CVS Health : Q4 2021 Earnings Presentation (opens in new window)

FOURTH QUARTER 2021

Earnings conference call

February 9, 2022

KAREN S. LYNCH

President

and Chief Executive Officer

SHAWN M. GUERTIN

Executive Vice President and Chief Financial Officer

Cautionary statement

concerning forward-looking statements

2 ©2022 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-lookingstatements made by or on behalf of CVS Health Corporation. 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 differ materially from those contemplated by the forward-lookingstatements due to the risks and uncertainties related to the COVID-19pandemic, including the potential emergence of additional variants, vaccine and testing protocols, government testing initiatives, the geographies impacted by and the severity and duration of the pandemic, the pandemic's impact on the U.S. and global economies and consumer behavior and health care utilization patterns, and the timing, scope and impact of stimulus legislation and other federal, state and local governmental responses to the pandemic, 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-LookingStatements" in our most recent Annual Report on Form 10-Kand our recent Current Reports on Form 8-K.

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

FY 2021 Adjusted EPS of $8.40 exceeded expectations; Maintaining FY 2022 guidance for Adjusted Operating Income and Adjusted EPS

$1.98		10.6%		$4.0 billion
Q4 adjusted EPS		Q4 adjusted		Q4 cash flow from operations
Reflects adjusted operating		revenue growth		Committed to disciplined
income growth across all		Reflects growth across		capital allocation priorities
businesses		all businesses

Evidence

our strategy and execution is delivering value across the health care system for

our customers, our communities, our colleagues and our shareholders

FY 2022 guidance

Total company adjusted operating income

$16.7B - $17.1B

Total company adjusted EPS

$8.10 - $8.30

Cash flow from operations

$12.0 - $13.0B

strong

balance sheet

Paid down $2.3B in debt in Q4 and net $8.8B in Full-Year

3 ©2022 CVS Health and/or one of its affiliates.

Unifying our business around the consumer health experience and scale new sources of value

4 ©2022 CVS Health and/or one of its affiliates.

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Advance all-payer primary care delivery capabilities

Optimize retail portfolio to serve as community health destinations

Diversify our growth portfolio with new health services

Drive digital-first,technology-forward approach

Enhance omnichannel health experiences

CVS Health continues to lead the nation's COVID-19response

>32M tests administered in 2021

>59M vaccines administered in 2021

~37M new customers through COVID-19 testing and vaccine services since inception

~14% of customers new to CVS Health through COVID-19 testing services chose to fill new prescriptions or receive their vaccinations at CVS Health*

*New COVID-19 testing patients defined as those who have had 12 months elapse since their COVID-19 test.

5 ©2022 CVS Health and/or one of its affiliates.