FOURTH

QUARTER 2022

Earnings conference call

February 8, 2023

KAREN S. LYNCH

President

and

Chief Executive Officer

SHAWN M. GUERTIN

Executive Vice President and Chief Financial Officer

Cautionary statement

concerning forward- looking statements

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 ("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- looking statements due to the risks and uncertainties related to the proposed acquisition of Oak Street Health, Inc., the pending acquisition of Signify Health, Inc. and 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-Looking Statements" in our most recent Annual Report on Form 10-K, 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.

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

[Link to our non-GAAP Reconciliations]

Financial highlights

Q4 2022 Adjusted EPS of $1.99 exceeded expectations; Reaffirming 2023 Adjusted EPS guidance to between $8.70 - $8.90

$1.99

Q4 2022 Adjusted EPS

Exceeded expectations

9.5%

Q4 revenue growth

Reflects growth across all segments

Deployed capital to generate

Evidence

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

our customers, our communities, our colleagues and our stockholders

FY 2023 guidance

Total company revenue

$333B - $339B

Total company adjusted operating income

$17.3B - $17.7B

Total company adjusted EPS

$8.70 - $8.90

Total operating cash flow

$12.5B - $13.5B

shareholder value

Returned $719 million to shareholders through quarterly dividend

Executed $1.5 billion of share repurchases

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

1

2

Unify our business around the consumer

health experience and

3

scale new sources of value

4

5

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

Grow our foundational businesses

Advance care delivery and health services offerings

Reimagine our omnichannel health experience

Harness cutting-edge tech to streamline and simplify

Empower our people and culture

2022 Financial Review

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

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CVS Health Corporation published this content on 08 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2023 12:43:15 UTC.