Cvs Health Corporation · NYSE:CVS
Cvs Health — Investor Day (December 2025)
102 slides from Cvs Health's investor day presentation, December 2025
Slide 1: Investor Day 2025
#CVSHealth. INVESTOR DAY 2025 = /
Slide 2: Welcome
Welcome LARRY MCGRATH EVP AND CHIEF STRATEGY OFFICER AND CHIEF STRATEGIC ADVISOR TO THE CEO
Slide 3: Cautionary statement regarding forward looking statements
Cautionary statement regarding forward looking statements 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,
Slide 4: Today's agenda
Today’s agenda Welcome and Introductions Larry McGrath Reimagining Health Care David Joyner Best-in-Class Businesses Business Leadership Health Care Consumer Engagement Platform Prem Shah and Tilak Mandadi Delivering on our Commitments Brian Newman Executive Q&A CVS Health Management Team ©2025 CVS
Slide 5: Reimagining Health Care
Reimagining Health Care DAVID JOYNER PRESIDENT AND CHIEF EXECUTIVE OFFICER
Slide 6: Becoming America's most trusted health care company
Becoming America’s most trusted health care company ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 6
Slide 7: Our Purpose
Our Purpose To simplify health care one person, one family and one community at a time ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 7
Slide 8: The next chapter of CVS Health
THE NEXT CHAPTER OF CVS Health TO CREATE SUSTAINABLE SHAREHOLDER VALUE Deliver Transform Be the Harness best-in-class consumer partner of enterprise execution experiences choice capabilities ENABLED BY INNOVATION AND CAPITAL STEWARDSHIP ©2025 CVS Health and/or one of its affiliates. Confidential and
Slide 9: Mid-teens CAGR through 2028
Mid-teens CAGR through 2028 Significant adjusted EPS growth driven by execution across our diversified businesses ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 9
Slide 10: We will reimagine health care
WHAT YOU CAN EXPECT FROM US We will reimagine health care OUR COMMITMENT: Right assets, right strategy and the right management team Delivering mid-teens Innovate to solve health care’s adjusted most complex challenges at scale EPS CAGR through 2028 Robust cash flow generation, driven by our with a
Slide 11: Health Care Benefits
Health Care Benefits STEVE NELSON KATERINA GUERRAZ EVP AND PRESIDENT, AETNA EVP AND CHIEF OPERATING OFFICER, AETNA
Slide 12: A revitalized Aetna on the path to becoming best-in-class
A revitalized on the path to becoming best-in-class Executing and building momentum Excelling at the Being truly Building a fundamentals distinctive winning culture ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 12
Slide 13: Executing against our recovery plans
Executing against our recovery plans $3.8B $2.5B $2.8B Adjusted operating income improvement $307M expected in 20251 2024 2025 2026 Guidance Guidance Midpoint Midpoint ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 13 1. Mid-point of full-year 2025 Health Care Benefits
Slide 14: A renewed Medicare Advantage business
A renewed Medicare Advantage business WHY IT MATTERS: By 2030, approximately 20% of $70B+ in revenue1 Americans will be eligible for Medicare HOW WE WIN: 2.9M Individual Margin objective: Industry-leading Stars position members served1 3 to 4% margins Agility and execution 1.3M Group members served1
Slide 15: An intentional approach to Medicaid
An intentional approach to Medicaid WHY IT MATTERS: Approximately Serving approximately 20% of $20B in revenue1 the U.S. population, including the dually-eligible population, and growing rapidly 2.3M Margin objective: HOW WE WIN: members served1 Low Strong state partnerships single-digit 15 states m
Slide 16: A differentiated Commercial offering
A differentiated Commercial offering WHY IT MATTERS: Approximately A large and high performing $30B in revenue1 business with a successful track record Approximately HOW WE WIN: 18M Margin objective: members served1 Product innovation and member Preserve experience competitive 50%+ margins of Fortun
Slide 17: The leading consumer-focused health solutions business
SHIFTING FROM A TRADITIONAL HEALTH INSURANCE ORGANIZATION TO the leading consumer-focused health solutions business Best-in-class execution Partner of choice Winning culture SIMPLIFIED EXPERIENCES OPERATIONAL EXCELLENCE INNOVATION NAVIGATION AND ADVOCACY EMPATHY ©2025 CVS Health and/or one of its af
Slide 18: Our strategy in action
Our strategy in action enabled by leading technology and digital solutions Excelling in Optimizing the total cost provider of care experience Transforming our Advancing operating member structure navigation and advocacy ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 18
Slide 19: Building next generation care models
Building next generation care models to solve for rapidly growing areas of medical spend Excelling in total cost of care CARE MODELS GROUNDED IN: TO ADDRESS HIGH COST CATEGORIES Transforming our A robust advocacy model Specialty operating structure medications High-quality networks Optimizing the Co
Slide 20: Leading solutions that address a full range of member needs
Leading solutions that address a full range of member needs Excelling in total cost of care OUR SOLUTION: GREATER THAN Transforming our Clinically validated benefits operating structure $460B Collaborations with providers Autism Optimizing the Spectrum provider Disorder Member and caregiver advocacy
Slide 21: Building high performance operations
Building high performance operations to ensure competitiveness and accelerate innovation Excelling in total cost of care Streamlining Transforming Modernizing clinical customer our operating Transforming our operations service platforms operating structure POWERED BY TECHNOLOGY AND ARTIFICIAL INTELL
Slide 22: Strengthening partnerships
Strengthening partnerships to drive better outcomes Excelling in total cost of care BUILDING A COHESIVE, SCALABLE MODEL TO IMPROVE CARE COORDINATION AND OUTCOMES Transforming our operating structure Deliver frictionless provider experiences Optimizing the Accelerate interoperability to facilitate re
Slide 23: Creating a unified experience
Creating a unified experience that simplifies health care for members Excelling in total cost of care TRANSFORMING THE CONSUMER EXPERIENCE THROUGH DIGITAL INNOVATION Transforming our operating Developing next generation advocacy products structure Optimizing the Expanding omnichannel capabilities pr
Slide 24: We will continue our momentum
WHAT YOU CAN EXPECT FROM US We will continue our momentum OUR COMMITMENT: Disciplined pricing through management rigor Strong earnings Leading capabilities, digital tools growth and total cost of care powered by our return to target More seamless and frictionless margins experiences through navigati
Slide 25: Health Care Delivery
Health Care Delivery SREE CHAGUTURU EVP AND PRESIDENT, HEALTH CARE DELIVERY
Slide 26: Health care industry is facing compounding challenges
Health care industry is facing compounding challenges × Worsening affordability × Reduced access × Lack of transparency × Unnecessary complexity × Inconsistent experiences × Challenged outcomes Creating a lack of trust across health care ©2025 CVS Health and/or one of its affiliates. Confidential an
Slide 27: Disruptive models that address core challenges
Disruptive models that address the health care industry’s core challenges Engaging patients for their Engaging patients Convenient access most complex needs at home for urgent needs and primary care Delivering Enabling better high-quality outcomes patient outcomes Engaging patients in long-term rela
Slide 28: Premier value-based care provider
Premier value-based care provider Better care, better experiences and improved health outcomes Serving seniors in socially vulnerable communities Assuming financial risk for clinically complex patients Lowering the cost of care through our differentiated care model 425K+ ~40% ~83% patients served, i
Slide 29: Challenges in the Medicare Advantage market
Challenges in the Medicare Advantage market have pressured value-based care providers Rising medical costs from deferred care, inflation, workforce RESULTING IN shortages and new treatments reimbursements Pricing pressure from lower rate increases in 2024 insufficient to cover and 2025 medical costs
Slide 30: Taking action to improve Oak Street Health performance
Taking action to improve OAK STREET HEALTH PERFORMANCE We have shifted focus from clinic growth to margin improvement Revenue Medical cost Operations and growth management cost structure Growing patient panels Enhancing the Driving streamlined care model to operational excellence Adapting to v28 env
Slide 31: Leading provider of in-home solutions
Leading provider of in-home solutions Growing the value and impact delivered Enhancing our core offering Deepening relationships with health plans and members Expanding our suite of services ~3.5M 500K ~12M home health connections care gaps evaluations1 back to care1 impacted1 ©2025 CVS Health and/o
Slide 32: Leading retail clinic and virtual practice
Leading retail clinic and virtual practice Adding primary care to our suite of offerings Meeting the demand for high-quality, longitudinal care Delivering same-day or next-day access Growing our visit volume and providing more clinical services 5M+ 2,000+ 800+ patient visits1 MinuteClinic locations
Slide 33: Enabled by technology
~90% of Oak Street Health Enabled by technology visits with ambient AI scribe capabilities1 Improving Powering Enhancing 2M+ clinical insights to provider clinical service support personalized, workflow insights operations high-quality care2 ©2025 CVS Health and/or one of its affiliates. Confidentia
Slide 34: We will deliver improved financial performance
WHAT YOU CAN EXPECT FROM US We will deliver improved financial performance OUR COMMITMENT: Improve Oak Street Health margin through clinical and operational excellence On a path to breakeven Enhance Signify Health impact and value and driving through deeper relationships and service toward offering
Slide 35: Pharmacy Services
Pharmacy Services ED DEVANEY LUCILLE ACCETTA EVP AND PRESIDENT, PHARMACY SERVICES SVP, CHIEF PHARMACY OFFICER AND HEAD OF SPECIALTY OPERATIONS
Slide 36: Clients trust us to deliver best-in-class services
Clients trust us to deliver best-in-class services 86M 40%+ 60+ Members1 Fortune 100 Health Plans Our results 98%+ Our priorities 2026 retention Deliver the lowest net cost pricing Create simple, connected experiences APPROXIMATELY $6B Innovate with transparency and choice 2026 gross new Maintain Sp
Slide 37: Caremark plays a critical role in the market
Caremark plays a critical role in the market OUR VALUE Lowered = Unit Cost * Drug Mix * Utilization Total Drug Pharmaceutical Formulary Clinical programs and negotiations management utilization management Spend delivering best-in-class driving biosimilar optimizing outcomes purchasing costs and gene
Slide 38: Caremark plays a critical role in the market
Caremark plays a critical role in the market OUR VALUE When our tools are removed Lowered HIV Pre-Exposure Prophylaxis (PrEP) Drugs Total Drug Spend RESULTING IN = × Higher brand volume Unit Cost × Inability to drive pricing discounts and higher brand launch prices * Drug Mix * >$20K $1B Utilization
Slide 39: Caremark plays a critical role in the market
Caremark plays a critical role in the market OUR VALUE When we use our tools to drive competition Lowered Biosimilars Total Drug Spend RESULTING IN = ✓ Volume conversion to a biosimilar at an 81% discount Unit Cost ✓ Frictionless experiences for prescribers and patients * Drug Mix >80% $1.5B * of me
Slide 40: Industry dynamics are changing
Consumer Expensive out of brand pocket drug spend launches exposure Access and Pipeline of Industry dynamics biosimilar affordability challenges launches are changing for GLP-1s ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 40
Slide 41: Our actions are leading the industry change
Humira GLP-1s Rebates biosimilar $1.5B 7/1/25 99%+ client and member formulary client pass gross savings change through delivered Our actions are leading the Point-of- Rebalanced TrueCost industry change sale rebates drug pricing ~25M 85%+ 2023 commercial of commercial announcement members clients b
Slide 42: Pricing model innovation
Pricing model innovation BENEFITS: built for transparency, durability and stable margins For Clients ✓ Aligned incentives for savings and fees OUR GUIDING PRINCIPLES Lowest net cost ✓ Visibility into drug- Client choice Business model level pricing innovation For Members OUR MODEL while delivering ✓
Slide 43: Powered by technology
300+ claims processed per second during peak periods 99% first call resolution 10 seconds average speed to answer 90% Powered by technology prior authorizations approved within 24 hours Driving Accelerating Differentiating 3.5 hours efficiency growth experiences median turnaround for prior to enhanc
Slide 44: The leading specialty pharmacy
the leading specialty pharmacy ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 44
Slide 45: Specialty continues to be a growth driver
Specialty continues to be a growth driver Half of all drug spend is driven by ~2%1 of members utilizing specialty products U.S. SPECIALTY MARKET REVENUE CVS Specialty Leadership Based on product sales ($B)5 #1 Specialty pharmacy in the nation2 $365 $425 $287 ~2.2M Chronically complex patients3 13% C
Slide 46: Leading service to all customers
provides leading service to all customers CVS SPECIALTY VALUE PROPOSITION ENABLED BY ✓ Operationalize lowest net cost promise ✓ Leading technology capabilities ✓ Remove friction and provide expert support ✓ Personalized omnichannel solutions ✓ Clinical expertise, including novel therapy access ©2025
Slide 47: The most tech-enabled specialty pharmacy
is the most tech-enabled specialty pharmacy Reimagining workflow reducing time to start on therapy by 45%1 Minimizing friction by connecting directly through the Electronic Health System Driving exceptional care by supporting pharmacists with AI-driven insights Empowering patients 98% of patients ha
Slide 48: Leading service to all customers
provides leading service to all customers CVS SPECIALTY VALUE PROPOSITION ENABLED BY ✓ Operationalize lowest net cost promise ✓ Leading technology capabilities ✓ Remove friction and provide expert support ✓ Personalized omnichannel solutions ✓ Clinical expertise, including novel therapy access ©2025
Slide 49: Innovating to lead industry change
WHAT YOU CAN EXPECT FROM US Innovating to lead industry change OUR COMMITMENT: Uniquely positioned to reduce costs and enhance health outcomes Winning and retaining Continued ability to win and retain business business with lowest net cost pricing while delivering attractive margins Advanced technol
Slide 50: Pharmacy & Consumer Wellness
Pharmacy & Consumer Wellness LEN SHANKMAN EVP AND PRESIDENT, PHARMACY & CONSUMER WELLNESS
Slide 51: Our community connection is our advantage
Local Customer presence touchpoints 9,000+ ~140M Our community community customers1 destinations connection is our advantage As a trusted, local presence in Strong Proven communities, our connection to consumers is unrivaled within reputation results health care ~85% 28.9% of customers are pharmacy
Slide 52: Intentional choices and investments enabled our performance
Intentional choices and investments enabled our performance Executed with Invested in Delivered exceptional excellence colleagues and service and efficient on footprint technology, operations rationalization and past the most important that drove success strategic choices parts of our business in to
Slide 53: Resetting our trajectory
Resetting our trajectory from expectations of declining earnings to at least flat ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 53
Slide 54: Our strategic priorities
Our strategic priorities Building on our strong foundation Ensure Power our Enable durability business the of our core with enterprise business technology ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 54
Slide 55: Our strategic priorities
Our strategic priorities Building on our strong foundation Ensure durability of our core Successful ongoing transition to CVS CostVantage business Improve front store value perception and localize Power our our assortment business with technology Continue to invest in leading capabilities and assets
Slide 56: Our strategic priorities
Our strategic priorities Building on our strong foundation Ensure Continue to invest in leading capabilities and assets durability of our core Best-in-class Engaged, empowered pharmacy procurement colleagues business Robust Seamless supply chain capabilities omnichannel experience Power our Leading
Slide 57: Our strategic priorities
Our strategic priorities Building on our strong foundation Ensure durability of our Maintain best-in-class execution core business Create capacity for growth Power our Differentiate experience and outcomes business with technology >1 million >2 billion ~500 million pharmacist front store annual call
Slide 58: Our strategic priorities
Our strategic priorities Building on our strong foundation Ensure durability of our core business Front door to the enterprise, embedded in everyday living Power our business with Foundational technology and customer technology engagement Driving value via pharmacy-driven next Enable the best action
Slide 59: We are resetting our trajectory
WHAT YOU CAN EXPECT FROM US We are resetting our trajectory Disciplined execution and operational OUR COMMITMENT: excellence to remain the best run national pharmacy Sustaining earnings Strategic investments in industry-leading while serving technology that empowers our teams to as the front focus o
Slide 60: Health Care Consumer Engagement Platform
Health Care Consumer Engagement Platform PREM SHAH TILAK MANDADI EVP AND GROUP PRESIDENT EVP, VENTURES AND CHIEF EXPERIENCE AND TECHNOLOGY OFFICER
Slide 61: CVS Health has an obligation to reimagine health care
CVS Health has an obligation to reimagine health care beginning with significantly increased consumer engagement Enhance Simplify Address access navigation affordability ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 61
Slide 62: Consumer engagement is a critical focus in health care
Consumer engagement is a critical focus in health care Helps consumers Reduces Delivers Unlocks live longer and hospital lower health personalized products healthier lives readmissions care costs and services and go-to-market strategies ©2025 CVS Health and/or one of its affiliates. Confidential and
Slide 63: Strong consumer engagement remains elusive
Strong consumer engagement remains elusive Digital Plan Sponsor The health care Solutions experience is PBM very complex Health Plan It is fragmented and Health EMR discourages consumers System from engaging Pharmacy ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 63
Slide 64: Building consumer engagement will deliver better health outcomes
Building consumer engagement will deliver better health outcomes Enhanced Clarity of Improved An opportunity for access to costs and care ownership in care benefits navigation the care journey CREATING POTENTIAL FOR INCREMENTAL SHAREHOLDER VALUE ©2025 CVS Health and/or one of its affiliates. Confide
Slide 65: We are uniquely positioned
We are uniquely positioned to create the next generation of health care engagement ~185M 85% ~30,000 consumers engage of Americans live trusted CVS Health across CVS Health within 10 miles of a pharmacists every year CVS Health location ©2025 CVS Health and/or one of its affiliates. Confidential and
Slide 66: CVS Health is a health care technology products and services company
CVS Health CVS Health CVS Health is a health care can bring the can commercialize technology engagement the engagement products and platform to platform services company market sooner and better ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 66
Slide 67: CVS Health is a health care technology products and services company
CVS Health is a health care technology products and services company
Slide 68: CVS Health is an AI-native technology company
CVS Health Veterans from tech and is an AI-native, consumer engagement technology companies AND products and health care technology services company experts ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 68
Slide 69: CVS Health is an AI-native technology company
CVS Health Technology products is an AI-native, and services provider technology to large health care products and businesses services company ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 69
Slide 70: CVS Health is an AI-native technology company
CVS Health Generated $1B+ is an AI-native, of operating efficiencies technology to reinvest in new growth products and and AI capabilities1 services company ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 70 1. Over the past four years.
Slide 71: CVS Health is an AI-native technology company
CVS Health AI and technology are is an AI-native, catalysts for our best- technology in-class businesses products and services company ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 71
Slide 72: CVS Health is an AI-native technology company
CVS Health “Practical and Real is an AI-native, Value AI” strategy technology products and services company ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 72
Slide 73: CVS Health is an AI-native technology company
CVS Health Best-in-class, is an AI-native, AI-powered digital technology consumer products and engagement services company ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 73
Slide 74: CVS Health can bring the engagement platform to market
CVS Health can bring the engagement platform to market sooner and better
Slide 75: CVS Health Engagement Platform
CVS Health Engagement Platform Integrated, omnichannel health care experience for CVS Health consumers ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 75
Slide 76: CVS Health can commercialize the engagement platform
CVS Health can commercialize the engagement platform
Slide 77: Engagement as a Service
“Engagement as a Service” powered by Open Consumer Engagement Platform Integrated, omnichannel health care experience for all ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 77
Slide 78: Engagement as a Service
“Engagement Pharmacy Digital Health Benefit as a Service” Managers Point Solutions powered by Open Consumer Health Engagement Pharmacies Systems Platform Integrated, Payors or omnichannel health Providers Health Plans care experience for all ©2025 CVS Health and/or one of its affiliates. Confidentia
Slide 79: The open engagement platform can create value for all stakeholders
THE OPEN ENGAGEMENT PLATFOR M can create value for all stakeholders ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 79
Slide 80: The open engagement platform can create value for all stakeholders
THE OPEN ENGAGEMENT PLATFORM can create value for all stakeholders Better cost optimization, care Deep and real-time Better pharmacy management and insights for targeted Top of license behavior change products and Pharmacist Lower total cost of services and go-to- care and out of market strategies p
Slide 81: Benefits for CVS Health from the Open Engagement Platform
BENEFITS FOR CVS HEALTH FROM THE Open Engagement Platform Benefits as a Accelerate participating the monetization PBM, payor and of internal pharmacy class-leading technology assets High margin, Essential to high revenue realizing potential our ambition as the provider of being the most of “Engageme
Slide 82: Engagement as a Service launch
“Engagement as a Service” We are delighted to Built around the Open Consumer Engagement Platform announce the launch of a new technology products and Open Platform launch goal in 2026 services offering Active conversations with potential partners and clients ©2025 CVS Health and/or one of its affili
Slide 83: We are transforming into a health care technology products and services company
WHAT YOU CAN EXPECT FROM US We are transforming into a health care technology products and services company We will improve health care for everyone OUR COMMITMENT: We will deliver value to our We will provide a simpler experience with open platform better engagement to earn trust partners and can c
Slide 84: Delivering on our Commitments
Delivering on our Commitments BRIAN NEWMAN EVP AND CHIEF FINANCIAL OFFICER
Slide 85: Establishing a track record of strong performance
CLOSING OUT 2025: Establishing a track record of strong performance, powered by our diversified businesses ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 85
Slide 86: Strong year of progress as we deliver on our commitments
Strong year of progress as we deliver on our commitments 2025 ADJUSTED EPS GUIDANCE $6.60 to $6.70 $5.75 to $6.00 4Q 2024 1Q 2025 2Q 2025 3Q 2025 2025 Earnings Earnings Earnings Earnings Investor Day ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 86
Slide 87: Updated 2025 guidance
Updated 2025 guidance IN BILLIONS, EXCEPT AS OF AS OF PER SHARE AMOUNTS 2025 INVESTOR DAY 4Q 2024 EARNINGS Total revenues At least $400.0 At least $385.9 Adjusted operating income $14.22 to $14.39 $12.95 to $13.40 Adjusted earnings per share $6.60 to $6.70 $5.75 to $6.00 Cash flow from operations $7
Slide 88: 2026 outlook: building on our momentum
2026 OUTLOOK: Building on our momentum and delivering meaningful earnings growth ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 88
Slide 89: Our guidance philosophy
Our guidance philosophy Credible Opportunities for Clear commitments outperformance communication ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 89
Slide 90: 2025 adjusted EPS baseline
2025 adjusted EPS baseline $6.65 ($0.65) +$0.20 $6.20 2025 guidance Prior year reserve Other out of period 2025 midpoint development adjustments, net baseline ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 90
Slide 91: 2026 Outlook: Health Care Benefits
2026 OUTLOOK Health Care Benefits AT LEAST $137.0B (3.5)% 90.5% ± 50bps revenue YoY decline1 medical benefit ratio APPROXIMATELY $3.58 to $3.92B +32% 25.4M adjusted operating income YoY growth1 medical members TAILWINDS AND HEADWINDS ▲ Medicare Advantage margin improvement ▼ Removal of 2025 prior ye
Slide 92: 2026 Outlook: Health Services
2026 OUTLOOK Health Services AT LEAST $196.6B +3% APPROXIMATELY revenue YoY growth1 1.84B AT LEAST pharmacy claims processed2 $7.25B +2% adjusted operating income YoY growth1 TAILWINDS AND HEADWINDS ▲ Oak Street Health improvement ▼ Client price improvements ▲ Specialty Pharmacy growth ▼ Aetna membe
Slide 93: 2026 Outlook: Pharmacy and Consumer Wellness
2026 OUTLOOK Pharmacy and Consumer Wellness AT LEAST $136.5B (1.5)% APPROXIMATELY revenue YoY decline1 1.86B AT LEAST prescriptions filled2 $6.09B +1% adjusted operating income YoY growth1 TAILWINDS AND HEADWINDS ▲ Prescription volume growth ▼ Reimbursement pressure ▲ Annualization of Rite Aid trans
Slide 94: 2026 guidance
2026 guidance ~15% adjusted EPS growth relative to 2025 baseline IN BILLIONS, EXCEPT FULL-YEAR FULL-YEAR PER SHARE AMOUNTS 2026 GUIDANCE 2025 GUIDANCE Total revenues At least $400.0 At least $400.0 Adjusted operating income $15.07 to $15.41 $14.22 to $14.39 Adjusted earnings per share $7.00 to $7.20
Slide 95: Positioned to generate meaningful shareholder value
Positioned to generate meaningful shareholder value ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 95
Slide 96: Strong momentum and continued execution position us to deliver significant EPS growth
Strong momentum and continued execution position us to deliver significant EPS growth Execution across our diversified businesses will drive meaningful earnings growth 2026 TO 2028 Mid-teens Executing the Improving Maintaining Changing the adjusted Aetna Health Care Caremark’s CVS EPS CAGR margin re
Slide 97: Our capital allocation priorities
Our capital allocation priorities Support Compelling Strong Flexible organic shareholder capital opportunistic growth dividend structure deployment ©2025 CVS Health and/or one of its affiliates. Confidential and proprietary. 97
Slide 98: Focused on de-leveraging before returning to normalized capital deployment
Focused on de-leveraging before returning to more normalized strategic capital deployment SHORT-TERM LONG-TERM Focus on de-leveraging Return to strategic deployment Invest in the business and maintain risk-based capital Invest in the business and maintain risk-based capital Committed to current divi
Slide 99: Focused on de-leveraging before returning to normalized capital deployment
Focused on de-leveraging before returning to more normalized strategic capital deployment SHORT-TERM LONG-TERM Focus on de-leveraging Return to strategic deployment Invest in the business and maintain risk-based capital Invest in the business and maintain risk-based capital Committed to current divi
Slide 100: Strong cash flow generation supports balance sheet improvement
Strong cash flow generation supports balance sheet improvement and return to shareholders APPROXIMATELY APPROXIMATELY 2026 TO 2028 40% 60% $55 to $60B CUMULATIVE invest in our business flexible DEPLOYABLE + deployment CASH1 shareholder dividend ©2025 CVS Health and/or one of its affiliates. Confiden
Slide 101: We will drive long-term value creation
WHAT YOU CAN EXPECT FROM US We will drive long-term value creation OUR COMMITMENT: Execute against commitments and establish a track record of Delivering mid- consistent, strong performance teens adjusted EPS CAGR Generate powerful cash flow to strengthen our balance sheet through 2028 driven by our
Slide 102: Investor Day 2025
#CVSHealth. INVESTOR DAY 2025 = /