i cung c\u1ea5p d\u1ecbch v\u1ee5 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe, t\u0103ng t\u1ed1c k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 k\u1ef3 v\u1ecdng ti\u00eau d\u00f9ng thay \u0111\u1ed5i. M\u1ed9t s\u1ed1 xu h\u01b0\u1edbng quan tr\u1ecdng \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ti\u1ec1m n\u0103ng c\u1ed5 phi\u1ebfu CVS vs Walgreens.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c m\u00f4 h\u00ecnh ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb hi\u1ec7n \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn 15% ho\u00e0n tr\u1ea3 ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe v\u00e0 d\u1ef1 ki\u1ebfn s\u1ebd \u0111\u1ea1t 25% v\u00e0o n\u0103m 2026. C\u00e1ch ti\u1ebfp c\u1eadn t\u00edch h\u1ee3p c\u1ee7a CVS \u0111\u1ecbnh v\u1ecb n\u00f3 m\u1ed9t c\u00e1ch thu\u1eadn l\u1ee3i v\u1edbi d\u1eef li\u1ec7u b\u1ec7nh nh\u00e2n to\u00e0n di\u1ec7n tr\u00ean c\u00e1c ph\u00e2n kh\u00fac d\u01b0\u1ee3c ph\u1ea9m, PBM v\u00e0 b\u1ea3o hi\u1ec3m. Chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p t\u00e1c c\u1ee7a Walgreens t\u1ea1o ra s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c th\u1ef1c hi\u1ec7n nh\u01b0ng c\u00f3 th\u1ec3 y\u00eau c\u1ea7u v\u1ed1n th\u1ea5p h\u01a1n \u0111\u1ec3 tham gia ch\u0103m s\u00f3c d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 ch\u1ea5p nh\u1eadn s\u1ee9c kh\u1ecfe k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u00e3 t\u0103ng t\u1ed1c t\u1eeb 11% l\u00ean 38% c\u00e1c t\u01b0\u01a1ng t\u00e1c ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe k\u1ec3 t\u1eeb n\u0103m 2019. CVS x\u1eed l\u00fd 45% \u0111\u01a1n thu\u1ed1c th\u00f4ng qua c\u00e1c k\u00eanh k\u1ef9 thu\u1eadt s\u1ed1 so v\u1edbi 38% c\u1ee7a Walgreens, ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 chuy\u1ec3n \u0111\u1ed5i k\u1ef9 thu\u1eadt s\u1ed1 kh\u00e1c nhau.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>So s\u00e1nh c\u1ed5 phi\u1ebfu CVS vs Walgreens ti\u1ebft l\u1ed9 hai c\u00e1ch ti\u1ebfp c\u1eadn chuy\u1ec3n \u0111\u1ed5i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe kh\u00e1c bi\u1ec7t. CVS theo \u0111u\u1ed5i t\u00edch h\u1ee3p d\u1ecdc th\u00f4ng qua vi\u1ec7c mua l\u1ea1i Aetna tr\u1ecb gi\u00e1 69 t\u1ef7 USD, ch\u1ea5p nh\u1eadn n\u1ee3 cao h\u01a1n v\u00e0 s\u1ef1 ph\u1ee9c t\u1ea1p t\u00edch h\u1ee3p \u0111\u1ec3 ph\u00e1t tri\u1ec3n h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. Walgreens th\u1ef1c hi\u1ec7n m\u00f4 h\u00ecnh t\u1eadp trung v\u00e0o quan h\u1ec7 \u0111\u1ed1i t\u00e1c tr\u1ecb gi\u00e1 5.2 t\u1ef7 USD v\u1edbi y\u00eau c\u1ea7u v\u1ed1n th\u1ea5p h\u01a1n nh\u01b0ng t\u0103ng r\u1ee7i ro ph\u1ee5 thu\u1ed9c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng khung ph\u00e2n t\u00edch c\u1ee7a Pocket Option, c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y n\u00ean ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c gi\u1ea3 thuy\u1ebft \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3: CVS cung c\u1ea5p c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m ph\u00f2ng th\u1ee7 m\u1ea1nh h\u01a1n v\u1edbi h\u1ec7 s\u1ed1 beta 0.75 v\u00e0 t\u1ef7 l\u1ec7 P\/E d\u1ef1 ph\u00f3ng 8.7x, trong khi Walgreens tr\u00ecnh b\u00e0y ti\u1ec1m n\u0103ng gi\u00e1 tr\u1ecb \u1edf t\u1ef7 l\u1ec7 P\/E d\u1ef1 ph\u00f3ng 6.9x v\u1edbi l\u1ee3i su\u1ea5t cao h\u01a1n 4.8% nh\u01b0ng r\u1ee7i ro th\u1ef1c hi\u1ec7n cao h\u01a1n trong chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p t\u00e1c c\u1ee7a n\u00f3.<\/p>\n<\/div>\n"},"faq":[{"question":"Nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa m\u00f4 h\u00ecnh kinh doanh c\u1ee7a CVS v\u00e0 Walgreens l\u00e0 g\u00ec?","answer":"CVS \u0111\u00e3 theo \u0111u\u1ed5i t\u00edch h\u1ee3p theo chi\u1ec1u d\u1ecdc b\u1eb1ng c\u00e1ch mua l\u1ea1i Aetna (b\u1ea3o hi\u1ec3m y t\u1ebf) v\u00e0 duy tr\u00ec m\u1ed9t doanh nghi\u1ec7p PBM m\u1ea1nh m\u1ebd, t\u1ea1o ra m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. Walgreens \u0111\u00e3 t\u1eadp trung v\u00e0o c\u00e1c quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u00e0 \u0111\u1ea7u t\u01b0 (nh\u01b0 VillageMD) thay v\u00ec mua l\u1ea1i ho\u00e0n to\u00e0n, duy tr\u00ec s\u1ef1 hi\u1ec7n di\u1ec7n qu\u1ed1c t\u1ebf m\u1ea1nh m\u1ebd h\u01a1n trong khi CVS ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng M\u1ef9."},{"question":"C\u1ed5 phi\u1ebfu n\u00e0o mang l\u1ea1i thu nh\u1eadp c\u1ed5 t\u1ee9c t\u1ed1t h\u01a1n, CVS hay Walgreens?","answer":"Walgreens th\u01b0\u1eddng cung c\u1ea5p l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao h\u01a1n (hi\u1ec7n t\u1ea1i l\u00e0 4,8%) so v\u1edbi CVS (3,2%). Tuy nhi\u00ean, CVS \u0111\u00e3 th\u1ec3 hi\u1ec7n ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c m\u1ea1nh m\u1ebd h\u01a1n v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 th\u1ea5p h\u01a1n (32% so v\u1edbi 42%), cho th\u1ea5y t\u00ednh b\u1ec1n v\u1eefng l\u00e2u d\u00e0i t\u1ed1t h\u01a1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean xem x\u00e9t c\u1ea3 l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai."},{"question":"Hi\u1ec7u su\u1ea5t c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu so v\u1edbi nhau trong l\u1ecbch s\u1eed nh\u01b0 th\u1ebf n\u00e0o?","answer":"Trong n\u0103m n\u0103m qua, c\u1ed5 phi\u1ebfu CVS \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Walgreens v\u1edbi m\u1ee9c l\u1ee3i nhu\u1eadn +12% so v\u1edbi m\u1ee9c gi\u1ea3m -45% c\u1ee7a WBA. CVS \u0111\u00e3 th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n (22% so v\u1edbi 30%) v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u1ed1t h\u01a1n t\u1eeb c\u00e1c \u0111\u1ee3t suy tho\u00e1i th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong s\u1ef1 gi\u00e1n \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng n\u0103m 2020 khi CVS gi\u1ea3m 14% so v\u1edbi m\u1ee9c gi\u1ea3m 28% c\u1ee7a Walgreens."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t m\u00e0 CVS v\u00e0 Walgreens \u0111ang \u0111\u1ed1i m\u1eb7t l\u00e0 g\u00ec?","answer":"C\u1ea3 hai c\u00f4ng ty \u0111\u1ec1u \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m, s\u1ef1 gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u00e0 thu\u1ed1c tr\u1ef1c tuy\u1ebfn v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. CVS c\u00f3 nh\u1eefng r\u1ee7i ro c\u1ee5 th\u1ec3 li\u00ean quan \u0111\u1ebfn s\u1ef1 ph\u1ee9c t\u1ea1p trong vi\u1ec7c t\u00edch h\u1ee3p Aetna v\u00e0 s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh PBM, trong khi Walgreens \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c l\u1edbn h\u01a1n t\u1eeb vi\u1ec7c ti\u1ebfp x\u00fac 68% v\u1edbi \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m v\u00e0 s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o th\u1ef1c hi\u1ec7n h\u1ee3p t\u00e1c."},{"question":"Nh\u1eefng thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u00e1c c\u1ed5 phi\u1ebfu d\u01b0\u1ee3c ph\u1ea9m n\u00e0y?","answer":"C\u00e1c thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y kh\u00e1c nhau d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh kinh doanh c\u1ee7a h\u1ecd. CVS c\u00f3 s\u1ef1 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp h\u01a1n th\u00f4ng qua doanh nghi\u1ec7p b\u1ea3o hi\u1ec3m Aetna c\u1ee7a m\u00ecnh, t\u1ea1o ra c\u1ea3 c\u01a1 h\u1ed9i (ti\u1ec1m n\u0103ng doanh thu +3.5% t\u1eeb vi\u1ec7c m\u1edf r\u1ed9ng b\u1ea3o hi\u1ec3m) v\u00e0 r\u1ee7i ro (c\u00e1c \u0111i\u1ec1u ch\u1ec9nh t\u1ef7 l\u1ec7 Medicare Advantage ti\u1ec1m n\u0103ng). Walgreens b\u1ecb \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp h\u01a1n b\u1edfi c\u00e1c ch\u00ednh s\u00e1ch ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m, v\u1edbi t\u00e1c \u0111\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn 2.1% t\u1eeb c\u00e1c thay \u0111\u1ed5i g\u1ea7n \u0111\u00e2y so v\u1edbi t\u00e1c \u0111\u1ed9ng 1.5% c\u1ee7a CVS c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n th\u00f4ng qua ho\u1ea1t \u0111\u1ed9ng PBM c\u1ee7a m\u00ecnh."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa m\u00f4 h\u00ecnh kinh doanh c\u1ee7a CVS v\u00e0 Walgreens l\u00e0 g\u00ec?","answer":"CVS \u0111\u00e3 theo \u0111u\u1ed5i t\u00edch h\u1ee3p theo chi\u1ec1u d\u1ecdc b\u1eb1ng c\u00e1ch mua l\u1ea1i Aetna (b\u1ea3o hi\u1ec3m y t\u1ebf) v\u00e0 duy tr\u00ec m\u1ed9t doanh nghi\u1ec7p PBM m\u1ea1nh m\u1ebd, t\u1ea1o ra m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn h\u1ec7 sinh th\u00e1i ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. Walgreens \u0111\u00e3 t\u1eadp trung v\u00e0o c\u00e1c quan h\u1ec7 \u0111\u1ed1i t\u00e1c v\u00e0 \u0111\u1ea7u t\u01b0 (nh\u01b0 VillageMD) thay v\u00ec mua l\u1ea1i ho\u00e0n to\u00e0n, duy tr\u00ec s\u1ef1 hi\u1ec7n di\u1ec7n qu\u1ed1c t\u1ebf m\u1ea1nh m\u1ebd h\u01a1n trong khi CVS ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng M\u1ef9."},{"question":"C\u1ed5 phi\u1ebfu n\u00e0o mang l\u1ea1i thu nh\u1eadp c\u1ed5 t\u1ee9c t\u1ed1t h\u01a1n, CVS hay Walgreens?","answer":"Walgreens th\u01b0\u1eddng cung c\u1ea5p l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c cao h\u01a1n (hi\u1ec7n t\u1ea1i l\u00e0 4,8%) so v\u1edbi CVS (3,2%). Tuy nhi\u00ean, CVS \u0111\u00e3 th\u1ec3 hi\u1ec7n ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c m\u1ea1nh m\u1ebd h\u01a1n v\u00e0 t\u1ef7 l\u1ec7 chi tr\u1ea3 th\u1ea5p h\u01a1n (32% so v\u1edbi 42%), cho th\u1ea5y t\u00ednh b\u1ec1n v\u1eefng l\u00e2u d\u00e0i t\u1ed1t h\u01a1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean xem x\u00e9t c\u1ea3 l\u1ee3i su\u1ea5t hi\u1ec7n t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai."},{"question":"Hi\u1ec7u su\u1ea5t c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu so v\u1edbi nhau trong l\u1ecbch s\u1eed nh\u01b0 th\u1ebf n\u00e0o?","answer":"Trong n\u0103m n\u0103m qua, c\u1ed5 phi\u1ebfu CVS \u0111\u00e3 v\u01b0\u1ee3t tr\u1ed9i h\u01a1n Walgreens v\u1edbi m\u1ee9c l\u1ee3i nhu\u1eadn +12% so v\u1edbi m\u1ee9c gi\u1ea3m -45% c\u1ee7a WBA. CVS \u0111\u00e3 th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n (22% so v\u1edbi 30%) v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i t\u1ed1t h\u01a1n t\u1eeb c\u00e1c \u0111\u1ee3t suy tho\u00e1i th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong s\u1ef1 gi\u00e1n \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng n\u0103m 2020 khi CVS gi\u1ea3m 14% so v\u1edbi m\u1ee9c gi\u1ea3m 28% c\u1ee7a Walgreens."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t m\u00e0 CVS v\u00e0 Walgreens \u0111ang \u0111\u1ed1i m\u1eb7t l\u00e0 g\u00ec?","answer":"C\u1ea3 hai c\u00f4ng ty \u0111\u1ec1u \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m, s\u1ef1 gi\u00e1n \u0111o\u1ea1n k\u1ef9 thu\u1eadt s\u1ed1 t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh nh\u00e0 thu\u1ed1c tr\u1ef1c tuy\u1ebfn v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe. CVS c\u00f3 nh\u1eefng r\u1ee7i ro c\u1ee5 th\u1ec3 li\u00ean quan \u0111\u1ebfn s\u1ef1 ph\u1ee9c t\u1ea1p trong vi\u1ec7c t\u00edch h\u1ee3p Aetna v\u00e0 s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh PBM, trong khi Walgreens \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c l\u1edbn h\u01a1n t\u1eeb vi\u1ec7c ti\u1ebfp x\u00fac 68% v\u1edbi \u00e1p l\u1ef1c ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m v\u00e0 s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o th\u1ef1c hi\u1ec7n h\u1ee3p t\u00e1c."},{"question":"Nh\u1eefng thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn c\u00e1c c\u1ed5 phi\u1ebfu d\u01b0\u1ee3c ph\u1ea9m n\u00e0y?","answer":"C\u00e1c thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch ch\u0103m s\u00f3c s\u1ee9c kh\u1ecfe \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y kh\u00e1c nhau d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh kinh doanh c\u1ee7a h\u1ecd. CVS c\u00f3 s\u1ef1 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp h\u01a1n th\u00f4ng qua doanh nghi\u1ec7p b\u1ea3o hi\u1ec3m Aetna c\u1ee7a m\u00ecnh, t\u1ea1o ra c\u1ea3 c\u01a1 h\u1ed9i (ti\u1ec1m n\u0103ng doanh thu +3.5% t\u1eeb vi\u1ec7c m\u1edf r\u1ed9ng b\u1ea3o hi\u1ec3m) v\u00e0 r\u1ee7i ro (c\u00e1c \u0111i\u1ec1u ch\u1ec9nh t\u1ef7 l\u1ec7 Medicare Advantage ti\u1ec1m n\u0103ng). Walgreens b\u1ecb \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp h\u01a1n b\u1edfi c\u00e1c ch\u00ednh s\u00e1ch ho\u00e0n tr\u1ea3 d\u01b0\u1ee3c ph\u1ea9m, v\u1edbi t\u00e1c \u0111\u1ed9ng bi\u00ean l\u1ee3i nhu\u1eadn 2.1% t\u1eeb c\u00e1c thay \u0111\u1ed5i g\u1ea7n \u0111\u00e2y so v\u1edbi t\u00e1c \u0111\u1ed9ng 1.5% c\u1ee7a CVS c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n th\u00f4ng qua ho\u1ea1t \u0111\u1ed9ng PBM c\u1ee7a m\u00ecnh."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CVS so v\u1edbi Walgreens Stock: Khai ph\u00e1 Ti\u1ec1m n\u0103ng \u0110\u1ea7u t\u01b0 trong c\u00e1c G\u00e3 kh\u1ed5ng l\u1ed3 Ng\u00e0nh D\u01b0\u1ee3c ph\u1ea9m<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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