#1FEBRUARY 2022 Healthier happens now ❤CVSHealth.#2Cautionary 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-looking statements made by or on behalf of CVS Health Corporation. By their nature, all forward-looking statements 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 differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties related to the COVID-19 pandemic, 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 and our recent Current Reports on Form 8-K. 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. Link to our non-GAAP Reconciliations 2 ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.#3our vision Becoming the leading health solutions company for consumers Delivering a superior health care experience for consumers Driving improved health outcomes, lower costs, higher levels of engagement and broader access to high quality care ♥CVSHealth.#4Unifying our business around the consumer health experience and scaling new sources of value 1 2 3 Advance all-payer primary care delivery capabilities Optimize retail portfolio to serve as community health destinations Diversify our growth portfolio with new health services ©2022 CVS Health and/or one of its affiliates. 4 LO 5 Drive digital-first, technology-forward approach Enhance omnichannel health experiences ♥CVSHealth.#55 *New COVID-19 testing patients defined as those who have had 12 months elapse since their COVID-19 test. ©2022 CVS Health and/or one of its affiliates. CVS Health continues to lead the nation's COVID-19 response >32M tests administered in 2021 >59M vaccines administered in 2021 ~37M new customers through COVID-19 testing and vaccine services since inception ~14% of customers new to CVS Health through COVID-19 testing services chose to fill new prescriptions or receive their vaccinations at CVS Health* CVS Health.#66 ©2022 CVS Health and/or one of its affiliates. Financial Review ♥CVSHealth.#7Financial highlights FY 2021 Adjusted EPS of $8.40 exceeded expectations; Maintaining FY 2022 guidance for Adjusted Operating Income and Adjusted EPS $1.98 Q4 adjusted EPS Reflects adjusted operating income growth across all businesses 10.6% Q4 adjusted revenue growth Reflects growth across all businesses $4.0 billion Q4 cash flow from operations Committed to disciplined capital allocation priorities Evidence our strategy and execution is delivering value across the health care system for our customers, our communities, our colleagues and our shareholders FY 2022 guidance Total company adjusted operating income $16.7B- $17.1B Total company adjusted EPS $8.10 - $8.30 Cash flow from operations $12.0-$13.0B strong balance sheet Paid down $2.3B in debt in Q4 and net $8.8B in 2021 7 ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.#8FULL-YEAR 2022 GUIDANCE Total company outlook in billions, except per share amounts Q4:21 Earnings Call Feb 9, 2022 Total Revenues Adjusted Operating Income GAAP EPS Adjusted EPS Cash Flow from Operations $304 to $309 4-6% $16.7 to $17.1 (4)-(1)% $7.04 to $7.24 18-22% $8.10 to $8.30 (4)-(1)% $12.0 to $13.0 2021 Investor Day¹ Dec 9, 2021 $304 to $309 5-6% $16.7 to $17.1 1-3% $7.04 to $7.24 27-30% $8.10 to $8.30 1-4% $12.5 to $13.0 Maintaining guidance for revenues, adjusted operating income, and adjusted EPS Updating guidance range for cash flow from operations Percentages represent year-over-year growth from reported 2021 results. 1. Percentages represent year-over-year growth from FY21 Guidance shared at Investor Day on December 9, 2021. GAAP EPS percentages represent year-over-year growth from mid-point of FY21 GAAP EPS Guidance shared at Investor Day on December 9, 2021. 2. Calculated versus 2021 baseline of $7.92 excluding prior years development (net of profits returned to customers), net redized capital gains and includes the annualized impact from increase to minimum wage. 8 ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.#99 ©2022 CVS Health and/or one of its affiliates. Capital Allocation ♥CVSHealth.#10Cash flow and strategic capital deployment Strong cash flow generation and commitment to investment grade ratings • Powerful cash generation In Q4 2021, generated $4.0 billion of cash flow from operations ⚫ In 2021, generated $18.3 billion of cash flow from operations; ~15% growth over prior year Since 2016, generated ~$64 billion in cash flow from operations¹ . Significant debt paydown Paid down $2.3 billion of long-term debt during Q4 2021 and net $8.8 billion in 2021 Repaid net $21 billion of long-term debt since the close of the Aetna transaction • . • • Returning value to shareholders Raised annual dividend 10% to $2.20 per share effective February 1, 2022 In Q4 2021, paid $660 million in shareholder dividends Paid $2.6 billion in shareholder dividends in 2021 Introduced a $10 billion share repurchase program; to offset dilution in 2022 10 1 Calculation through year-end 2021. ©2022 CVS Health and/or one of its affiliates. CVSHealth.#1111 Long-term debt maturity profile ($ billions) $9 $8 $7 $6 $5 $4.1 $4 $3 $2 $1.7 $1 $3.8 $3.4 $2.7 $2.5 $5.0 $1.8 $2.8 $2.3 $5.0 $2.3 $0.7 $0.8 $0.5 $0.4 $0.1 $3.5 $8.0 $1.0 $1.0 $0.8 $0.8 $0.4 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Long-term debt maturity profile as of Q4 2021 Debt maturity chart excludes leases ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.#1212 ©2022 CVS Health and/or one of its affiliates. Sustainability ♥CVSHealth.#13Healthy 2030 Grounded in four pillars, our ESG strategy reinforces our commitment to impacting the health of the people and communities we serve, our businesses and the planet Healthy People Healthy Business Healthy Community Healthy Planet 13 ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.#14ME 3BL DIA 100 BEST CORPORATE CITIZENS 2021 THE CIVIC 50 POINTS OF LIGHT 2021 Points of Light Institute-50 most community-minded companies in the U.S. for the 5th year in a row #11 overall of 2021 3BL Best Corporate Citizens DiversityInc TOP 50 COMPANIES FOR DIVERSITY # 26 on top 50 companies for diversity, up from #50 in 2017 Sustainability Awards & Recognition MEMBER OF Dow Jones Sustainability Indices SAM In collaboration with 9th straight year on North American list and 3rd straight year on World List FORTUNE WORLD'S MOST ADMIRED COMPANIES #32 2021 World's Most Admired Companies, #1 within our industry 14 ©2022 CVS Health and/or one of its affiliates. SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 1 of only 7 companies to have had their net-zero targets certified through the SBTi's pilot target validation process BDR Member of group that is spending more BILLION DOLLAR ROUNDTABLE -Corporate Supply Chain Diversity- than $1 billion annually with diverse suppliers CVSHealth.#1515 ©2022 CVS Health and/or one of its affiliates. Our commitment to shareholders Focused on creating value through our consumer-centric vision Continued strong execution across the company Disciplined investment decisions and thoughtful portfolio evaluation Delivering integrated experiences across our company assets Focused on long-term value creation ♥CVSHealth.#1616 ©2022 CVS Health and/or one of its affiliates. Appendix ♥CVSHealth.#17Industry backgrounder The following flow chart is intended to be illustrative of the industry dynamics involving our Pharmacy, PBM, and Health Insurance businesses with respect to the distribution and reimbursement of pharmaceutical products for our customers and members. 17 ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.#18U.S. pharmacy distribution & reimbursement system Services agreement Formulary agreement Manufacturer Wholesaler payment for product Formulary rebates Third-Party Payer/ Health Plan Drug Wholesaler Product shipment Services and data fees (specialty) Product shipment Discounts and rebates Pharmacy payment for product Pharmacy Negotiation PSAO¹ Participation Pharmacy Benefit Manager % pass through of rebate Services contracts Admin fees and reimbursement to PBM Prescription reimbursement Product movement Financial flow Contract relationship Prime vendor agreement Network participation Dispense prescription Copayment or Coinsurance Patient Insurance premiums 1Only if applicable. Not all pharmacies participate in a pharmacy services administrator organization (PSAO). Note: Chart reflects patient-administered, outpatient prescriptions drugs. This chart is illustrative. It is not intended to be a complete representation of every type of financial, product flow, or contractual relationship in the marketplace. 18 ©2022 CVS Health and/or one of its affiliates. ♥CVSHealth.