2022 Annual Review     |

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

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:


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

  1. 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.

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2022 Annual Review

CEO Message

Financial Highlights

Strategic Imperatives

Value-Based Care

Digital Innovation