Welcome LARRY MCGRATH EVP AND CHIEF STRATEGY OFFICER AND CHIEF STRATEGIC ADVISOR TO THE CEO Cautionary statement regarding 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 ("CVS Health"). By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertai ...

Core Viewpoint - CVS Health Corporation is a diversified healthcare platform with a market cap of nearly $101.4 billion, focusing on integrated care and cost-efficient services [2]. Financial Performance - Q3 revenue reached $102.9 billion, exceeding expectations of $98.3 billion, and showing a year-over-year increase of 7.8% [6]. - Adjusted EPS rose 46.8% year-over-year to $1.60, surpassing Wall Street estimates [6]. - Management raised its full-year 2025 adjusted EPS guidance to a range of $6.55 to $6.65, up from $6.30 to $6.40 [6]. - Updated cash-flow-from-operations target is now set between $7.5 billion and $8 billion, from at least $7.5 billion [6]. Stock Performance - CVS shares are currently trading 6.2% below their October high of $85.15, but have gained 11.6% over the past three months [3]. - Over the past 52 weeks, CVS stock has climbed 35.3% and 77.9% year-to-date, significantly outperforming the S&P 500 Healthcare Sector SPDR (XLV) [4]. - The stock experienced a decline of nearly 2% following the Q3 earnings release, attributed to a $5.7 billion non-cash goodwill impairment charge [5]. Market Position - CVS Health is categorized as a "large-cap" company, valued above $10 billion, which typically anchors investor expectations through scale and stability [2]. - The company has shown sustained strength in its stock performance, trading above its 50-day and 200-day moving averages since mid-August [4].

Group 1 - CVS Health has made significant leadership changes in its care delivery businesses, with Jon Thiboutot appointed as president of retail health and Paymon Farazi leaving his role as president of Signify Health [8] - Farazi joined Signify in 2022, the year before CVS acquired the company for $8 billion, and his successor Marcus Lanznar has taken over immediately [3][8] - Dr. Creagh Milford, who previously held dual roles, will now focus exclusively on Oak Street Health, CVS' chain of value-based medical clinics for seniors [4][8] Group 2 - CVS operates various healthcare businesses, including insurer Aetna, pharmacy benefit manager Caremark, and retail pharmacies [5] - After facing challenges with increased medical costs in its insurance segment last year, CVS has seen improved performance in 2025, raising its adjusted earnings outlook following second-quarter earnings reported in July [5] - However, the adjusted operating income in CVS' health services unit, which includes Caremark and health delivery assets, decreased by 18% year over year, attributed to a higher medical loss ratio at Oak Street [6]