2016 in Review

“Health care continues to evolve rapidly in the United States. Despite the ongoing changes as well as uncertainty surrounding health care reform, CVS Health believes that the winners in our industry will be those who drive more affordable, accessible, and effective care. We are uniquely positioned to meet any challenges head on and pivot as needed to address any policy changes.”

Larry Merlo, President and Chief Executive Officer

Letter to Shareholders

Financial Highlights

Net Revenues

177.5

(in billions of dollars)

Financial Highlights

Diluted EPS from continuing operations

4.91

(in dollars)

Financial Highlights

Annual cash dividends

1.70

(in dollars per common share)

Health is where the heart is.

The CVS Health “heart mark” is a ubiquitous presence across our enterprise, representing the unique value we provide to patients, payors, and providers alike. We accomplish this through our unmatched suite of leading assets and our success at integrating them to offer innovative health care solutions. This annual report describes some of the ways in which our model allows us to enhance access, improve health outcomes, and lower overall health care costs, while positioning CVS Health for long-term growth. We think you will agree that health really is where the heart is when seeking affordable, accessible, and effective care.

Nurturing our communities is at the heart of what we do

The three pillars of our Prescription for a Better World provide the framework for CVS Health’s social responsibility initiatives.

Through Health in Action, we donated more than $90 million in charitable contributions, colleague volunteerism, gifts in-kind, and other community investments in 2016. The CVS Health Foundation and American Cancer Society awarded grants to 20 U.S. colleges and universities in 2016 as part of our Tobacco-Free Generation Campus Initiative. This $3.6 million multiyear program will help accelerate and expand the implementation of 100 percent smoke- and tobacco-free campus policies. Turning to Planet in Balance, we announced this past year that we are working toward setting a science-based emission-reduction target focused on reducing emissions across our supply chain. As a Leader in Growth, we’ve formed the GREENTEAM Colleague Resource Group with the goal of making environmental sustainability a relevant part of every colleague’s role and responsibility. The link between human health and the health of our planet is becoming increasingly apparent, and the GREENTEAM inspires our colleagues to advance our leadership in this area.

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