Caremark 2014 Annual Report Download

Download and view the complete annual report

Please find the complete 2014 Caremark annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

2014 Annual Report

Table of contents

  • Page 1
    2014 Annual Report

  • Page 2
    1 Health is Everything 14 Financial Highlights 15 Letter to Shareholders 20 Prescription for a Better World 21 2014 Financial Report

  • Page 3
    .../caremark™, a leading pharmacy benefit manager (PBM) and mail service pharmacy serving more than 2,000 clients and their 65 million plan members; CVS/minuteclinic™, the nation's largest walk-in medical clinic provider with nearly 1,000 clinics located in our retail drugstores; and CVS/specialty...

  • Page 4
    ... care. Maintenance Choice®, one of the many integrated solutions that only CVS Health offers, gives CVS/caremark plan members the option of receiving 90-day maintenance prescriptions in the way that suits them best-through our mail order pharmacies or at any of our CVS/pharmacy locations. Specialty...

  • Page 5
    3 2014 Annual Report

  • Page 6
    ...The company is a market leader in retail pharmacy, pharmacy benefits management, specialty pharmacy, and retail medical clinics-and very well-positioned in an era of consumer-directed health care. 4 1.7 billion 65+ million PBM plan members CVS Health prescriptions filled or managed annually CVS...

  • Page 7
    ... this market through our retail pharmacies, PBM, and SilverScript®, currently the No. 2 Medicare Part D prescription drug plan. $31 CVS Health includes the largest U.S. specialty pharmacy with $31 billion in revenues. $19 $22 $12 2011 2012 2013 2014 More than 24,000 pharmacists across...

  • Page 8
    ... with its patient-centered medical home (PCMH) model. At CVS/pharmacy, we provide face-to-face adherence counseling and provide information directly into the patient's electronic health record at the PCMH. CVS/minuteclinic helps providers by combining high-quality care with affordable pricing across...

  • Page 9
    7 2014 Annual Report

  • Page 10
    ... in narrow or restricted pharmacy networks. Formulary management strategy expected to drive total incremental client savings of Reduced co-pay at CVS/minuteclinic can lower overall health care costs by 8% for patients who use our walk-in medical clinics $ 3.5 billion from 2012 through 2015

  • Page 11
    ...also provides customers with significant savings and value. Managing specialty cost growth trend CVS Health is the largest player in the rapidly growing U.S. specialty market. We are using our broad capabilities to reinvent specialty, which will help reduce client spending and improve patient care...

  • Page 12
    ...manage the patient, not just the drug. Our innovative solutions work together to support a better patient experience. Whether the patient chooses to receive a prescription by mail or pick it up at a local CVS/pharmacy, we provide centralized clinical support from a CareTeam of pharmacists and nurses...

  • Page 13
    11 2014 Annual Report

  • Page 14
    ... to improve adherence such as Pharmacy Advisor, Specialty Connect, and our Patient Care Initiative. We have introduced programs that provide an earlier, easier, and more effective approach to engaging patients in behaviors that help to improve their health and saves lives. We are also making bold...

  • Page 15
    ... health care costs for managed conditions. 2014 Annual Report Pharmacy Advisor programs achieve industry-leading adherence at CVS/pharmacy CVS/pharmacy Top 3 retail pharmacies 79% 71% 81% 75% Diabetes Therapy Hypertension Therapy Cholesterol Therapy The results are clear 89% of pharmacists...

  • Page 16
    ...per share figures) 2014 2013 % change Net revenues 14 Operating profit Net income Diluted EPS from continuing operations CVS Health $ 139,367 $ $ $ $ $ 8,799 4,644 3.96 6,516 96.31 $ 126,761 $ $ $ $ $ 8,037 4,592 3.75 4,399 71.57 9.9% 9.5% 1.1% 5.5% 48.1% 34.6% 30.0% Free cash ï¬,ow* Stock...

  • Page 17
    ...season of our pharmacy benefit manager (PBM) and formation of new health care alliances to the ongoing expansion of our retail pharmacies and the elimination of tobacco products from our stores. Importantly, we have changed our corporate name to CVS Health. 2014 Annual Report 15 Our company is at...

  • Page 18
    ... health plans, government payors, and employers. With a 96 percent retention rate, net new business for 2015 totaled $3.6 billion. Clients value the strength of CVS/caremark's adherence programs, specialty services, and advanced formulary strategies. Pharmacy Advisor, Maintenance Choice, Specialty...

  • Page 19
    ...best-in-class clinical F OCUS ON SH AR EH OLDER VALUE More than $7 billion is expected to be returned to our shareholders through dividends and share repurchases in 2015. In specialty, we led the market in 2013 with formulary strategies using clinically appropriate and cost-effective solutions and...

  • Page 20
    ... 31 states and the District of Columbia, up from 800 clinics in the prior year. Since its inception, CVS/minuteclinic's 2,700 nurse practitioners and physician assistants have provided care for more than 23 million patient visits. We will continue to add more locations and enter new markets in 2015...

  • Page 21
    ... by states seeking cost savings opportunities. CVS/caremark participates in managed Medicaid through health plan clients, and our 19 percent share makes us an industry leader. Medicaid also currently accounts for 14 percent of prescriptions dispensed at CVS/pharmacy locations. Our retail footprint...

  • Page 22
    ... and Employee Resource Groups Among the top tier of companies listed on the Center for Political Accountability (CPA) Zicklin Index of Corporate Political Disclosure and Accountability Corporate Responsibility Magazine named CVS Health President and CEO Larry Merlo as the 2014 Responsible CEO of...

  • Page 23
    ... Income 54 Consolidated Balance Sheets 55 Consolidated Statements of Cash Flows 56 Consolidated Statements of Shareholders' Equity 57 Notes to Consolidated Financial Statements 88 Five-Year Financial Summary 89 Report of Independent Registered Public Accounting Firm 90 Stock Performance Graph

  • Page 24
    ...Medicaid, health plan and employer markets have access to our services through public and private exchanges. As a pharmacy benefits manager, we manage the dispensing of pharmaceuticals through our mail order pharmacies, specialty pharmacies and national network of more than 68,000 retail pharmacies...

  • Page 25
    ...four mail order dispensing pharmacies, and 86 branches and six centers of excellence for infusion and enteral services located in 40 states, Puerto Rico and the District of Columbia. 23 2014 Annual Report Overview of Our Retail Pharmacy Segment Our Retail Pharmacy Segment sells prescription drugs...

  • Page 26
    ...Retail Pharmacy Segment increased 3.1% compared to the prior year. • The increase in our generic dispensing rates in both of our operating segments continued to have an adverse effect on net revenue in 2014 as compared to 2013, as well as in 2013 as compared to 2012. In 2014, the Pharmacy Services...

  • Page 27
    ...percent of net revenues in 2014 as compared to 2013. In addition, gross profit for 2014, 2013 and 2012 has been negatively impacted by the efforts of managed care organizations, pharmacy benefit managers and governmental and other third-party payors to reduce their prescription drug costs. • Our...

  • Page 28
    ... increased generic drug dispensing and increased prescription volume in both operating segments. The increase in net income attributable to CVS Health per diluted share was also driven by increased share repurchase activity in 2014 and 2013. The increase in net income attributable to CVS Health and...

  • Page 29
    ...Services Segment customers, through the Company's intersegment activities (such as the Maintenance Choice® program), elect to pick-up their maintenance prescriptions at Retail Pharmacy Segment stores instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail...

  • Page 30
    ...(1) Pharmacy network net revenues, claims processed and generic dispensing rates do not include Maintenance Choice, which are included within the mail choice category. (2) Mail choice is defined as claims filled at a Pharmacy Services mail facility, which includes specialty mail claims, as well as...

  • Page 31
    ...in specialty pharmacy, partially offset by increases in the percentage of generic prescription drugs dispensed and changes in client pricing. • Our mail choice generic dispensing rate was 74.6%, 72.6% and 68.9% in the years ended December 31, 2014, 2013 and 2012, respectively. Our pharmacy network...

  • Page 32
    ... accounted for using the gross method or net method under the applicable accounting rules. Our Pharmacy Services Segment network contracts are predominantly accounted for using the gross method, which results in higher revenues, higher cost of revenues and lower gross profit rates. 30 CVS Health

  • Page 33
    ... Company participates in the Medicare Part D program by (1) providing Medicare Part D-related PBM services to our health plan and other clients that have qualified as Medicare Part D plans, and (2) offering Medicare Part D pharmacy benefits through the Company's SilverScript prescription drug plan...

  • Page 34
    ... growth of our Maintenance Choice program. As you review our Retail Pharmacy Segment's performance in this area, we believe you should consider the following important information: • Front store same store sales declined 4.0% in the year ended December 31, 2014, as compared to the prior year. The...

  • Page 35
    ... pharmacy services. We believe these favorable industry trends will continue. 33 2014 Annual Report Gross profit in our Retail Pharmacy Segment includes net revenues less the cost of merchandise sold during the reporting period and the related purchasing costs, warehousing costs, delivery costs...

  • Page 36
    ... of drug payments by Medicaid and Medicare could impact our pricing to customers and other payors and/or could impact our ability to negotiate discounts or rebates with manufacturers, wholesalers, PBMs or retail and mail pharmacies. See "Efforts to reduce reimbursement levels and alter health care...

  • Page 37
    ... facilities management and information technology costs. 2014 Annual Report Liquidity and Capital Resources We maintain a level of liquidity sufficient to allow us to cover our cash needs in the short-term. Over the long-term, we manage our cash and capital structure to maximize shareholder return...

  • Page 38
    ... in new or closed store totals. (2) Includes retail drugstores, onsite pharmacy stores and specialty pharmacy stores. (1) CVS Health 2013 (2) 7,508 213 (19) 7,702 78 2012 (2) 7,388 150 (30) 7,508 90 7,702 187 (23) 7,866 60 Net cash used in financing activities increased by $4.5 billion in 2014...

  • Page 39
    ... authorization under the 2013 Repurchase Programs, effective January 2, 2015, we entered into a $2.0 billion fixed dollar ASR agreement with J.P. Morgan Chase Bank ("JP Morgan"). Upon payment of the $2.0 billion purchase price on January 5, 2015, we received a number of shares of our common stock...

  • Page 40
    ...option at a defined redemption price plus accrued and unpaid interest to the redemption date. The net proceeds of the 2013 Notes were used to repay commercial paper outstanding at the time of issuance and to fund the acquisition of Coram in January 2014. The remainder was used for general corporate...

  • Page 41
    ... 2012, our Board of Directors authorized a 38% increase in our quarterly common stock dividend to $0.225 per share. This increase equated to an annual dividend rate of $0.90 per share. 2014 Annual Report Off-Balance Sheet Arrangements In connection with executing operating leases, we provide...

  • Page 42
    ...retail pharmacy network. We recognize revenues in our Pharmacy Services Segment from prescription drugs sold by our mail service dispensing pharmacies and under retail pharmacy network contracts where we are the principal using the gross method at the contract prices negotiated with our clients. Net...

  • Page 43
    ..., the effect of adjustments between estimated and actual amounts have not been material to our results of operations or financial condition. We participate in the federal government's Medicare Part D program as a PDP through our SilverScript Insurance Company subsidiary. Our net revenues include...

  • Page 44
    ... 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 of invoices or (iii) when products...

  • Page 45
    ... related contract. We have not made any material changes in the way we account for vendor allowances and purchase discounts during the past three years. 43 Inventory All prescription drug inventories in the Retail Pharmacy Segment have been valued at the lower of cost or market using the weighted...

  • Page 46
    ... to reduce their prescription drug costs and/or increased member co-payments, the continued efforts of competitors to gain market share and consumer spending patterns. Goodwill and indefinitely-lived intangible assets are subject to annual impairment reviews, or more frequent reviews if events or...

  • Page 47
    ...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. The carrying value of goodwill and other intangible assets covered by this critical accounting policy was $28.1 billion...

  • Page 48
    ... to health and medical liabilities. The estimate of our self-insurance liability contains uncertainty since we must use judgment to estimate the ultimate cost that will be incurred to settle reported claims and unreported claims for incidents incurred but not reported as of the balance sheet date...

  • Page 49
    ...; relocations and new market entries; retail pharmacy business, sales trends and operations; PBM business, sales trends and operations; the Company's ability to attract or retain customers and clients; Medicare Part D competitive bidding, enrollment and operations; new product development; and...

  • Page 50
    ...reduce reimbursement from such programs and the impact of any closure, suspension or other changes affecting federal or state government funding or operations. • Possible changes in industry pricing benchmarks used to establish pricing in many of our PBM client contracts, pharmaceutical purchasing...

  • Page 51
    ... 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 has correctly identified...

  • Page 52
    ... and testing of the operating effectiveness of controls. Our system of internal control over financial reporting is enhanced by periodic reviews by our internal auditors, written policies and procedures and a written Code of Conduct adopted by our Company's Board of Directors, applicable to...

  • Page 53
    ... respects, effective internal control over financial reporting as of December 31, 2014, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of CVS Health Corporation as...

  • Page 54
    ... CVS Health Weighted average shares outstanding Diluted earnings per share: Income from continuing operations attributable to CVS Health Loss from discontinued operations attributable to CVS Health Net income attributable to CVS Health Weighted average shares outstanding Dividends declared per share...

  • Page 55
    ..., IN MILLIONS 2014 2013 $ 4,592 (30) 3 59 32 4,624 - $ 4,624 $ $ 2012 3,862 - 3 (12) (9) 3,853 2 3,855 Net income Other comprehensive income (loss): Foreign currency translation adjustments, net of tax Net cash ï¬,ow hedges, net of tax Pension and other postretirement benefits, net of tax Total...

  • Page 56
    Consolidated Balance Sheets DE C E M B E R 3 1 , IN MILLIONS, EXCEPT PER SHARE AMOUNTS 2014 2013 Assets: Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Deferred income taxes Other current assets Total current assets $ 2,481 34 9,687 11,930 985 866 25,983 ...

  • Page 57
    ...MILLIONS 2014 2013 2012 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 58
    ...tax benefit 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 Net income attributable to CVS Health Common stock dividends...

  • Page 59
    ... including mail order pharmacy services, specialty pharmacy and infusion services, plan design and administration, formulary management and claims processing. The Company's clients are primarily employers, insurance companies, unions, government employee groups, health plans, Managed Medicaid plans...

  • Page 60
    ...Discount Pharmacy and Drogaria Onofre names, the online retail websites, CVS.com, Navarro.com and Onofre.com.br, and 971 retail health care clinics operating under the MinuteClinic name (of which 963 were located in CVS/pharmacy stores). Corporate Segment - The Corporate Segment provides management...

  • Page 61
    .... Accounts receivable - Accounts receivable are stated net of an allowance for doubtful accounts. The accounts receivable balance primarily includes amounts due from third party providers (e.g., pharmacy benefit managers, insurance companies and governmental agencies), clients and members, as well...

  • Page 62
    ...to impairment reviews annually, or more frequently if necessary. See Note 3 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 63
    ... client pays directly to the PSS, net of any volume-related or other discounts paid back to the client (see "Drug Discounts" on the following page), (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...

  • Page 64
    ... in "Claims and discounts payable" in the accompanying consolidated balance sheets. 62 CVS Health Medicare Part D - The PSS, through its SilverScript subsidiary, participates in the federal government's Medicare Part D program as a Prescription Drug Plan ("PDP"). Net revenues include insurance...

  • Page 65
    ...fit plans from the PSS' mail service dispensing pharmacies, net of any volume-related or other discounts (see "Vendor allowances and purchase discounts" below) and (ii) the cost of prescription drugs sold (including Retail Co-Payments) through the PSS' retail pharmacy network under contracts where...

  • Page 66
    ... accruals, which include reported claims and claims incurred but not reported, are calculated using standard insurance industry actuarial assumptions and the Company's historical claims experience. Facility opening and closing costs - New facility opening costs, other than capital expenditures, are...

  • Page 67
    ... fair value of the award and is recognized as expense over the applicable requisite service period of the stock award (generally 3 to 5 years) using the straight-line method. Variable interest entity - In July 2014, the Company and Cardinal Health, Inc. ("Cardinal") established Red Oak Sourcing, LLC...

  • Page 68
    ... Services and Retail Pharmacy segments utilize this clinical health information network in providing services to its client plan members and retail customers. The Company expensed fees of approximately $50 million, $48 million and $32 million in the years ended December 31, 2014, 2013 and 2012...

  • Page 69
    ... $0.1 billion. The purchase price was also subject to a working capital adjustment, which resulted in the Company receiving $9 million from Apria. Coram is one of the nation's largest providers of comprehensive infusion services, caring for approximately 240,000 patients annually. Coram has...

  • Page 70
    ...for the years ended December 31, 2014 and 2013: IN MILLIONS CVS Health Pharmacy Services $ 19,646 13 - (1) 19,658 1,578 - (2) $ Retail Pharmacy 6,749 160 (25) - 6,884 38 (14) - $ Total 26,395 173 (25) (1) 26,542 1,616 (14) (2) Balance, December 31, 2012 Acquisitions Foreign currency translation...

  • Page 71
    ... the authorization under the 2013 Repurchase Programs, effective January 2, 2015, the Company entered into a $2.0 billion fixed dollar ASR agreement with J.P. Morgan Chase Bank ("JP Morgan"). Upon payment of the $2.0 billion purchase price on January 5, 2015, the Company received a number of shares...

  • Page 72
    ... be received or delivered is 42.0 million. The initial 16.8 million shares of common stock delivered to the Company by JP Morgan were placed into treasury stock in January 2015. 70 CVS Health Pursuant to the authorization under the 2012 Repurchase Program, effective October 1, 2013, the Company...

  • Page 73
    ... of commercial paper outstanding at a weighted average interest rate of 0.55% as of December 31, 2014. In connection with its commercial paper program, the Company maintains a $1.25 billion, five-year unsecured back-up credit facility, which expires on February 17, 2017, a $1.0 billion, five-year...

  • Page 74
    ... the redemption date. The net proceeds of the 2013 Notes were used to repay commercial paper outstanding at the time of issuance and to fund the acquisition of Coram LLC in January 2014. The remainder was used for general corporate purposes. On November 26, 2012, the Company issued $1.25 billion of...

  • Page 75
    ... maintenance and insurance, which are expensed when incurred. The following table is a summary of the Company's net rental expense for operating leases for the years ended December 31: IN MILLIONS 73 2014 2013 $ 2,210 41 2,251 (21) $ 2,230 $ $ 2012 2,165 48 2,213 (20) 2,193 2014 Annual Report...

  • Page 76
    ... voluntary 401(k) savings plans that cover all employees who meet plan eligibility requirements. The Company makes matching contributions consistent with the provisions of the plans. At the participant's option, account balances, including the Company's matching contribution, can be transferred...

  • Page 77
    .... The plans provide postretirement health care and life insurance benefits to certain employees who meet eligibility requirements. Total Company contributions to multiemployer health and welfare plans were $58 million, $55 million and $50 million in 2014, 2013 and 2012, respectively. Pension Plans...

  • Page 78
    ... the applicable requisite service period of the stock award (generally three to five years) using the straight-line method. Compensation expense related to stock options, which includes the Employee Stock Purchase Plan (the "ESPP") totaled $103 million, $100 million and $102 million for 2014, 2013...

  • Page 79
    ... during 2014, 2013 and 2012 was $292 million, $329 million and $386 million, respectively. The fair value of each stock option is estimated using the Black-Scholes option pricing model based on the following assumptions at the time of grant: 2014 Dividend yield (1) Expected volatility (2) Risk-free...

  • Page 80
    ...the statutory income tax rate to the Company's effective income tax rate for continuing operations for the years ended December 31: 2014 Statutory income tax rate State income taxes, net of federal tax benefit Other Effective income tax rate 2013 35.0% 4.0 (0.1) 38.9% 2012 35.0% 3.9 (0.3) 38.6% 35...

  • Page 81
    ... The Internal Revenue Service ("IRS") is currently examining the Company's 2012, 2013 and 2014 consolidated U.S. federal income tax returns under its Compliance Assurance Process ("CAP") program. The CAP program is a voluntary program under which participating taxpayers work collaboratively with the...

  • Page 82
    ... 31, 2014 the ultimate deductibility of which is highly certain but for which there is uncertainty about the timing. If there were, any such items would impact deferred tax accounting only, not the annual effective income tax rate, and would accelerate the payment of cash to the taxing authority to...

  • Page 83
    ... Department of Health and Human Services, requesting information relating to the processing of Medicaid and certain other government agency claims on behalf of its clients (which allegedly resulted in underpayments from our pharmacy benefit management clients to the applicable government agencies...

  • Page 84
    ... the false claims acts of several states, by overcharging state and federal governments in connection with prescription drugs available through the Company's Health Savings Pass program, a membership-based program that allows enrolled customers special pricing for typical 90-day supplies of various...

  • Page 85
    ... General of the State of Texas has issued civil investigative demands and other requests in February 2012 and May 2014, and has continued its investigation concerning the Health Savings Pass program and claims for reimbursement from the Texas Medicaid program. • On October 12, 2012, the Drug...

  • Page 86
    ... Services Segment clients, through the Company's intersegment activities (such as the Maintenance Choice® program), elect to pick up their maintenance prescriptions at Retail Pharmacy Segment stores instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail...

  • Page 87
    ...: IN MILLIONS, EXCEPT PER SHARE AMOUNTS 2014 2013 2012 Numerator for earnings per share calculation: Income from continuing operations attributable to common stockholders (1) Denominator for earnings per share calculation: Weighted average shares, basic Effect of dilutive securities Weighted...

  • Page 88
    ... to CVS Health Net income attributable to CVS Health Diluted earnings per share: Income from continuing operations attributable to CVS Health Loss from discontinued operations attributable to CVS Health Net income attributable to CVS Health Dividends per share Stock price: (New York Stock Exchange...

  • Page 89
    ... to CVS Health Net income attributable to CVS Health Diluted earnings per share: Income from continuing operations attributable to CVS Health Loss from discontinued operations attributable to CVS Health Net income attributable to CVS Health Dividends per share Stock price: (New York Stock Exchange...

  • Page 90
    ...: Income from continuing operations attributable to CVS Health Loss from discontinued operations attributable to CVS Health Net income attributable to CVS Health Cash dividends per common share Balance sheet and other data: Total assets Long-term debt Total shareholders' equity Number of stores (at...

  • Page 91
    ... its operations and its cash ï¬,ows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), CVS Health...

  • Page 92
    ...includes 55 health care companies. Relative Total Returns Since 2009 - Annual December 31, 2009 to December 31, 2014 $325 $300 $275 90 $250 $225 $200 $175 $150 CVS Health $125 $100 $75 $50 $25 $0 2009 CVS Health S&P 500 2010 2011 2012 2013 2014 S&P 500 Food & Staples Retail Group Index S&P 500...

  • Page 93
    ...-4064 Email: [email protected] Website: www.shareowneronline.com Annual Shareholders' Meeting May 7, 2015 CVS Health Corporate Headquarters Stock Market Listing The New York Stock Exchange Symbol: CVS Financial and Other Company Information The Company's Annual Report on Form 10-K will...

  • Page 94
    WE ARE A pharmacy innovation company OUR STRATEGY Reinventing pharmacy OUR PURPOSE Helping people on their path to better health OUR VALUES Innovation Collaboration Caring Integrity Accountability The CVS Health 2014 Annual Report achieved the following results by printing on paper containing ...