CVS Health : Q2 2023 Earnings Presentation

Second quarter 2023

Earnings conference call

Karen S. Lynch

President and

Chief Executive Officer

Shawn M. Guertin

Executive Vice President and Chief Financial Officer

August 2, 2023

Cautionary statement

concerning forward-looking statements

2 ©2023 CVS Health and/or one of its affiliates.

This presentation includes forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward- looking statements made by or on behalf of CVS Health Corporation ("CVS Health"). By their nature, all forward-lookingstatements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may also differ materially from those contemplated by the forward-lookingstatements due to the risks and uncertainties related to the recent acquisitions of Signify Health, Inc. and Oak Street Health, Inc., and the impact of COVID-19and any new variants or viruses, as well as the risks and uncertainties described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward- Looking Statements" in our most recent Annual Report on Form 10-K,our most recent Quarterly Report on Form 10-Q,our recent Current Reports on Form 8-K,and this morning's earnings press release.

This presentation includes non-GAAP financial measures that we use to describe our company's performance. In accordance with SEC regulations, you can find the definitions of these non-GAAP measures, as well as reconciliations to the most directly comparable GAAP measures, on the Investor Relations portion of our website.

Link to our non-GAAP Reconciliations

Financial highlights

Delivered strong revenue growth of 10.3% and Adjusted EPS of $2.21 in the second quarter of 2023.

Adjusted EPS guidance reaffirmed at $8.50 to $8.70; expect 2023 MBR at high-end of range.

DELIVERED STRONG

Q2 Financial results

10.3%

revenue growth

$1.48

GAAP EPS

$2.21

Adjusted EPS

$5.9B

cash flow from operations

DEPLOYED CAPITAL TO GENERATE

Shareholder value

Oak Street Health

acquisition closed in May

$795M

returned to shareholders through quarterly dividend

$5.0B

long-term debt issued; repaid $5.0B term loan used to fund the Oak Street transaction

FULL-YEAR 2023

Company guidance

$350 - $356B

Total company revenue

$17.3 - $17.7B

Total adjusted operating income

$8.50 - $8.70

Total company adjusted EPS

$12.5 - $13.5B

Total operating cash flow

3 ©2023 CVS Health and/or one of its affiliates.

Become the leading

health solutions company

for consumers

Our vision

	Drive improved health
Deliver a superior	outcomes, lower costs,
health care experience	higher levels of
for consumers	engagement and broader
	access to high quality care

4 ©2023 CVS Health and/or one of its affiliates.

Our strategic imperatives

Grow

our core business

Power

a purpose driven culture and consumer mindset

Enhance

omnichannel health capabilities and drive customer engagement

Create

new sources of value in health services and care delivery

5 ©2023 CVS Health and/or one of its affiliates.

Deliver

cutting edge technology