CVS Health (CVS) official guidance

•Third quarter total revenues increased to $108.4 billion, up 5.4% year-over-year •Third quarter GAAP diluted EPS of $1.68 and Adjusted EPS of $2.09 •Generated year-to-date cash flow from operations of $15.3 billion •Raising full-year 2026 guidance: ◦GAAP diluted EPS guidance to at least $6.98 from a range of $6.84 to $7.04 ◦Adjusted EPS guidance to at least $8.20 from a range of $7.90 to $8.10 ◦Cash flow from operations guidance to at least $15.5 billion from at least $11.5 billion |

Building on this strong performance so far this year, we are raising our full year 2026 adjusted earnings per share guidance by $0.60 to a range of $7.90 to-$8.10.

◦Adjusted EPS guidance range to $7.90 to $8.10 from $7.30 to $7.50

Our strong first quarter performance gave us the confidence to increase our full year 2026 adjusted EPS guidance to a range of $7.30-$7.50, up from the previous range of $7.00-$7.20.

◦Adjusted EPS guidance range to $7.30 to $7.50 from $7.00 to $7.20

We are also reaffirming our full year 2026 adjusted EPS guidance range of $7-$7.20 that we shared at our Investor Day in December.

• Confirmed Adjusted EPS guidance range of $7.00 to $7.20

•Adjusted EPS guidance range of $7.00 to $7.20

While we would not normally comment on 2027 consensus this early in the year, an outlook of at least $8.44 consistent with current consensus appears reasonable at this juncture.

As you can see, we are making meaningful progress unlocking our embedded earnings power and continue to feel confident in the mid-teens adjusted EPS CAGR from 2025 through 2028 that we laid out at our recent investor day.

Lisa, we remain confident in our ability to deliver mid-teen EPS CAGR through 2028.

We now expect a full year MBR of 89.75%, ±25 basis points.

We continue to expect a full year MBR within our previous guidance range of 90.5% ±50 basis points.

As a reminder, we expect the increase between Q1 and Q4 MBR to be approximately 850 basis points in 2026, which is slightly steeper than the initial expectations we provided for 2025.

Additionally, we believe we will see membership declines in Caremark next year.

•Third quarter total revenues increased to $108.4 billion, up 5.4% year-over-year •Third quarter GAAP diluted EPS of $1.68 and Adjusted EPS of $2.09 •Generated year-to-date cash flow from operations of $15.3 billion •Raising full-year 2026 guidance: ◦GAAP diluted EPS guidance to at least $6.98 from a range of $6.84 to $7.04 ◦Adjusted EPS guidance to at least $8.20 from a range of $7.90 to $8.10 ◦Cash flow from operations guidance to at least $15.5 billion from at least $11.5 billion |

We are also updating our full year expectation for cash flow from operations to at least $11.5 billion, a meaningful increase of $2 billion from our prior guidance.

◦Cash flow from operations guidance to at least $11.5 billion from at least $9.5 billion

We are also updating our outlook for full year cash flow from operations to at least $9.5 billion, reflecting improved underlying performance primarily related to working capital.

◦Cash flow from operations guidance to at least $9.5 billion from at least $9.0 billion

We are updating our outlook for full year cash flow from operations to at least $9 billion.

• Updated cash flow from operations guidance to at least $9.0 billion from at least $10.0 billion

•Cash flow from operations guidance of at least $10.0 billion

In our Health Benefits segment, we now expect full-year adjusted operating income to be in a range of $5.03 billion-$5.37 billion, an increase of over $1 billion relative to our prior guidance.

In our Health Care Benefits segment, we now expect full year adjusted operating income to be in a range of approximately $4 billion-$4.34 billion, an increase of $420 million relative to our prior guidance, reflecting the favorable prior year development that we experienced in the first quarter.

In our Pharmacy and Consumer Wellness segment, we now expect full-year adjusted operating income of at least $6.4 billion, an increase of $220 million from our prior guidance.

In our Pharmacy & Consumer Wellness segment, we now expect full year adjusted operating income of at least $6.18 billion, an increase of approximately $90 million from our prior guidance.

In aggregate, we now expect full-year enterprise adjusted operating income to be in the range of $16.58 billion-$16.92 billion.

In aggregate, we now expect full year enterprise adjusted operating income to be in the range of $15.53 billion-$15.87 billion.

•Adjusted operating income guidance range of $15.07 billion to $15.41 billion

| Total revenues | $ | 108.4 | $ | 102.9 | At least $420.0 |

We now also expect our full year total revenues to be at least $414 billion.

| Total revenues | $ | 106.1 | $ | 98.9 | At least $414.0 |

We now expect our full year total revenues to be at least $405 billion.

| Total revenues | $ | 100.4 | $ | 94.6 | At least $405.0 |

Today, we are reaffirming our guidance for full year 2026 revenue of at least $400 billion, as well as our expectation for full year 2026 adjusted EPS in a range of $7-$7.20.

•Total revenues of at least $400.0 billion

| Acquisition-related integration costs | 80 | | 0.06 | | 80 | | 0.06 |

| Acquisition-related integration costs | 80 | | 0.06 | | 80 | | 0.06 |

| Acquisition-related integration costs | 80 | | 0.06 | | 80 | | 0.06 |

| Amortization of intangible assets | 1,730 | | 1.34 | | 1,730 | | 1.34 |

| Amortization of intangible assets | 1,730 | | 1.35 | | 1,730 | | 1.35 |

| Amortization of intangible assets | 1,730 | | 1.35 | | 1,730 | | 1.35 |

| Weighted average diluted shares outstanding | | | 1,289 | | | | 1,289 |

| Weighted average diluted shares outstanding | | | 1,286 | | | 1,286 |

| Weighted average diluted shares outstanding | | | 1,285 | | | 1,285 |

◦GAAP diluted EPS guidance range to $6.84 to $7.04 from $6.24 to $6.44

◦GAAP diluted EPS guidance range to $6.24 to $6.44 from $5.94 to $6.14

• Confirmed GAAP diluted EPS guidance range of $5.94 to $6.14

•GAAP diluted EPS guidance range of $5.94 to $6.14

| Adjusted income attributable to CVS Health (2) | $ | 10,186 | $ | 7.90 | $ | 10,441 | $ | 8.10 |

| Adjusted income attributable to CVS Health (2) | $ | 9,388 | $ | 7.30 | $ | 9,644 | $ | 7.50 |

| Adjusted income attributable to CVS Health (2) | $ | 8,998 | $ | 7.00 | $ | 9,252 | $ | 7.20 |

| Net realized capital losses | 29 | | 0.02 | | 29 | | 0.02 |

| Net realized capital losses | 16 | | 0.01 | | 16 | | 0.01 |