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Helping people on their
path to better health
CVS Caremark 2012 Annual Report

Table of contents

  • Page 1
    Helping people on their path to better health CVS Caremark 2012 Annual Report

  • Page 2
    ... members through our CVS Caremark® pharmacy benefit management (PBM) business; and operates the nation's largest retail medical clinic system with more than 600 MinuteClinic® locations. Financial Highlights fiscal year fiscal year (in millions, except per share figures) 2012 2011 % change...

  • Page 3
    ... access to care, lower costs, and improve health outcomes - and they are sought after by providers, payors, and patients alike. Our PBM is a leader in clinical and specialty pharmacy programs and has strong positions in the growing Medicare Part D and Managed Medicaid markets. Our retail presence...

  • Page 4
    ... growth in our core pharmacy services and retail businesses, and our stores captured a significant share of Express Scripts members during its impasse with Walgreens. We also controlled expenses and increased productivity across the enterprise. Our shares performed well, returning 20.3 percent for...

  • Page 5
    ... prescription drug plans, as well as other lives where we serve as the PBM for health plan clients. With baby boomers turning 65 at the rate of 10,000 people per day, along with their growing utilization of prescription medications, we see the Medicare market as an attractive growth area. Managed...

  • Page 6
    ... the District of Columbia. Each offers convenient, cost-effective care seven days a week without appointment. Insurers understand MinuteClinic's value proposition, which is why visits are covered by more than 250 different commercial and government health plans. CVS CAREMARK 4 2012 ANNUAL REPORT

  • Page 7
    ...฀will฀create฀greater฀health฀care฀value฀by฀ increasing the convenience and quality of care; we are expanding and differentiating our services for better health at lower costs. Larry J. Merlo President and Chief Executive Officer February 15, 2013 CVS CAREMARK 5 2012 ANNUAL REPORT

  • Page 8
    ... standalone PBM or retailer has matched. It gives qualifying plan participants the option of filling their 90-day maintenance prescriptions by mail or at one of our CVS/pharmacy or Longs Drugs® locations. It's about choice and access. If you make it easier for CVS CAREMARK 6 2012 ANNUAL REPORT

  • Page 9
    ... the Pharmacy Advisor program. We're also going to open up several MinuteClinics in Hawaii to support the medical homes and provide the high level of information exchange I've already touched upon. It's a very exciting partnership and a sign of the direction in which health care in the United States...

  • Page 10
    ... and retail capabilities, CVS Caremark is also able to give patients greater access and choice on how they obtain their prescriptions. These key differentiators add up to a powerful competitive advantage that is helping drive share gains across our businesses. CVS CAREMARK 8 2012 ANNUAL REPORT

  • Page 11
    ... is only expected to worsen over the next 20 years. Since pharmacy care is one of the most cost-effective lines of defense in health care, we expect clients and customers to turn increasingly to our unique initiatives for driving medication adherence and closing gaps in care. 9 2012 ANNUAL REPORT

  • Page 12
    ... Pharmacy Advisor, our pharmacists have one-on-one consultations with PBM plan members, either face-to-face at one of our more than 7,400 retail stores or over the phone through our PBM call centers and mail order facilities. With chronic disease accounting for 84 percent of all health care spending...

  • Page 13
    ... efforts include outreach to patients on new prescriptions, first fill counseling, adherence outreach for patients who have stopped taking their medications, refill reminders, and ReadyFill®. These efforts have helped CVS/pharmacy post best-in-class adherence rates for chronic conditions such as...

  • Page 14
    ...'s largest and most prominent health care systems, creating opportunities for a variety of collaborative programs. During 2012, we added eight new health systems, bringing our total to 22 affiliations representing nearly 130 hospitals and 60,000 physicians. CVS CAREMARK 12 2012 ANNUAL REPORT

  • Page 15
    ... health condition monitoring for several chronic conditions for our PBM patients. The value of these integrated offerings will grow as new locations open. By 2017, we expect two-thirds of all of our PBM members to live within 10 miles of a MinuteClinic location. CVS CAREMARK 13 2012 ANNUAL REPORT

  • Page 16
    ... specialty pharmacy market. Our innovative solutions cover the entire continuum of specialty pharmacy care. The current pipeline for new prescription drugs is dominated by specialty medications. By 2016, roughly one-third of all pharmacy spending in the United States will be for high-cost specialty...

  • Page 17
    ... services through CVS/pharmacy. Patients have choice to drop off and pick up prescriptions at retail, significantly improving access and the member experience. CVS Caremark is developing a variety of unmatched solutions for the challenges of specialty care. CVS CAREMARK 15 2012 ANNUAL REPORT

  • Page 18
    ... gaps in care - all areas in which CVS Caremark leads the industry - we can potentially reduce the total cost of care by more than 20 percent. We believe that no other set of care management interventions can help providers manage their costs as effectively. CVS CAREMARK 16 2012 ANNUAL REPORT

  • Page 19
    .... By identifying risk before discharge from the hospital, we are able to work with health plans to provide in-person pharmacy counseling to patients, and we can also dispatch pharmacists to the homes of those patients with the highest risk of readmission. CVS CAREMARK 17 2012 ANNUAL REPORT

  • Page 20
    ..., we are expanding on our core strengths in pharmacy care to create a seamless, more personalized experience for customers. In addition to connecting with customers in store, by mail, or on the phone, we are connecting through smartphones, tablets, and the web. CVS CAREMARK 18 2012 ANNUAL REPORT

  • Page 21
    ... control at the center. That's critical in an environment that is moving toward more consumer-directed care. These tools will help our customers make better decisions and achieve better health outcomes while driving cost savings for them and their plan sponsors. CVS CAREMARK 19 2012 ANNUAL REPORT

  • Page 22
    ... that impact the lives of the people we serve every day. As a pharmacy innovation company, we focused our support on organizations that are reducing barriers and increasing access to quality health care services, advancing medical research, or developing wellness and prevention programs for local...

  • Page 23
    ...Balance Sheets 54 Consolidated Statements of Cash Flows 55 Consolidated Statements of Shareholders' Equity 56 Notes to Consolidated Financial Statements 86 Five-Year Financial Summary 87 Report of Independent Registered Public Accounting Firm 88 Stock Performance Graph CVS CAREMARK 21 2012 ANNUAL...

  • Page 24
    ...Our Pharmacy Services business provides a full range of PBM services, including mail order and specialty pharmacy services, plan design and administration, formulary management, discounted drug purchase arrangements, Medicare Part D services, retail pharmacy network management services, prescription...

  • Page 25
    ...drugs to plan members. Prescription drugs are dispensed by our mail order pharmacies, specialty pharmacies and national network of retail pharmacies. Net revenues are also generated by providing additional services to clients, including administrative services such as claims processing and formulary...

  • Page 26
    ... in 2011 compared to 2010. As you review our performance in this area, we believe you should consider the following important information During฀2012,฀net฀revenues฀in฀our฀Pharmacy฀Services฀Segment฀increased฀24.7%฀and฀net฀revenues฀in฀our฀Retail฀Pharmacy฀ Segment...

  • Page 27
    ... the efforts of managed care organizations, pharmacy benefit managers and governmental and other third-party payors to reduce their prescription drug costs In฀addition,฀for฀the฀three฀years฀2010฀through฀2012,฀our฀gross฀profit฀continued฀to฀benefit฀from฀the฀increased...

  • Page 28
    ... from share gains in our underlying business and the contractual impasse between Express Scripts and Walgreens. The increase in net income attributable to CVS Caremark per diluted share was also driven by increased share repurchase activity in 2012 and 2011. CVS CAREMARK 26 2012 ANNUAL REPORT

  • Page 29
    ... both the Pharmacy Services and Retail Pharmacy segments record the revenue, gross profit and operating profit on a standalone basis. Beginning in the fourth quarter of 2011, the Maintenance Choice eliminations reï¬,ect all discounts available for the purchase of mail order prescription drugs. The...

  • Page 30
    ... increase in net revenues was primarily due to new client starts on January 1, 2012, drug cost inï¬,ation and the growth of our Medicare Part D program. Conversely, the increase in our generic dispensing rate had a negative impact on our revenue in 2012 as it did in 2011. Net฀revenues฀increased...

  • Page 31
    ... of generic prescription drugs dispensed, changes in client pricing, and the impact of our acquisition of the UAM Medicare Part D Business, partially offset by our long-term contract with Aetna, which became effective on January 1, 2011 During฀2012,฀2011,฀and฀2010,฀we฀generated฀net...

  • Page 32
    ... cost of pharmaceuticals dispensed, either directly through our mail service and specialty retail pharmacies or indirectly through our pharmacy network, (ii) shipping and handling costs and (iii) the operating costs of our mail service pharmacies, customer service operations and related information...

  • Page 33
    ...activities and retail specialty pharmacy store and฀administrative฀payroll,฀employee฀benefits฀and฀occupancy฀costs,฀decreased฀to฀1.5%฀of฀net฀revenues฀in฀2012฀compared฀ to฀1.8%฀and฀2.0%฀in฀2011฀and฀2010,฀respectively. As you review our Pharmacy Services...

  • Page 34
    ...which฀accounted฀for฀approximately฀130฀basis฀points฀of฀our฀total฀net฀revenue฀ percentage increase during the year. Additionally, we continued to see a positive impact on our net revenues due to the growth of our Maintenance Choice program. CVS CAREMARK 32 2012 ANNUAL REPORT

  • Page 35
    ...฀total฀net฀revenue฀percentage฀increase฀in฀2012,฀2011,฀and฀2010,฀respectively Pharmacy฀revenue฀growth฀continued฀to฀benefit฀from฀increased฀utilization฀by฀Medicare฀Part฀D฀beneficiaries,฀the฀ability฀ to attract and retain managed care customers and...

  • Page 36
    ... changes will have on Medicaid reimbursement or their impact on the Company. See "Government Regulation" within Part I, Item 1, Business, for additional information. Operating expenses in our Retail Pharmacy Segment include store payroll, store employee benefits, store occupancy costs, selling...

  • Page 37
    ... in 2011 was related to improvements in inventory and payables management, increases in accrued expenses due to the timing of payments and growth in claims payable due to increased volume of activity in our Pharmacy Services Segment, partially offset by increased accounts receivable. Net cash used...

  • Page 38
    ...not included in new or closed store totals. (2) Excludes specialty mail order facilities. (1) (2) 2011 (2) 7,248 162 (22) 7,388 86 2010 (2) 7,095 183 (30) 7,248 106 7,388 150 (30) 7,508 90 Net cash used in financing activities was approximately $4.9 billion in 2012, compared to net cash used in...

  • Page 39
    ...time, at our option at a defined redemption price plus accrued and unpaid interest to the redemption date. The net proceeds of the 2011 Notes were used to repay commercial paper borrowings and certain other corporate debt, and were used for general corporate purposes. CVS CAREMARK 37 2012 ANNUAL...

  • Page 40
    ...2010,฀our฀Board฀of฀Directors฀authorized฀a฀15%฀increase฀in฀our฀quarterly฀ common stock dividend to $0.0875 per share. This increase equated to an annual dividend rate of $0.35 per share. Off-Balance Sheet Arrangements In connection with executing operating leases, we provide...

  • Page 41
    ... (1) Interest payments on long-term debt are calculated on outstanding balances and interest rates in effect on December 31, 2012. Critical Accounting Policies We prepare our consolidated financial statements in conformity with generally accepted accounting principles, which require management to...

  • Page 42
    ... validating eligibility and coverage levels, communicating the prescription price and the co-payments due to the third party retail pharmacy, identifying possible adverse drug interactions for the pharmacist to address with the physician prior to dispensing, suggesting clinically appropriate generic...

  • Page 43
    ... of recording prescription drug sales upon fill as opposed to delivery is immaterial. Customer returns are not material. Revenue generated from the performance of services in our health care clinics is recognized at the time the services are performed. We have not made any material changes in the...

  • Page 44
    ... manufacturers, wholesalers and retail pharmacies, normally provide for the Pharmacy Services Segment to receive purchase discounts from established list prices in one, or a combination, of the following forms: (i) a direct discount at the time of purchase, (ii) a discount for the prompt payment...

  • Page 45
    ... period-specific information necessary to value prescription drug inventories in the Retail Pharmacy Segment under the weighted average cost method is unavailable. The Company implemented a new pharmacy cost accounting system to value prescription drug inventory as of January 1, 2012 and calculated...

  • Page 46
    ... and regulatory conditions, our market capitalization, efforts of third party organizations to reduce their prescription drug costs and/or increase member co-payments, the continued efforts of competitors to gain market share and consumer spending patterns. CVS CAREMARK 44 2012 ANNUAL REPORT

  • Page 47
    ... 31, 2012. We have not made any material changes in the reserve methodology used to record closed store lease reserves during the past three years. Self-Insurance Liabilities We are self-insured for certain losses related to general liability, workers' compensation and auto liability, although...

  • Page 48
    ... workers' compensation and auto liability. Similar reviews are conducted semi-annually to determine if our self-insurance liability is adequate for our health and medical liability. Our total self-insurance liability covered by this critical accounting policy was $590 million as of December 31, 2012...

  • Page 49
    ...฀in฀industry฀pricing฀benchmarks฀used฀to฀establish฀pricing฀in฀many฀of฀our฀PBM฀client฀contracts,฀pharmaceutical purchasing arrangements, retail network contracts, specialty payor agreements and other third party payor contracts. CVS CAREMARK 47 2012 ANNUAL REPORT

  • Page 50
    ... pharmacy services, retail pharmacy or retail clinic industries or to the health care industry generally Other฀risks฀and฀uncertainties฀detailed฀from฀time฀to฀time฀in฀our฀filings฀with฀the฀SEC. The foregoing list is not exhaustive. There can be no assurance that the Company...

  • Page 51
    ... as well as conducting an audit of internal control over financial reporting. Their accompanying reports are based upon an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States). February 15, 2013 CVS CAREMARK 49 2012 ANNUAL REPORT

  • Page 52
    ... is to express an opinion on CVS Caremark Corporation's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit...

  • Page 53
    ...per share amounts 2012 2011 $ 107,100 86,539 20,561 14,231 6,330 584 - 5,746 2,258 3,488 (31) 3,457 4 $ 3,461 $ $ 2010 95,778 75,559 20,219 14,082 6,137 536 - 5,601 2,179 3,422 2 3,424 3 3,427 Net revenues Cost... $ 2.57 1,347 $ 2.49 1,377 $ 0.50 $ 0.35 CVS CAREMARK 51 2012 ANNUAL REPORT

  • Page 54
    ... adjustment, net of income tax Comprehensive income Comprehensive loss attributable to noncontrolling interest Comprehensive income attributable to CVS Caremark See accompanying notes to consolidated financial statements. $ 3,875 3 (12) 3,866 2 $ 3,868 CVS CAREMARK 52 2012 ANNUAL REPORT

  • Page 55
    ... Balance Sheets December 31, In millions, except per share amounts 2012 2011 Assets: Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Deferred income taxes Other current assets Total current assets Property and equipment, net Goodwill Intangible assets, net...

  • Page 56
    ...millions 2012 2011 2010 Cash ï¬,ows from operating activities: Cash receipts from customers Cash paid for inventory and prescriptions dispensed by retail network pharmacies Cash paid to other suppliers and employees Interest received Interest paid Income taxes paid Net cash provided by operating...

  • Page 57
    ... on stock options and stock awards Transfer of shares held in trust to treasury stock Purchase of noncontrolling interest in subsidiary End of year Retained earnings: Beginning of year Changes in inventory accounting principles (Note 2) Net income attributable to CVS Caremark Common stock dividends...

  • Page 58
    ...drugs to plan members. Prescription drugs are dispensed by the mail order pharmacies, specialty pharmacies and national network of retail pharmacies. Net revenues are also generated by providing additional services to clients, including administrative services such as claims processing and formulary...

  • Page 59
    ... CVS/pharmacy® name, the online retail website, CVS.com, and 640 retail health care clinics operating under the MinuteClinic® name (of which 633 were located in CVS/pharmacy stores). Corporate Segment - The Corporate Segment provides management and administrative services to support the Company...

  • Page 60
    ... method in the retail pharmacy stores, the weighted average cost method in the mail service and specialty pharmacies, and the cost method on a first-in, first-out basis in the distribution centers. Effective January 1, 2012, the Company changed its methods of accounting for prescription drug...

  • Page 61
    ... impairment reviews annually, or more frequently if necessary. See Note 5 for additional information on goodwill and other indefinitely-lived assets. INTANGIBLE ASSETS - Purchased customer contracts and relationships are amortized on a straight-line basis over their estimated useful lives between...

  • Page 62
    ... pays directly to the PSS, net of any volume-related or other discounts paid back to the client (see "Drug Discounts" below), (ii) the price paid to the PSS by client plan members for mail order prescriptions ("Mail Co-Payments") and the price paid to retail network pharmacies by client plan members...

  • Page 63
    ... from manufacturers or distributors and shipped to members in clients' benefit plans from the PSS' mail service pharmacies, net of any volume-related or other discounts (see "Drug Discounts" previously in this document) and (ii) the cost of prescription drugs sold (including Retail Co-Payments...

  • Page 64
    ..., including manufacturers, wholesalers and retail pharmacies, normally provide for the PSS to receive purchase discounts from established list prices in one, or a combination, of the following forms: (i) a direct discount at the time of purchase, (ii) a discount for the prompt payment of invoices...

  • Page 65
    ...2012, 2011 and 2010, respectively, but were not included in the calculation of diluted earnings per share because the options' exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. New Accounting Pronouncements In June 2011...

  • Page 66
    ... period-specific information necessary to value prescription drug inventories in the Retail Pharmacy Segment under the weighted average cost method is unavailable. The Company implemented a new pharmacy cost accounting system to value prescription drug inventory as of January 1, 2012 and calculated...

  • Page 67
    ... earnings per common share for income from continuing operations attributable to CVS Caremark and net income attributable to CVS Caremark would have been reduced by $0.01. 3 Business Combinations 3 On April 29, 2011, the Company acquired the Medicare prescription drug business of Universal American...

  • Page 68
    ... as of December 31, 2012 and 2011. The Company amortizes intangible assets with finite lives over the estimated useful lives of the respective assets, which have a weighted average useful life of 13.4 years. The weighted average useful lives of the Company's customer contracts and relationships and...

  • Page 69
    ...the 2011 and 2012 Repurchase Programs, on September 19, 2012, the Company entered into a $1.2 billion fixed dollar accelerated share repurchase ("ASR") agreement with Barclays Bank PLC ("Barclays"). Upon payment of the $1.2 billion purchase price on September 20, 2012, the Company received a number...

  • Page 70
    ... time, or in part from time to time, at the Company's option at a defined redemption price plus accrued and unpaid interest to the redemption date. The net proceeds of the 2012 Notes were used for general corporate purposes and to repay certain corporate debt. CVS CAREMARK 68 2012 ANNUAL REPORT

  • Page 71
    ...-annually and may be redeemed, in whole at any time, or in part from time to time, at the Company's option at a defined redemption price plus accrued and unpaid interest to the redemption date. The net proceeds of the 2010 Notes were used to repay a portion of the Company's outstanding commercial...

  • Page 72
    ... the stores and does not provide any guarantees, other than a guarantee of lease payments, in connection with the sale-leaseback transactions. Proceeds from sale-leaseback transactions totaled $529 million in 2012, $592 million in 2011 and $507 million in 2010. CVS CAREMARK 70 2012 ANNUAL REPORT

  • Page 73
    ... postretirement medical plans were approximately $1 million for 2012, 2011 and 2010. Pursuant to various labor agreements, the Company also contributes to multiemployer health and welfare plans that cover union-represented employees. The plans provide postretirement health care and life insurance...

  • Page 74
    ... for each asset class on a plan by plan basis. The expected฀long-term฀rate฀of฀return฀for฀all฀plans฀was฀7.25%฀in฀2012,฀2011฀and฀2010. Historically, the Company used an investment strategy, which emphasized equities in order to produce higher expected returns, and in the...

  • Page 75
    ...the 1997 Incentive Compensation Plan (the "1997 ICP"). The terms of the 2010 ICP provide for grants of annual incentive and long-term performance awards to executive officers and other officers and employees of the Company or any subsidiary of the Company. Payment of such annual incentive and long...

  • Page 76
    ... of each stock option is estimated using the Black-Scholes option pricing model based on the following assumptions at the time of grant: 2012 Dividend yield (1) Expected volatility (2) Risk-free interest rate( 3) Expected life (in years) (4) Weighted-average grant date fair value 2011 1.43฀%฀ 32...

  • Page 77
    ... continuing operations for the respective years: 2012 Statutory income tax rate State income taxes, net of federal tax benefit Other Effective income tax rate 2011 35.0฀%฀ 3.9 0.4 39.3฀%฀ 2010 35.0฀ % 4.1 (0.2) 38.9฀ % 35.0 %฀ 3.9 (0.3) 38.6 %฀ CVS CAREMARK 75 2012 ANNUAL REPORT

  • Page 78
    ... number of income tax examinations will conclude and statutes of limitation for open years will expire over the next twelve months, which may cause a utilization or reduction of the Company's reserve for uncertain tax positions of up to approximately $6 million. CVS CAREMARK 76 2012 ANNUAL REPORT

  • Page 79
    .... If a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. None of the Company's accruals for outstanding legal matters are material individually or in the aggregate to the Company's financial position. CVS CAREMARK 77 2012 ANNUAL REPORT

  • Page 80
    ... parties filed joint motion with the Texas federal and state courts requesting that the lawsuits with the State of Texas be abated so that the parties can focus on completing settlement documentation relating to Caremark's processing of Texas Medicaid claims. CVS CAREMARK 78 2012 ANNUAL REPORT

  • Page 81
    ...Discount Drugs, Inc., filed a putative class action complaint in Alabama federal court against Caremark and two PBM competitors, seeking treble damages and injunctive relief. The North Jackson Pharmacy case against two of the Caremark entities named as defendants was transferred to Illinois federal...

  • Page 82
    ...in the multi-state investigation. In March 2010, the Company received a subpoena from the OIG requesting information about programs under which the Company has offered customers remuneration conditioned upon the transfer of prescriptions for drugs or medications to our pharmacies in the form of gift...

  • Page 83
    ...comply with the Controlled Substances Act and the Combat Methamphetamine Epidemic Act. In November 2012, the Company received a subpoena from the OIG requesting information concerning automatic refill programs used by pharmacies to refill prescriptions for customers. The Company is cooperating and...

  • Page 84
    ... both the Pharmacy Services and Retail Pharmacy segments record the revenue, gross profit and operating profit on a standalone basis. Beginning in the fourth quarter of 2011, the Maintenance Choice eliminations reï¬,ect all discounts available for the purchase of mail order prescription drugs. The...

  • Page 85
    ... per common share for the respective years: In millions, except per share amounts 2012 2011 2010 Numerator for earnings per common share calculation: Income from continuing operations Net loss attributable to noncontrolling interest Income from continuing operations attributable to CVS Caremark...

  • Page 86
    ...attributable to CVS Caremark Diluted Earnings per common share: Income from continuing operations attributable to CVS Caremark Loss from discontinued operations attributable to CVS Caremark Net income attributable to CVS Caremark Dividends per common share Stock price: (New York Stock Exchange) High...

  • Page 87
    ... to CVS Caremark Diluted Earnings per common share: Income from continuing operations attributable to CVS Caremark Income (loss) from discontinued operations attributable to CVS Caremark Net income attributable to CVS Caremark Dividends per common share Stock price: (New York Stock Exchange) High...

  • Page 88
    ...million. (5) Effective January 1, 2012, the Company changed its methods of accounting for prescription drug inventories in the Retail Pharmacy Segment. Additional details of the accounting change are discussed in Note 2 to the consolidated financial statements. CVS CAREMARK 86 2012 ANNUAL REPORT

  • Page 89
    ..., the Company has elected changes in its methods of accounting for prescription drug inventories in the Retail Pharmacy Segment effective January 1, 2012. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), CVS Caremark Corporation...

  • Page 90
    ..., which currently includes 53 health care companies. RELATIVE TOTAL RETURNS SINCE 2007 - ANNUAL December 31, 2007 to December 31, 2012 $160 $140 $120 $100 $80 $60 $40 $20 $0 2007 CVS Caremark Corporation S&P 500 2008 2009 2010 2011 2012 S&P 500 Food & Staples Retail Group Index S&P 500 Healthcare...

  • Page 91
    ... LISTING The New York Stock Exchange Symbol: CVS TRANSFER AGENT AND REGISTRAR Questions regarding stock holdings, certificate replacement/transfer, dividends and address changes should be directed to: Computershare P.O. Box 43006 Providence, RI 02940-3006 Toll-free: (877) CVSPLAN (287-7526) E-Mail...

  • Page 92
    The CVS Caremark 2012 Annual Report saved the following resources by printing on paper containing 10 percent postconsumer recycled content. trees ...,154,473 million BTUs 3,759 pounds 10,381 pounds 34 pounds CVS Caremark, One CVS Drive, Woonsocket, RI 02895 | 401.765.1500 | info.cvscaremark.com