Our strategic imperatives are driving strong results.

Our actions are guided by bold shifts we were making to our strategy to capitalize on market trends. At our investor day in 2021, we introduced our five strategic imperatives designed to ensure we achieve both near-term and longer-term commitments.

We will deliver organic growth across our foundational businesses as they continue to be our primary economic engine.

We will advance our care delivery and health services offerings as part of our value-based care platform to include primary care, home health and provider enablement tools. This also includes optimizing our Retail business, which means reducing our footprint and transforming select store formats to serve as health centers.

We will continue to prioritize and invest in our omnichannel health approach, connecting consumers to our services how and where they want: face to face, virtually or any combination.

We will continue to orient our digital and technology strategy around the consumer. We are optimizing processes that drive the most value and creating an agile platform to sustain efficiency and lower costs

We will continue to invest in our people. Our colleagues are purpose-driven and put our customers’ health at the heart of what we do.

We have made tremendous progress executing on our strategic objectives. Together, our recent acquisition of Signify Health and announced acquisition of Oak Street Health, will broaden our value-based care platform and accelerate our long-term growth.

Our digitally-led health engagement is a priority as we enhance our ability to deliver seamless and convenient experiences. For many consumers, digital is the first engagement point. We continue to expand our digital-first Health Dashboard offering. It makes managing a family’s health more seamless, convenient and personalized by pulling critical health information — health records, pharmacy medications and recommended next best actions — into one place.

We’ve made significant progress on our strategic objectives while also delivering on our financial performance.

Significant progress across all 5 strategic imperatives

Exceeded 2.5 million members in integrated Aetna and Caremark offering

Generated year-over-year retail pharmacy market share gains every quarter since the first quarter of 2020

Created new Health Care Delivery organization

On track to close Signify Health transaction in second quarter of 2023

Made minority investment in Carbon Health and will pilot the Carbon operating model in select existing CVS Health locations

6.3 million new digital pharmacy accounts in 2022

Enhanced affordability of Women’s Health products in CVS retail locations

Expanded Women’s Health services at MinuteClinic® and HealthHUB™ locations

Over 8,300 CVS Pharmacy locations now operating with remote review and entry of prescriptions to increase pharmacist capacity to assist customers

Automated 40% of prescriptions that are still paper- or fax-based using digital tools and robotics

Launched clinical care support with AI-powered decision engine to reduce gaps in care and drive better outcomes

Retained ~95% of colleagues and over 70% of scripts impacted by store footprint optimization initiatives

Began purchasing clean, renewable energy to progress against our goal of sourcing 50% renewable energy by 2040

Over 60% of new hires in 2022 were racially and/or ethnically diverse

Our foundational businesses

CVS Health® is an established leader in critical areas of the health care sector. Our three foundational businesses combined to deliver strong, growing, profitable results and significant operating cash flow. The scale and breadth of our offerings enable us to connect care delivery channels and design seamless experiences that are more affordable and drive better health.

Health Care Benefits

The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services.

Total revenue:

$91.4 billion

Adjusted operating income:¹

$6.0 billion

Medical benefits ratio:

84.0%

Surpassed 3 million total Medicare Advantage members

Re-entered Individual Exchanges with footprint that covers 12 states

9.1 million Aetna members with low cost / no cost MinuteClinic benefit

Divested bSwift, PayFlex and portion of Aetna international business to focus on strategic priorities

Adjusted operating income is a non-GAAP financial measure. A reconciliation of operating income to adjusted operating income is provided on page 178 of the Form 10-K included in this Annual Report.

Pharmacy Services

The Pharmacy Services segment provides a full range of pharmacy benefit management solutions.

Total revenue:

$169.2 billion

Adjusted operating income:¹

$7.4 billion

Total pharmacy claims processed:

more than 2.3 billion²

Surpassed 110 million members

Increased Specialty revenue by 19% versus prior year

2/3 of Specialty Pharmacy customers are digitally engaged

Generated $3.9 billion of gross new business and retained nearly 98% of existing customers

Successful Welcome Season with overall member satisfaction

Adjusted operating income is a non-GAAP financial measure. A reconciliation of operating income to adjusted operating income is provided on page 178 of the Form 10-K included in this Annual Report.
Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal prescription.

Retail

The Retail segment sells prescription drugs and a wide assortment of health and wellness products and general merchandise. It is also a provider of health services through its MinuteClinic retail health clinics.

Total revenue:

$106.6 billion

Adjusted operating income:¹

$6.7 billion

Prescriptions filled:

more than 1.6 billion²

Increased national retail pharmacy market share to ~27%

Served nearly 5 million customers at CVS Health locations every day

Engaged more than 74 million ExtraCare members

Members enrolled in our low or no cost health plans are 1.4x more likely to visit a MinuteClinic

Administered 28 million vaccines and more than 15 million diagnostic tests in 2022

Adjusted operating income is a non-GAAP financial measure. A reconciliation of operating income to adjusted operating income is provided on page 178 of the Form 10-K included in this Annual Report.
Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal prescription.

Page 4 of 7

2022 Annual Review |

Our strategic imperatives are driving strong results.

We will deliver organic growth across our foundational businesses as they continue to be our primary economic engine.

We will continue to prioritize and invest in our omnichannel health approach, connecting consumers to our services how and where they want: face to face, virtually or any combination.

We will continue to orient our digital and technology strategy around the consumer. We are optimizing processes that drive the most value and creating an agile platform to sustain efficiency and lower costs

We will continue to invest in our people. Our colleagues are purpose-driven and put our customers’ health at the heart of what we do.

Significant progress across all 5 strategic imperatives

Our foundational businesses

Health Care Benefits

Total revenue:

Adjusted operating income:1

Medical benefits ratio:

Surpassed 3 million total Medicare Advantage members

Re-entered Individual Exchanges with footprint that covers 12 states

9.1 million Aetna members with low cost / no cost MinuteClinic benefit

Divested bSwift, PayFlex and portion of Aetna international business to focus on strategic priorities

2022 Annual Review

CEO Message

Financial Highlights

Strategic Imperatives

Value-Based Care

Digital Innovation

Sustainability

Adjusted operating income:¹