Investor Fact Sheet

November 2017

A pharmacy CVS Health is a pharmacy innovation

company helping people on their
path to better health. Through our more
than 9,700 retail locations, more than

innovation
1,100 walk-in medical clinics, a leading
pharmacy benefits manager with nearly
90 million plan members, a dedicated
senior pharmacy care business serving

company
more than one million patients per year,
expanding specialty pharmacy services,
and a leading standalone Medicare
Part D prescription drug plan, we enable
people, businesses and communities to
manage health in more affordable and
effective ways. This unique integrated
model increases access to quality care,
delivers better health outcomes and
lowers overall health care costs.

Stock Highlights as of 11/06/17

Ticker symbol CVS
largest U.S. 2.4 billion More than Stock price $66.80

pharmacy prescriptions filled 250,000 Shares outstanding

Market cap
1.0 billion
$67.9 billion
based on total or managed colleagues
prescription revenue across 50 states 52-week range $66.45 - $84.72
Forward price/earnings ratio 10.8
Dividend per share (TTM) $2.00
Dividend yield 3.0%

Financial
Highlights as of 9/30/17, in billions

More than Nearly More than Net revenues (TTM) $182.4

9,700 90 million 1,100

Operating profit (TTM) $9.4
Adj. earnings per share* (TTM) $5.70
retail pharmacies PBM plan members walk-in medical Free cash flow† (TTM) $8.5
clinics Total assets $92.9
Long-term debt $23.4
Shareholders’ equity $34.9

* Adjusted earnings per share (EPS) is defined as income from continuing

operations plus the impact of amortization of intangible assets and certain
non-GAAP adjustments, less adjusted income tax provision, divided by the
weighted average diluted shares outstanding. Management believes that
this measure enhances investors’ ability to compare the Company’s past
financial performance with its current performance.
† Free cash flow is defined as net cash provided by operating activities less
net additions to property and equipment (i.e., additions to property and

#7 84 14
equipment plus proceeds from sale-leaseback transactions). Management
uses this non-GAAP financial measure for internal comparisons and finds
it useful in assessing year-over-year cash flow performance.
For reconciliations of adjusted EPS and free cash flow to comparable GAAP,
on Fortune 500 straight quarters consecutive years of please refer to company filings with the Securities and Exchange Commission.

list of dividends paid dividend increases Please visit investors.cvshealth.com

to learn more.
Investor Fact Sheet November 2017 Visit investors.cvshealth.com to learn more.

Substantial scale across the pharmacy and health care spectrum

Retail Rx Benefits Specialty LTC Walk-In

Pharmacy Management Pharmacy Pharmacy Clinics
Total market Total market $115 billion market** Total market $20 billion market
5.1 billion scripts 5.2 billion scripts 28% share 440 million scripts 1.5%† share
24% share 31% share 23% share
Market share data as of December 2016.
† MinuteClinic addressable market reflects outpatient and emergency department visits for the ten diagnoses most commonly seen in retail clinics. Sources: National Center for Health Statistics; 2009 Rand study.
** Addressable specialty market currently excludes infused oncology.

Net revenue Adjusted EPS from Annual dividend

in billions of dollars continuing operations* in dollars per common share
177.5 182.4 2.00
in dollars 5.84 5.69
153.3 5.16 1.70
139.4 4.49
126.8 1.40
4.00
1.10
.90

$80
$60
13 14 15 16 17TTM 13 14 15 16 17TTM 13 14 15 16 17TTM

Focus on enhancing shareholder value

Driving productive Generating significant Optimizing capital

long-term growth free cash flow † allocation
since 2012... since 2012... since 2012...

$28 billion 51% increased dividend

payout ratio from
in PBM net new business,
and more than
increase in cash from
operations, and more than 21% to 39%
more than
2,300 $30 billion $22 billion
net new pharmacy locations in free cash flow
in share repurchases
* Adjusted earnings per share (EPS) is defined as income from continuing operations plus the impact of amortization of intangible assets and certain non-GAAP adjustments, less adjusted income tax provision, divided by the weighted average diluted shares
outstanding. Management believes that this measure enhances investors’ ability to compare the Company’s past financial performance with its current performance.
† Free
cash flow is defined as net cash provided by operating activities less net additions to property and equipment (i.e., additions to property and equipment plus proceeds from sale-leaseback transactions). Management uses this non-GAAP financial
measure for internal comparisons and finds it useful in assessing year-over-year cash flow performance.

For further information:

Investor Relations Transfer Agent
CVS Health Corporation Wells Fargo Shareowner Services
One CVS Drive P.O. Box 64874
Woonsocket, Rhode Island 02895 St. Paul, Minnesota 55164-0874
800-201-0938 877-287-7526
Investorinfo@cvshealth.com stocktransfer@wellsfargo.com