$6.21B. Negative amounts reported for incurred health care costs related to prior years result from claims being settled for amounts less than originally estimated. CVS Health Reports Fourth Quarter And Full-Year 2020 Results And December 31. Common Total pharmacy claims processed increased 3.1% and 4.1% on a 30-day equivalent basis for the three months and year ended December 31, 2022, respectively, compared to the prior year primarily driven by net new business, increased utilization and the impact of an elevated cough, cold and flu season compared to the prior year. Excluding the impact of COVID-19 vaccinations, the Retail/LTC segment's total generic dispensing rate was 87.6% in both the three months ended December31, 2022 and 2021, and 89.0% in both the years ended December31, 2022 and 2021. The Pharmacy Services segment provides a full range of pharmacy benefit management solutions to employers, health plans, government employee groups and government sponsored programs. The resolution of this matter occurred subsequent to the acquisition accounting measurement period and is reflected in the Company's condensed consolidated statement of operations as a reduction of operating expenses within the Health Care Benefits segment. (7) Pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Companys retail pharmacies and long-term care pharmacies, but excluding Maintenance Choice activity, which is included within the mail choice category. Announced a 10% increase to the quarterly shareholder dividend, which became effective with the February 1, 2023 dividend distribution. The adjustments between full-year 2023 GAAP diluted EPS and Adjusted EPS include amortization of intangible assets, office real estate optimization charges and the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. During the three and nine months ended September 30, 2021, the loss on early extinguishment of debt relates to the Companys repayment of approximately $2.0 billion of its outstanding senior notes in August 2021 pursuant to its tender offers for such senior notes. (6) Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. CVS Health - Investors - Financial Information - Results Center (9) Days claims payable is calculated by dividing the health care costs payable at the end of each quarter by the average health care costs per day during such quarter. The segment results for the three and nine months ended September 30, 2022 and 2021 were as follows: Total revenues increased 9.9% for the three months ended September 30, 2022 compared to the prior year driven by growth across all product lines. Prescriptions filled increased 0.8% and 2.3% on a 30-day equivalent basis for the three months and year ended December 31, 2022, respectively, compared to the prior year primarily driven by increased utilization and the impact of an elevated cough, cold and flu season compared to the prior year, partially offset by a decrease in COVID-19 vaccinations. Prescriptions filled represents the number of prescriptions dispensed through the Retail/LTC segment's pharmacies. See "Non-GAAP Financial Information" earlier in this press release and endnote (2) later in this press release for more information on how we calculate Adjusted EPS. (Unaudited). Listen to Webcast. CVS Health (CVS) Q4 2020 Earnings Call Transcript CVS Health One CVS Drive Woonsocket, Rhode Island 02895 Contact categories Please see the following categories and contact information to get the most immediate response to your inquiry. CVS Health is the leading health solutions company, delivering care like no one else can. These increases were partially offset by incremental investments to support growth in the business and net realized capital losses. Larry McGrath Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our SEC filings, including those set forth in the Risk Factors section and under the heading Cautionary Statement Concerning Forward-Looking Statements in our most recently filed Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022. During the three and nine months ended September 30, 2022, the loss on assets held for sale relates to the LTC reporting unit within the Retail/LTC segment. The difference was primarily driven by $5.2 billion in opioid litigation charges and a $2.5 billion loss on assets held for sale to write-down the Companys LTC business in the current year, partially offset by the absence of a $431 million goodwill impairment charge on the remaining goodwill of the LTC reporting unit recorded in the prior year. The following table summarizes the Health Care Benefits segment's days claims payable for the respective periods: The following table summarizes the Pharmacy Services segment's performance for the respective periods: Gross margin (Gross profit as a % of total revenues) (10). 3 2022 CVS Health and/or one of its affiliates. In the third quarter of 2022, the Company recorded a pre-tax charge of $5.2 billion related to the estimated liability for opioid-related claims. CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended June 30, 2022. For the three months and year ended December31, 2022 compared to the prior year: The Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The following table shows the components of the change in health care costs payable during the years ended December31, 2022 and 2021: Health care costs payable, beginning of period, Health care costs payable, beginning of period, net, Add: Components of incurred health care costs, Health care costs payable, end of period, net. During the three months and year ended December 31, 2021, the Company's adjusted income tax provision also excludes certain tax benefits primarily related to a prior year refund claim. During the nine months ended September 30, 2022, the gain on divestiture of subsidiary represents the pre-tax gain on the sale of PayFlex, which the Company sold in June 2022, for approximately $775 million. PDF CVS Health Presents Strategy for Revolutionizing Consumer Health 212-457-0583. CVS Health IR (@CVSHealthIR) / Twitter CVS HEALTH REPORTS STRONG FOURTH QUARTER AND FULL-YEAR 2022 RESULTS. (5) Total pharmacy claims processed represents the number of prescription claims processed through the Company's pharmacy benefits manager and dispensed by either its retail network pharmacies or its own mail and specialty pharmacies. View presentation. The following is a reconciliation of financial measures of the Companys segments to the consolidated totals: The following table summarizes the Health Care Benefits segments performance for the respective periods: The following table summarizes the Health Care Benefits segments medical membership for the respective periods: The following table shows the components of the change in health care costs payable during the nine months ended September 30, 2022 and 2021: The following table summarizes the Health Care Benefits segments days claims payable for the respective periods: The following table summarizes the Pharmacy Services segments performance for the respective periods: The following table summarizes the Retail/LTC segments performance for the respective periods: The following table summarizes the Corporate/Other segments performance for the respective periods: The following reconciliations of projected net income attributable to CVS Health to projected adjusted income attributable to CVS Health and calculations of projected GAAP diluted EPS and projected Adjusted EPS contain forward-looking information. During the three months and year ended December 31, 2022, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the planned reduction of corporate office real estate space in response to the Company's new flexible work arrangement. The Company's full-year 2023 guidance does not include any impact, including acquisition-related transaction and integration costs, related to the pending acquisition of Signify Health, Inc. ("Signify Health"). Shares of drugstore chain and pharmacy benefits manager CVS Health (NYSE: CVS) got hammered Thursday morning, falling 11% through 10:35 a.m. Oak Street Health - Investor Relations CVS Health also serves an estimated 34 million people through its health insurance products and services. And that purpose goes beyond dispensing medications - we're dedicated to making health services more convenient and accessible, and to helping to keep our communities healthy. (12) Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company's retail pharmacy stores that have been operating for greater than one year, expressed as a percentage that indicates the increase or decrease relative to the comparable prior period. (8) Mail choice is defined as claims filled at a Pharmacy Services mail order facility, which includes specialty mail claims inclusive of Specialty Connect claims picked up at a retail pharmacy, as well as prescriptions filled at the Companys retail pharmacies under the Maintenance Choice program. See "Non-GAAP Financial Information" beginning on page 12and endnotes beginning on page 24for explanations of non-GAAP financial measures presented in this press release. CVS Health Declares $0.60 Dividend On July 7, 2023 the company declared a regular quarterly dividend of $0.60 per share ($2.42 annualized). This metric provides management and investors with information useful in understanding trends in segment total revenues and operating results. Cautionary Statement Concerning Forward-Looking Statements. These decreases were partially offset by the increased prescription volume described above, improved generic drug purchasing and the favorable impact of business initiatives in the three months and year ended December 31, 2022. Customer service Prescription help Careers Corporate social responsibility and philanthropy Investor relations Realty, sponsorships and suppliers Social media The opioid litigation charges are reflected within the Corporate/Other segment. CVS Health - CVS HEALTH REPORTS STRONG SECOND QUARTER - Investors Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. (6) Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. In March 2022, the Company reached an agreement to sell its international health care business domiciled in Thailand ("Thailand business"), which was included in the Commercial Business reporting unit. Read the press release. The following are reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted operating income, as well as reconciliations of segment GAAP operating income to segment adjusted operating income: Acquisition purchase price adjustment outside of measurement period. December 31, 2021, Total PDF Exhibit 99.1 CVS HEALTH REPORTS STRONG FOURTH QUARTER AND FULL-YEAR Management Planning and Development Committee, Nominating and Corporate Governance Committee, Stay up-to-date on our latest events, news & reports. Total incurred health care costs for the years ended December 31, 2022 and 2021 in the table above exclude $75 million and $59 million, respectively, of benefit costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the condensed consolidated balance sheets and $319 million and $212 million, respectively, of benefit costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the condensed consolidated balance sheets. For the periods covered in this press release, the following items are excluded from the non-GAAP financial measures described above, as applicable, because the Company believes they neither relate to the ordinary course of the Companys business nor reflect the Companys underlying business performance: The Companys acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. The sale of the Thailand business closed in the second quarter of 2022, and the ultimate loss on the sale was not material. Company, Per CVS Health Corporation Common Stock (CVS) Dividend History - Nasdaq Since the close of the acquisition of Aetna Inc. in November 2018, the Company has repaid a net $25.2 billion of long-term debt. Follow @CVSHealth on social media. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise. Consolidated Fourth Quarter and Full-Year Results. See Non-GAAP Financial Information beginning on page 12 and endnotes beginning on page 23 for explanations of non-GAAP financial measures presented in this press release. Medical membership as of September 30, 2022 of 24.3 million decreased 145,000 members compared with June 30, 2022, reflecting a decline in Medicaid membership, as a result of the expected loss of a large customer, partially offset by increases in Medicare and Commercial membership. The rating using this strategy is 78% based on the firm's underlying fundamentals and the stock's valuation . On September 2, 2022, the Company entered into a definitive agreement to acquire Signify Health, Inc. (Signify Health) for $30.50 per share in cash, representing a total transaction value of approximately $8 billion. The decline in Medicaid membership reflects the expected loss of a large customer during the three months ended September 30, 2022. We continue to execute on our strategy with a focus on expanding capabilities in health care delivery, and the announced acquisition of Signify Health will further strengthen our engagement with consumers., Karen S. Lynch, CVS Health President and CEO. The increase in adjusted operating income was primarily driven by increases in the Health Care Benefits and Pharmacy Services segments, largely offset by a decline in the Retail/LTC segment. CVS Health is expanding care, driving innovation and driving down costs to bring quality health care solutions to everyone. Vice President, External Affairs And we do it all with heart, each and every day. 2 2021 CVS Health and/or one of its affiliates. During the three months and year ended December 31, 2021, the store impairment charge relates to the write-down of operating lease right-of-use assets and property and equipment in connection with the planned closure of approximately 900 retail stores between 2022 and 2024. The Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its third quarter results. The Company continually evaluates its portfolio for non-strategic assets. These increases were partially offset by a decrease in COVID-19 vaccinations. See pages 3 through 5 and page 23 for additional discussion of adjusted operating income performance of the Company's segments. Company, Per Total revenues increased 4.0% and 6.5% for the three months and year ended December 31, 2022, respectively, compared to the prior year primarily driven by increased prescription and front store volume, including the impact of an elevated cough, cold and flu season compared to the prior year, pharmacy drug mix and brand inflation. ET CVS earnings call for the period ending December 31, 2020. Management uses these metrics to evaluate the performance of existing stores on a comparable basis and to inform future decisions regarding existing stores and new locations. Total pharmacy claims processed increased 3.6% on a 30-day equivalent basis for the three months ended September 30, 2022 compared to the prior year. We enter our 60th year as one of the most trusted brands in America. The acquisition-related integration costs are reflected in the Company's condensed consolidated statements of operations in operating expenses within the Corporate/Other segment. The following table summarizes the Health Care Benefits segment's medical membership for the respective periods: Medicare Prescription Drug Plan (standalone). Reconciliation of net income to net cash provided by operating activities: Adjustments required to reconcile net income to net cash provided by operating activities: Change in operating assets and liabilities, net of effects from acquisitions: Accounts payable and pharmacy claims and discounts payable, Health care costs payable and other insurance liabilities. When this occurs, both the Pharmacy Services and Retail/LTC segments record the adjusted operating income on a stand-alone basis. The Company uses non-GAAP financial measures to analyze underlying business performance and trends. CVS Health - CVS HEALTH REPORTS STRONG FOURTH QUARTER AND - Investors Total revenues increased 11.3% and 11.2% for the three months and year ended December 31, 2022, respectively, compared to the prior year driven by growth across all product lines. Due to the pre-tax loss in the three months ended September 30, 2022, the Company recorded an income tax benefit of 23.5%, compared to an income tax expense of 26.0% for the three months ended September 30, 2021. Prior years' health care costs payable estimates developed favorably by $654 million during the year ended December 31, 2022. The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Company's ability to compare past financial performance with current performance and analyze underlying business performance and trends. The Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its fourth quarter and full-year results. See the supplemental information on page 17 for additional information regarding the performance of the Health Care Benefits segment. CMX) and CVS Corporation (NYSE: CVS) announced today that the Registration Statement on Form S-4 relating to the companies' proposed merger of equals was declared effective by the Securities and Exchange Commission. (3) Medical benefit ratio is calculated as benefit costs divided by premium revenues and represents the percentage of premium revenues spent on medical benefits for the Companys insured members. Excluding the impact of COVID-19 vaccinations, total pharmacy claims processed increased 4.6% and 5.1%, on a 30-day equivalent basis, for the three months and year ended December 31, 2022, respectively, compared to the prior year. During the third quarter, the Company entered into settlement agreements with two states and a tribe to settle all opioid claims against it. PDF FOURTH QUARTER 2021 Earnings conference call Operating income decreased 41.3% for the year ended December 31, 2022 compared to the prior year primarily due to $5.8 billion of opioid litigation charges and a $2.5 billion loss on assets held for sale related to the write-down of the Company's Omnicare. 1-800-201-0938. investorinfo@cvshealth.com. on the Investor Relations portion of our website. CVS Health - AnnualReports.com 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 Unifying our business around the consumer Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Oak Street Health - CVS Health to Acquire Oak Street Health And we do it all with heart, each and every day. Adjusted operating income increased $160 million in the three months ended September 30, 2022 compared to the prior year. CVS Health Corporation Investor Relations Office One CVS Drive, MC 1008 Woonsocket, RI 02895 (800) 201-0938 In addition, financial reports and recent filings with the Securities and Exchange Commission, including our Form 10-K, as well as other Company information, are available via the Internet at investors. 800-201-0938, T.J. Crawford (4) Medical membership represents the number of members covered by the Companys insured and ASC medical products and related services at a specified point in time. Prescriptions filled represents the number of prescriptions dispensed through the Retail/LTC segments pharmacies. 2022 Annual Report Making healthier happen. Year to date, Cisco Systems registers a 16.1% gain. Follow @CVSHealth on social media. Investor Relations . The segment experienced favorable development of prior-periods' health care cost estimates in its Government Services and Commercial businesses during the three months ended December 31, 2022, primarily attributable to third quarter 2022 performance. During the year ended December 31, 2021, the Company received $61 million related to a purchase price working capital adjustment for an acquisition completed during the first quarter of 2020.

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