On this page of StockholderLetter.com we present the latest annual shareholder letter from CVS HEALTH Corp — ticker symbol CVS. Reading current and past CVS letters to shareholders can bring important insights into the investment thesis.

 •  4/3/2026 Letter Continued (Full PDF)
 •  4/7/2023 CVS Stockholder Letter
 •  4/5/2024 CVS Stockholder Letter
 •  4/4/2025 CVS Stockholder Letter
 •  More "Diagnostics" Category Stockholder Letters
 •  CVS Benford's Law Stock Score = 100

CVS Shareholder/Stockholder Letter Transcript:

Reimagining
health care.
Simplifying experiences.
experiences. Earning
Simplifying
Earning trust.
trust.
2025
Report
2025 Annual
Annual Report

    The
CVS Health
HeaLth app
app lets
lets you
you manage
heaLth care
The CVS
manage health
care for
for
your
family across
across Aetna,
Aetna, CVS
CVS Pharmacy'?
your entire
entire family
Pharmacy  ,
CVS
Caremark and
and CVS
aLL in
one place.
place.
CVS Caremark
CVS SpeciaLty     
Specialty       all
in one
You can
access and
manage medical
medical benefits;
benefits; refill
You
can access
and manage
refill
and track
track your
your prescriptions;
prescriptions; schedule
and
schedule MinuteCLinic  
MinuteClinic  
appointments and
and access
virtual care;
and order
appointments
access virtual
care; and
order
wellness
wellness products.
products.

To
my fellow
fellow stockholders:
stockholders:
To my
In 2026,
industry-leading, fully
    In
2026, Aetna
Aetna launched
Launched an
an industry-Leading,
fully
digital benefits
onboarding experience
experience that
that includes
includes
digital
benefits onboarding
easy text-based
messaging, giving
members more
more
easy
text-based messaging,
giving members
convenient access
information, resources
convenient
access to
to benefits
benefits information,
resources
and support.
and
support.

Our health
heaLth touches
touches every
part of
Our
every part
of our
our lives.
lives. It's
It   s deeply
deeply
personal
shaped by
our circumstances,
circumstances, our
our
personaL    
    shaped
by our
communities and
and the
It   s foundational
foundational
communities
the people
peopLe we
we love.
love. It's
and
arguably the
important asset
have    
and arguably
the most
most important
asset we
we have
because
our health,
else.
because without
without our
heaLth, we
we don   t
don't have
have much
much else.
Improving
Improving access
access to
to care
care
Access to
to care
the key
key to
better
Access
care is
is the
to engagement
engagement and
and better
heaLth. We   re
We're working
working to
to make
heaLth care
more
health.
make health
care more
accessibLe for
for everyone.
accessible
everyone.
But the
importance of
of our
our health
isn   t always
But
the importance
heaLth isn't
always reflected
reflected
in the
experience of
of health
care. When
clarity and
and
in
the experience
heaLth care.
When clarity
compassion
the health
heaLth care
compassion matter
matter most,
most, the
care system
system can
can
be complicated,
hard to
to navigate.
navigate.
be
complicated, impersonal
impersonal and
and hard
    Signify
access to
to clinician-Led
heaLth
Signify HeaLth  
Health   improves
improves access
clinician-led health
evaluations,
particularly for
for members
rural areas
areas or
evaluations, particularly
members in
in rural
or
people
can   t easily
easily get
office. These
peopLe who
who can't
get to
to a
a doctor   s
doctor's office.
These
In-Home Health
Evaluations (IHEs)
include all
In-Home
HeaLth Evaluations
(IHEs) include
aLL the
the parts
parts
of a
in addition
to capturing
capturing
of
a typical
typical annual
annual wellness
wellness visit,
visit, in
addition to
other factors
of a
other
factors of
a member   s
member's health
heaLth (like
(Like their
their housing
housing
and access
to food).
IHEs, we
can help
and
access to
food). Through
Through these
these IHEs,
we can
heLp
connect members
care. Last
Last year,
year, our
our clinicians
clinicians
connect
members to
to further
further care.
supported
500,000 of
these reconnections,
reconnections,
supported over
over 500,000
of these
including
nearly 100,000
including nearly
100,000 urgent
urgent escalations.
escalations.

At CVS
HeaLth  ,, we   re
we're focused
focused on
fixing this
this disconnect.
disconnect.
At
CVS Health  
on fixing
We are
are making
making health
heaLth care
care simpler,
more affordable
affordable and
and
We
simpler, more
centered
the individual
because personal
personaL health
heaLth
centered on
on the
individual    
    because
deserves
personalized experiences.
deserves personalized
experiences.
That
means not
not just
just changing
changing health
care, but
in
That means
heaLth care,
but in
fact
it. And
only company
company that
fact reimagining
reimagining it.
And we   re
we're the
the onLy
that
can achieve
can
achieve this.
this. Here   s
Here's what
what that
that leadership
Leadership looks
Looks
like
in action.
action.
Like in
    Oak
Oak Street
HeaLth   centers
offer primary
primary care
for ()Eder
Street Health  
centers offer
care for
older
adults
many in
areas where
where health
heaLth
adults on
on Medicare,
Medicare, many
in areas
care
to access.
access. Our
team-based approach
approach
care is
is harder
harder to
Our team-based
helps
patients stay
healthier, avoid
avoid hospital
hospital visits
visits and
and
helps patients
stay healthier,
feel
connected through
classes,
feel more
more connected
through community
community classes,
workshops
and social
workshops and
social activities.
activities.

Reducing friction
friction
Reducing
People
want simplicity
when it
to health
heaLth care.
We're
People want
simplicity when
it comes
comes to
care. We   re
committed
to our
purpose to
to simplify
heaLth care
committed to
our purpose
simplify health
care one
one
person, one
family and
and one
at a
a time.
time.
person,
one family
one community
community at
    Prior
authorizations (PAs)
(PAs) help
heLp ensure
that members
Prior authorizations
ensure that
members
get the
the safe,
high-quality care
they need
need    
but we
we saw
get
safe, high-quality
care they
    but
saw
an opportunity
to make
the process
process easier
for both
both
an
opportunity to
make the
easier for
members
and providers.
providers. We   re
We're now
automating and
members and
now automating
and
bundling
our PA
PA approvals,
bundling our
approvals, with
with more
more than
than 95%
95%
of eLigibLe
eligible Aetna  
approved within
24 hours,
hours, and
of
Aetna   PAs
PAs approved
within 24
and
many approved
approved immediately.
immediately. In
In addition,
of eligible
many
addition, 90%
90% of
eLigibLe
CVS Caremark  
Caremark   PAs
PAs are
approved within
hours.
CVS
are approved
within 24
24 hours.
By bundling
PAs, someone
someone facing
By
bundling PAs,
facing a
a life-changing
life-changing
diagnosis
like breast
breast cancer
cancer onLy
needs one
for the
the
diagnosis like
only needs
one PA
PA for
many
might need.
many scans
scans they
they might
need.

    Technology
ability to
to
Technology is
is helping
helping us
us accelerate
accelerate our
our ability
seamlessly
data with
with health
heaLth systems
systems
seamlessly exchange
exchange clinical
clinical data
and
providers. This
manual submissions
submissions
and providers.
This means
means fewer
fewer manual
and
faster, more
more informed
    and
and faster,
informed decisions
decisions    
and less
less
administrative burden
burden on
providers.
administrative
on providers.

MinuteClinic is
is evolving
evolving to
adult primary
care
    Minuteanic
to provide
provide adult
primary care
services to
more communities,
communities, while
to offer
offer
services
to more
while continuing
continuing to
walk-in
sick care.
walk-in sick
care.

    Community
pharmacy is
the most
accessibLe
Community pharmacy
is one
one of
of the
most accessible
and
trusted health
heaLth care
touchpoints. That's
why
and trusted
care touchpoints.
That   s why
we're expanding
the role
role of
pharmacists    
we   re
expanding the
of our
our pharmacists
from
than a
a dozen
dozen vaccines
vaccines to
from administering
administering more
more than
to
testing for
and prescribing
prescribing certain
testing
for certain
certain illnesses
illnesses and
certain
therapies, where
where allowed
by state
state law,
law, and
and performing
performing
therapies,
allowed by
comprehensive
reviews. We're
also
comprehensive medication
medication reviews.
We   re also
investing in
in the
the future
of the
investing
future of
the profession
profession by
by funding
funding
education to
support aspiring
For
education
to support
aspiring pharmacists.
pharmacists. For
example, we
example,
we recently
recently launched
launched a
a $5
$5 million
million program
program
to
students pursuing
Doctor of
of Pharmacy
Pharmacy
to help
heLp students
pursuing their
their Doctor
(PharmD) degree
degree at
either Xavier
Xavier University
University of
of
(PharmD)
at either
Louisiana
the University
at Monroe.
Monroe.
Louisiana or
or the
University of
of Louisiana
Louisiana at

This Annual
Annual Report
Report contains
contains forward-looking
forward-looking statements
defined by
by the
the Private
Private Securities
Litigation Reform
Reform Act
Act of
Please see
the    Cautionary
"Cautionary Statement
This
statements as
as defined
Securities Litigation
of 1995.
1995. Please
see the
Statement
Concerning
Forward-Looking Statements"
in the
the Company's
Annual Report
Report on
on Form
Form 10-K
the fiscal
fiscal year
year ended
ended December
December 31,
31, 2025
(the    Form
"Form 10-K"),
Concerning Forward-Looking
Statements    in
Company   s Annual
10-K for
for the
2025 (the
10-K   ),
included
part of
this Annual
Annual Report,
Report, for
for a
discussion on
on forward-looking
forward-looking statements.
statements.
included as
as part
of this
a discussion
1
1
CVS Health
All
calendar year
2025 or
as of
otherwise noted.
All data
data is
is for
for calendar
year 2025
or as
of December
December 31,
31, 2025,
2025, unless
unless otherwise
noted.

Leading
Leading in
in transparency
transparency and
and creating
creating affordability
affordability
Consumers
need to
to be
be able
able to
to pay
pay for
Consumers need
for and
and understand
understand
the cost
We're leading
[eading the
the way
way when
when it
comes to
to
the
cost of
of care.
care. We   re
it comes
affordability
and transparency.
affordabi[ity and
transparency.
Together, Cordavis  
Cordavis  , CVS
CVS Specia[ty  
Specialty  
    Together,
CVS Caremark  
Caremark   and
and CVS
offer low-cost
We achieved
offer
[ow-cost biosimilars
biosimi[ars to
to patients.
patients. We
achieved 96%
96%
adoption from
HUMIRA  
adoption
from the
the high-cost
high-cost reference
reference brand
brand HUMIRA  
to
More than
80% of
of members
to low-list
low-list price
price biosimilars.
biosimi[ars. More
than 80%
members
paid $0
$0 out
pocket, delivering
de[ivering more
than $1.5
$1.5 billion
billion in
paid
out of
of pocket,
more than
in
savings
to our
and their
members.
savings to
our c[ients
clients and
their members.

    Everyone
deserves a
a simple
simple and
and transparent
transparent answer
answer
Everyone deserves
when it
comes to
to how
much health
hea[th care
care will
will cost.
Our
when
it comes
how much
cost. Our
innovative,
models, CVS
CVS CostVantage  
CostVantage  
innovative, industry-leading
industry-leading models,
and
CVS Caremark
provide dearer
and CVS
Caremark TrueCost  ,
TrueCost  , provide
clearer insight
insight
into drug
reimbursement.
into
drug pricing
pricing and
and reimbursement.

Aetna   network
in over
over
    Aetna  
network negotiations
negotiations resulted
resulted in
$235
in savings
savings for
our members
clients.
$235 billion
billion in
for our
members and
and c[ients.
CVS Caremark
drug manufacturers
CVS
Caremark negotiations
negotiations with
with drug
manufacturers
delivered nearly
nearly $80
in discounts.
delivered
$80 billion
billion in
discounts. Together,
Together,
that   s
over $315
in annual
annual savings
savings we
that's over
$315 billion
billion in
we generated
generated
for
and c[ients
for our
our members
members and
clients in
in 2025.
2025.

    With
Hea[th, members
members know
know what
what they   ll
they'[[ pay
pay
With SimpEePay
SimplePay Health,
upfront
and receive
receive one
monthly
upfront and
one easy-to-understand
easy-to-understand monthly
bill for
for medical
medical and
pharmacy care,
care, with
with interest-free
bill
and pharmacy
interest-free
payments and
and no
no deductible
payments
deductible or
or coinsurance.
coinsurance.

Investing
Investing in
in our
our communities
communities
We
starts at
at home,
in our
our communities.
communities.
We know
know that
that health
hea[th starts
home, in
That   s
donate both
and money
strengthen
That's why
why we
we donate
both time
time and
money to
to strengthen
the
the neighborhoods
neighborhoods where
where we
we live
[lye and
and work.
work.
We invested
invested $229
million in
in new
    We
$229 million
new affordable
affordable housing.
housing.

Together CVS
Health   and
our Foundation
Foundation committed
committed
    Together
CVS Hea[th  
and our
more than
million to
to address
insecurity. Through
more
than $2
$2 million
address food
food insecurity.
Through
our in-store
in-store campaign,
Pharmacy   customers
customers
our
campaign, CVS
CVS Pharmacy  
donated
more than
than $3
$3 million
million to
to support
local food
food banks.
banks.
donated more
support local

    Project
provides no-cost
no-cost screenings
Project Hea[th
Health provides
screenings at
at
CVS
locations, via
via mobile
and at
at other
CVS Pharmacy
Pharmacy locations,
mobile units
units and
other
community
community events
events    
    no
no appointments
appointments or
or insurance
insurance
needed.
More than
than 87,000
participants got
got more
more than
than
needed. More
87,000 participants
383,000 screenings
glucose
383,000
screenings for
for things
things like
like cholesterol,
cholesterol, glucose
levels and
levels
and blood
blood pressure.
pressure.

In addition,
Foundation   s community
community
    In
addition, the
the CVS
CVS Health
Hea[th Foundation's
investment strategy
strategy focuses
focuses on
on working
investment
working with
with
organizations to
increase access
and
organizations
to increase
access to
to health
hea[th care
care and
improve hea[th
health outcomes
outcomes throughout
country.
improve
throughout the
the country.
For
the Foundation
a new
new Hea[th
Zone
For instance,
instance, the
Foundation opened
opened a
Health Zone
in
Connecticut, and
and committed
$2 million
million to
to
in Hartford,
Hartford, Connecticut,
committed $2
support
the Hispanic
Council's Family
support the
Hispanic Hea[th
Health Council   s
Family Warless
Wellness
Center
and its
partners.
Center and
its partners.

Leveraging
Leveraging technology
technology to
to improve
improve experiences
experiences
At CVS
CVS Hea[th,
we're emerging
as a
a health
hea[th care
Health, we   re
emerging as
care services
services
At
technology
company centered
centered around
technology company
around the
the consumer.
consumer.
Technology
is he[ping
helping us
us transform
experiences across
Technology is
transform experiences
across the
the
board
customers and
board    
    for
for members,
members, patients,
patients, customers
and providers.
providers.
use advanced
identify
    Our
Our pharmacists
pharmacists use
advanced AI
Al tools
tools to
to help
help identify
patients
medication adherence
so they
patients with
with low
[ow medication
adherence so
they can
can
help reengage
in their
help
reengage them
them in
their health.
hea[th.

    AI
Al is
giving Aetna
Aetna nurses
about 90
90 minutes
minutes back
back every
is giving
nurses about
every
day,
they can
can spend
more time
time with
with members
members and
and
day, so
so they
spend more
focus
dosing care
gaps.
focus on
on closing
care gaps.

    In
Al is
he[ping us
proactively
In our
our service
service operations,
operations, AI
is helping
us proactively
resolve
before members
members reach
reach out,
them
resolve issues
issues before
out, saving
saving them
time and
de[ivering a
a more
The
time
and delivering
more seamless
seamless experience.
experience. The
time
it takes
challenging calls
calls is
is down
time it
takes to
to handle
handle the
the more
more challenging
down
20-30% and
on track
our overall
overall call
call
20-30%
and we
we are
are on
track to
to reduce
reduce our
center volume
end of
of the
center
volume by
by around
around 30%
30% by
by the
the end
the year.
year.

Living our
our values
Living
values
How we
is just
just as
important as
itself. To
How
we work
work is
as important
as the
the work
work itself.
To
that
end, last
announced our
our new
that end,
last year,
year, we
we announced
new ambition,
ambition,
purpose and
and values
va[ues so
we're a[[
aligned around
around a
a unified
purpose
so we   re
all aligned
unified
objective
and expectations.
objective and
expectations.
Our ambition
to be
be the
the most
trusted health
hea[th care
Our
ambition is
is to
most trusted
care
company
America. Our
Our purpose
purpose is
to simplify
hea[th
company in
in America.
is to
simplify health
care
person, one
family and
at a
a
care one
one person,
one family
and one
one community
community at
time.
realize our
our
time. Our
Our values
va[ues reflect
reflect the
the way
way that
that we
we will
will realize
ambition
and purpose.
ambition and
purpose.
We care.
care. We
up with
empathy
We show
show up
with compassion
compassion and
and empathy
    We
for our
our customers
customers and
our colleagues.
colleagues.
for
and our

We innovate
innovate with
innov
with purpose.
purpose. We
listen, adapt
and
We listen,
adapt and
    We
collaborate to
develop [eading
leading solutions.
solutions.
collaborate
to develop

We are
are accountable.
accountable. We
operate with
We operate
with transparency
transparency
    We
and integrity
integrity to
our commitments.
commitments.
and
to fulfill
fulfill our

a high
high bar,
bar, with
with
We prioritize
prioritize safety
safety and
saf
and quality.
quality. We
quality.
We set
set a
    We
safety
and quality
at the
the center
a[[ we
we do.
safety and
quality at
center of
of all
do.

To achieve
achieve our
ambition of
being the
the most
most trusted
trusted hea[th
To
our ambition
of being
health
care
America, we
we need
to do
what we
we say.
We
care company
company in
in America,
need to
do what
say. We
are reimagining
reimagining health
hea[th care
    that
that means
means a
a commitment
are
care    
commitment
to simplicity,
access and
and affordability.
affordabi[ity. That's
what you
to
simplicity, access
That   s what
you
deserve, and
deserve,
and that   s
that's what
what we   ll
we'[[ deliver.
deliver.
J.
David Joyner
J. David
Joyner
President, Chief
Executive Officer
President,
Chief Executive
Officer and
and
Chair
of the
Chair of
the Board
Board
April 3,
3, 2026
April
2026
All
for calendar
calendar year
2025 or
as of
31, 2025,
otherwise noted.
All data
data is
is for
year 2025
or as
of December
December 31,
2025, unless
unless otherwise
noted.
2025 Annual Report
2
2

We are
are transforming
transforming
We
consumer
experiences.
consumer experiences.
CVS
services, health
health benefits
and clinical
care
CVS Health
Health     brings
brings pharmacy
pharmacy services,
benefits and
clinical care
together
create more
consumers    
    reducing
reducing
together to
to create
more seamless
seamless experiences
experiences for
for consumers
barriers
to care,
improving coordination
and lowering
costs.
barriers to
care, improving
coordination and
lowering costs.
Through digital-first tools, coordinated care models
and convenient access, CVS Health provides
connected experiences that simplify health care
for the approximately 185 million Americans we serve.
Navigating the health care system is often complex.
We are simplifying experiences through efforts
such as prior
prior authorization bundling at Aetne;
Aetna  ,
which replaces multiple approvals with one single
approval. This approach reduces friction and
complexity and expedites care.
transparency in the pharmacy
We are leading transparency
industry through CVS
CVS Caremark
Caremark TrueCost   and
CVS
CVS CostVantage  . The latter helps ensure a
a
sustainable
sustainable pharmacy market and is a key enabler
to increasing consumer transparency within the
pharmacy
pharmacy benefit. When fully implemented, TrueCost
enables
enables consumers
consumers to benefit from the full value of
our
our services directly at the pharmacy counter.
Our over 300,000 dedicated
dedicated colleagues are
advocating for our
advocating
our customers, members and patients
every day.
day. By advancing
advancing innovative solutions like the
Aetna next-generation autism spectrum disorder
Advocate Program, we
care model and
and Aetna One  
One  Advocate
continue to
to deliver more coordinated, personalized
experiences through proactive engagement.
3
3
I
CVS Health
All data is for calendar year 2025
All
2025 or as
as of December 31, 2025,
2025, unless otherwise noted.

We deliver
We
deliver best-in-class
best-in-class
execution.
execution.
CVS
is uniquely
uniquely positioned
to shape
shape solutions
solutions for
for the
the industry's
industry   s
CVS Health
Health     is
positioned to
evolving needs.
needs. To
To do
do this,
best-in-class execution
execution across
evolving
this, we
we are
are focused
focused on
on best-in-class
across
all
all our
our businesses.
businesses.
We accept
OTC
benefits'
   4
k.,
We are committed to margin recovery at Aetna?
Aetna  .
This includes strengthening our core operations,
capabilities and key points of distinction while
ensuring we have a sustainable and compelling
product offering.
CVS Pharmacy?is
Pharmacy   is the best-run pharmacy in the
country and the front door to our Enterprise. Our
position is a direct result of strategic investments in
our colleagues, capabilities and technology to ensure
we deliver superior consumer experiences.
   r
I
CVS
CVS Caremark  
Caremark   is leading the market in the next
iteration of the pharmacy model while continuing
continuing our
our
relentless focus on delivering the lowest net cost to
our
our clients and
and their members.
Health Care
Care Delivery
Delivery businesses are
Our Health
are providing
increased access and engagement, which ultimately
drive
drive better health outcomes. Signify Health   plays a
critical
critical role providing access
access to clinician-led
clinician-led health
Health    operates
operates a leading
evaluations and Oak Street Health
value-based primary care model that delivers better
experiences and outcomes.
All data is for calendar year 2025
of December 31, 2025,
Alldata
2O25 or as
as of
2O25, unless otherwise noted.
2025 Annual Report
I
4
4

4/3/2026 Letter Continued (Full PDF)

 

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