Here are 1-2 brief analogies for CVS Health:

• The Walmart of everyday health and prescriptions.
• A healthcare behemoth, like if Walgreens merged with a major health insurer such as UnitedHealthcare.

• Retail Pharmacy Services: Operates a nationwide chain of retail pharmacies offering prescription fulfillment, over-the-counter medications, and general merchandise.
• Pharmacy Benefit Management (PBM): Manages prescription drug programs for employers, health plans, and government entities, including formulary management and claims processing.
• Health Insurance Products: Provides a range of health insurance plans and related services through Aetna, including medical, dental, behavioral health, and Medicare/Medicaid plans.
• Health Services & Clinics: Offers walk-in medical clinics (MinuteClinic), primary care (Oak Street Health), and home healthcare services (Signify Health) focusing on preventative and chronic care management.

CVS Health primarily serves individuals through its diverse healthcare segments. The company's major categories of individual customers include:

1. Pharmacy Patients and Retail Consumers: Individuals who fill prescriptions at CVS Pharmacy locations, purchase over-the-counter medications, health and wellness products, and other general merchandise. This group directly interacts with CVS's extensive network of retail stores for their daily health and household needs, often utilizing prescription benefits managed by CVS Caremark or other PBMs.
2. Health Plan Members (Aetna): Individuals who are enrolled in health insurance plans offered by Aetna, CVS Health's health benefits division. This includes employees covered by employer-sponsored plans, individuals who purchase plans directly through healthcare exchanges, and beneficiaries of government programs like Medicare Advantage and Medicaid managed care plans.
3. Clinic Patients (MinuteClinic): Individuals who utilize MinuteClinic locations for convenient healthcare services. This includes those seeking treatment for minor illnesses and injuries, vaccinations, routine physicals, and various health screenings.

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David Joyner, President and Chief Executive Officer

David Joyner has over 39 years of experience in healthcare and pharmacy benefit management. He assumed the role of President and Chief Executive Officer of CVS Health in October 2024, succeeding Karen S. Lynch. Prior to this, he led the pharmacy services segment at CVS Health. He began his career at Aetna as an employee benefit representative. Joyner briefly left CVS and later returned to run Caremark. His appointment as CEO reportedly followed investor pressure regarding the company's share price.

Brian Newman, Executive Vice President and Chief Financial Officer

Brian Newman was appointed Executive Vice President and Chief Financial Officer of CVS Health, effective April 21, 2025. Before joining CVS Health, he served as the Chief Financial Officer of United Parcel Service (UPS) for nearly five years, where he was instrumental in navigating the company through the COVID-19 pandemic, a significant union negotiation, and the implementation of its “1+2 strategy”. Earlier in his career, Newman spent 26 years at PepsiCo, holding various global financial leadership roles, including vice president of global operations and chief strategy officer. He began his professional journey as an investment banker at PaineWebber.

Heidi Capozzi, Executive Vice President and Chief People Officer

Heidi Capozzi is the Executive Vice President and Chief People Officer at CVS Health. In this role, she is responsible for the human engine behind CVS Health, overseeing recruitment, culture, and capability for over 300,000 colleagues, and maintaining a high employee engagement score. She has extensive experience in human resources and organizational leadership.

Tilak Mandadi, Executive Vice President, Ventures and Chief Experience and Technology Officer

Tilak Mandadi serves as Executive Vice President, Ventures and Chief Experience and Technology Officer at CVS Health. He is responsible for customer engagement and research, integrated service operations, and reimagining healthcare experiences. He also leads the company's AI, technology, and insights strategies, and heads CVS Health Ventures, an investment platform. His prior roles include Chief Strategy Officer at MGM Resorts International and Executive Vice President of Digital and Chief Technology Officer at Disney. He also led global digital transformation at American Express.

Sree Chaguturu, MD, Executive Vice President and President of Health Care Delivery

Dr. Sree Chaguturu is the Executive Vice President and President of Health Care Delivery at CVS Health. He is responsible for engineering CVS Health's value-based care ecosystem, overseeing delivery across MinuteClinic sites and virtual platforms. He focuses on clinical innovation, integrated care models, and improving patient outcomes, contributing to the company's commitment to service efficiency and comprehensive health solutions. Dr. Chaguturu is a physician executive with a strong background in healthcare delivery and clinical operations.

• Amazon's escalating ventures into pharmacy and healthcare services. Amazon Pharmacy (including PillPack and RxPass) directly competes with CVS's retail pharmacy for prescription fulfillment and delivery, offering tech-driven convenience and competitive pricing. Amazon's acquisition of One Medical and the launch of Amazon Clinic directly challenge CVS's health services segments (MinuteClinic, HealthHUBs, Oak Street Health) by expanding into primary and urgent care.
• Intensified regulatory and legislative scrutiny of Pharmacy Benefit Managers (PBMs). There is increasing bipartisan interest and ongoing legislative efforts at both federal and state levels to increase PBM transparency, restrict practices like spread pricing, and alter rebate structures. This directly threatens the profitability and business model of CVS Caremark, a core segment of CVS Health.
• Aggressive expansion and vertical integration by competing diversified healthcare companies. Companies like UnitedHealth Group's Optum segment continue to acquire and build out extensive provider networks, PBM services, and insurance offerings, creating direct competition across nearly all of CVS's business lines, particularly in value-based care and pharmacy benefits management. Walmart's expansion of Walmart Health Centers also represents a growing retail-based primary care threat.

CVS Health (symbol: CVS) operates in several key addressable markets within the United States. These include Pharmacy Benefit Management, Retail Pharmacy, Health Care Benefits (Health Insurance), and Retail Clinics.

• Pharmacy Benefit Management (PBM): The addressable market size for Pharmacy Benefit Management in the U.S. was valued at approximately $587.4 billion in 2024 and is projected to reach $638.0 billion in 2025. This market is expected to grow, with another estimate suggesting it will be worth around $1,041.11 billion by 2034, growing at a CAGR of 9.53% from 2025.
• Retail Pharmacy: The U.S. market size for Pharmacies & Drug Stores was estimated at $588.7 billion in 2024 and is expected to reach $609.6 billion in 2025. Another report indicates the U.S. retail pharmacy market is estimated to increase from $609.2 billion in 2025 to $818.0 billion by 2032, with a CAGR of 4.3%.
• Health Care Benefits (Health Insurance): The United States Health Insurance Market was valued at $1.23 trillion in 2024 and is projected to reach $1.77 trillion by 2030, rising at a compound annual growth rate (CAGR) of 6.98%. Another source reported the United States health and medical insurance market size as $1.57 trillion in 2025, with a forecast to reach $2.1 trillion by 2030.
• Retail Clinics: The U.S. retail clinics market size was estimated at $3.86 billion in 2024 and is predicted to increase to approximately $8.45 billion by 2034, expanding at a CAGR of 8.15% from 2025. Another valuation placed the U.S. retail clinics market size at $3.55 billion in 2023, with an anticipated CAGR of 9.7% from 2024 to 2030.

• Rebound and Strong Performance in Aetna (Health Care Benefits Segment): The Aetna insurance unit is expected to be a significant driver of revenue growth, projecting a rebound after a challenging 2024. CVS Health anticipates mid-teens percentage growth for adjusted earnings per share in 2026, buoyed by Aetna's performance. The Health Care Benefits segment is forecast to be the fastest-growing segment, significantly contributing to the top line over fiscal years 2024-2026. Favorable Stars ratings and a strategic focus on its 2026 bid, which accounts for higher utilization trends, are bolstering confidence in this multi-year turnaround plan.
• Growth in Caremark (Pharmacy Benefit Management) and the Broader Health Services Segment: The Caremark pharmacy benefit management (PBM) business has secured substantial contract wins and maintained high retention rates. The Health Services segment, encompassing Caremark, Oak Street Health, Signify Health, and MinuteClinic, is projected to be the largest revenue driver for fiscal year 2025. This segment experienced an 11.6% year-over-year revenue growth in the third quarter of 2024, driven by a favorable pharmacy drug mix and brand inflation.
• Expansion of Health Services through Strategic Acquisitions and Integrated Offerings: CVS Health is strategically expanding its health services, with the Health Services segment including acquired entities like Oak Street Health and Signify Health, as well as its MinuteClinic operations. The company’s integrated healthcare model, with over 9,000 retail locations, specialty pharmacy services, and health insurance operations, is expected to drive steady growth.
• New Transparent PBM Pricing Models (CostVantage and TrueCost): CVS Health is implementing new prescription drug reimbursement models to enhance transparency and simplicity. These include "CVS CostVantage" for retail pharmacies and "TrueCost" for PBM clients, which provides visibility into the true net cost of prescription drugs and administrative fees. This strategic shift aims to provide exceptional value and transparency, which is expected to support retention and long-term PBM performance, despite an anticipated modest short-term impact on growth as contracts transition.
• Increased Prescription Volume and Pharmacy Drug Mix in Pharmacy & Consumer Wellness: The Pharmacy & Consumer Wellness segment saw an 11.7% increase in total revenues, primarily driven by pharmacy drug mix and increased prescription volume. This growth also includes incremental volume resulting from strategic acquisitions, such as Rite Aid prescription file acquisitions. However, this growth is partially offset by ongoing pharmacy reimbursement pressure.

Share Repurchases

• CVS Health has returned approximately $20 billion to shareholders through share repurchases over the last decade.
• In 2024, the company repurchased approximately 40 million shares.
• Annual net common equity repurchased was -$2.662 billion in 2024, -$1.735 billion in 2023, and -$2.949 billion in 2022.

Share Issuance

• In 2021, CVS Health had a net common equity issuance of $549 million.
• In 2020, there was a net common equity issuance of $264 million.

Outbound Investments

• CVS Health completed the acquisition of Oak Street Health for $10.6 billion in May 2023, aiming to expand its value-based primary care offerings.
• The company finalized an $8 billion acquisition of Signify Health in 2023, enhancing its care delivery strategy, particularly in home health.
• CVS Health Ventures has made 16 investments across healthcare IT and online health information, including $100 million in Carbon Health and $25 million in Array Behavioral Care in 2023.

Capital Expenditures

• CVS Health's capital expenditures averaged $2.699 billion annually from 2020 to 2024, peaking at $3.031 billion in 2023.
• For fiscal year 2025, capital expenditures are projected to be between $2.9 billion and $3.1 billion.
• The company plans to invest $20 billion over the next decade in technology to enhance interoperability within the healthcare system, part of which will contribute to capital expenditures.