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Helping people on their
path to better health
CVS Caremark 2012 Annual Report

Table of contents

  • Page 1
    Helping people on their path to better health CVS Caremark 2012 Annual Report

  • Page 2
    ... plan members through our CVS Caremark® pharmacy benefit management (PBM) business; and operates the nation's largest retail medical clinic system with more than 600 MinuteClinic® locations. Financial Highlights fiscal year fiscal year (in millions, except per share figures) 2012 2011...

  • Page 3
    ...number of affiliations with leading health care systems. Our unmatched business model enables us to offer products and services that are difficult for our standalone competitors to replicate. For example, we have developed solutions such as Pharmacy Advisor® to address gaps in care and medication...

  • Page 4
    ... Unmatched purchasing scale 2 Deep clinical expertise 3 Strong client and consumer relationships 4 Channelagnostic approach Our distinctive pharmacy care model is based on four core strengths that differentiate our offerings and enhance our value proposition. CVS CAREMARK 2 2012 ANNUAL REPORT

  • Page 5
    ...and approximately $400 million in net new business. It's worth noting that these gains came across customer segments, including employers, commercial health plans, Medicare Part D, and Medicaid. Medicare has quickly emerged as a major payor for prescription drugs in the United States, and our PBM is...

  • Page 6
    ... retail medical clinic provider in the country, MinuteClinic has approximately 640 locations within CVS/pharmacy stores in 25 states and the District of Columbia. Each offers convenient, cost-effective care seven days a week without appointment. Insurers understand MinuteClinic's value proposition...

  • Page 7
    ...฀will฀create฀greater฀health฀care฀value฀by฀ increasing the convenience and quality of care; we are expanding and differentiating our services for better health at lower costs. Larry J. Merlo President and Chief Executive Officer February 15, 2013 CVS CAREMARK 5 2012 ANNUAL REPORT

  • Page 8
    .... The results of the program so far are impressive. For example, we're seeing a 4 percent offering that no standalone PBM or retailer has matched. It gives qualifying plan participants the option of filling their 90-day maintenance prescriptions by mail or at one of our CVS/pharmacy or Longs Drugs...

  • Page 9
    ... the Pharmacy Advisor program. We're also going to open up several MinuteClinics in Hawaii to support the medical homes and provide the high level of information exchange I've already touched upon. It's a very exciting partnership and a sign of the direction in which health care in the United States...

  • Page 10
    ... a new model for pharmacy care. Through our distinctive pharmacy care model, CVS Caremark is enhancing convenience and access, lowering costs for payors and patients, and achieving better health outcomes. It begins with our unmatched purchasing scale, which we leverage to save clients and customers...

  • Page 11
    ... is only expected to worsen over the next 20 years. Since pharmacy care is one of the most cost-effective lines of defense in health care, we expect clients and customers to turn increasingly to our unique initiatives for driving medication adherence and closing gaps in care. 9 2012 ANNUAL REPORT

  • Page 12
    ... with PBM plan members, either face-to-face at one of our more than 7,400 retail stores or over the phone through our PBM call centers and mail order facilities. With chronic disease accounting for 84 percent of all health care spending, this capability is helping us lower costs. For example, by...

  • Page 13
    ...Our efforts include outreach to patients on new prescriptions, first fill counseling, adherence outreach for patients who have stopped taking their medications, refill reminders, and ReadyFill®. These efforts have helped CVS/pharmacy post best-in-class adherence rates for chronic conditions such...

  • Page 14
    ...'s largest and most prominent health care systems, creating opportunities for a variety of collaborative programs. During 2012, we added eight new health systems, bringing our total to 22 affiliations representing nearly 130 hospitals and 60,000 physicians. CVS CAREMARK 12 2012 ANNUAL REPORT

  • Page 15
    ... patients to use MinuteClinic and lower overall health care costs. MinuteClinic can also provide health condition monitoring for several chronic conditions for our PBM patients. The value of these integrated offerings will grow as new locations open. By 2017, we expect two-thirds of all of our PBM...

  • Page 16
    .... They can also decide whether to pick up their medication at the store or have it mailed to their home. This new capability significantly improves access and the patient experience, and no other PBM is able to offer this level of service and ï¬,exibility. CVS CAREMARK 14 2012 ANNUAL REPORT

  • Page 17
    ... services through CVS/pharmacy. Patients have choice to drop off and pick up prescriptions at retail, significantly improving access and the member experience. CVS Caremark is developing a variety of unmatched solutions for the challenges of specialty care. CVS CAREMARK 15 2012 ANNUAL REPORT

  • Page 18
    ... accountable care organizations. Payors across the country are moving away from the traditional fee-for-service system, in which physicians are paid for doing more procedures, and toward reimbursement models based on outcomes and cost effectiveness. Under capitation models, for example, health plans...

  • Page 19
    ... in the number of lives covered by health plans. With our unmatched breadth of assets and strong consumer relationships, CVS Caremark can offer highly tailored, differentiated services that address the shifting needs of health plans and help them succeed in this new environment. For example, we see...

  • Page 20
    ..., we are expanding on our core strengths in pharmacy care to create a seamless, more personalized experience for customers. In addition to connecting with customers in store, by mail, or on the phone, we are connecting through smartphones, tablets, and the web. CVS CAREMARK 18 2012 ANNUAL REPORT

  • Page 21
    ... control at the center. That's critical in an environment that is moving toward more consumer-directed care. These tools will help our customers make better decisions and achieve better health outcomes while driving cost savings for them and their plan sponsors. CVS CAREMARK 19 2012 ANNUAL REPORT

  • Page 22
    ... relief efforts, we ensured access to vital prescriptions by deploying mobile pharmacies in the storm's aftermath at the sites of closed CVS/pharmacy stores in Margate, New Jersey, and Rockaway Beach, New York. Beyond our health care-related initiatives, support of first responders and community...

  • Page 23
    ... Sheets 54 Consolidated Statements of Cash Flows 55 Consolidated Statements of Shareholders' Equity 56 Notes to Consolidated Financial Statements 86 Five-Year Financial Summary 87 Report of Independent Registered Public Accounting Firm 88 Stock Performance Graph CVS CAREMARK 21 2012 ANNUAL REPORT

  • Page 24
    ... provides a full range of PBM services, including mail order and specialty pharmacy services, plan design and administration, formulary management, discounted drug purchase arrangements, Medicare Part D services, retail pharmacy network management services, prescription management systems, clinical...

  • Page 25
    ... to provide prescription drugs to plan members. Prescription drugs are dispensed by our mail order pharmacies, specialty pharmacies and national network of retail pharmacies. Net revenues are also generated by providing additional services to clients, including administrative services such as claims...

  • Page 26
    ...of our executive management, corporate relations, legal, compliance, human resources, corporate information technology and finance departments. Results of Operations SUMMARY OF OUR CONSOLIDATED FINANCIAL RESULTS Year Ended December 31, In millions, except per common share amounts 2012 2011 $ 107...

  • Page 27
    ... in our average outstanding short-term and long-term debt. During 2011, net interest expense increased by $48 million, to $584 million compared to 2010, due to a higher average interest rate during the period as we shifted from short-term debt to long-term debt. CVS CAREMARK 25 2012 ANNUAL REPORT

  • Page 28
    ..., Express Scripts and Walgreens entered into a new pharmacy network agreement that became effective on September 15, 2012. Income (loss) from discontinued operations In connection with certain business dispositions completed between 1991 and 1997, the Company retained guarantees on store lease...

  • Page 29
    ... both the Pharmacy Services and Retail Pharmacy segments record the revenue, gross profit and operating profit on a standalone basis. Beginning in the fourth quarter of 2011, the Maintenance Choice eliminations reï¬,ect all discounts available for the purchase of mail order prescription drugs. The...

  • Page 30
    ... became effective on January 1, 2011, as well as activity resulting from our April 29, 2011 acquisition of the UAM Medicare Part D Business. Additionally, the increase in our generic dispensing rate had a negative impact on our revenue in 2011 as it did in 2010. CVS CAREMARK 28 2012 ANNUAL REPORT

  • Page 31
    ...the number of new generic drug introductions and our success at encouraging plan members to utilize generic drugs when they are available and clinically appropriate Our฀pharmacy฀network฀claims฀processed฀increased฀13.5%฀to฀798.8฀million฀claims฀in฀the฀year฀ended฀December...

  • Page 32
    ... cost of pharmaceuticals dispensed, either directly through our mail service and specialty retail pharmacies or indirectly through our pharmacy network, (ii) shipping and handling costs and (iii) the operating costs of our mail service pharmacies, customer service operations and related information...

  • Page 33
    ... to address issues resulting from our 2013 Medicare Part D enrollment systems conversion process and related plan consolidation efforts may have an adverse impact on the profitability of our Pharmacy Services Segment. Please see "Cautionary Statement Concerning Forward-Looking Statements" section...

  • Page 34
    ...which฀accounted฀for฀approximately฀130฀basis฀points฀of฀our฀total฀net฀revenue฀ percentage increase during the year. Additionally, we continued to see a positive impact on our net revenues due to the growth of our Maintenance Choice program. CVS CAREMARK 32 2012 ANNUAL REPORT

  • Page 35
    ...services. We believe these favorable industry trends will continue. Gross profit in our Retail Pharmacy Segment includes net revenues less the cost of merchandise sold during the reporting period and the related purchasing costs, warehousing costs, delivery costs and actual and estimated inventory...

  • Page 36
    ... on the Company. See "Government Regulation" within Part I, Item 1, Business, for additional information. Operating expenses in our Retail Pharmacy Segment include store payroll, store employee benefits, store occupancy costs, selling expenses, advertising expenses, depreciation and amortization...

  • Page 37
    ... cash ï¬,ows, commercial paper program, sale-leaseback program, as well as any potential future borrowings, will be sufficient to fund these future payments and long-term initiatives. Net cash provided by operating activities was $6.7 billion for the year ended December 31, 2012, compared to...

  • Page 38
    ...: 2012 Total stores (beginning of year) New and acquired stores Closed stores (1) Total stores (end of year) Relocated stores (1) Relocated stores are not included in new or closed store totals. (2) Excludes specialty mail order facilities. (1) (2) 2011 (2) 7,248 162 (22) 7,388 86 2010 (2) 7,095...

  • Page 39
    ... our option at a defined redemption price plus accrued and unpaid interest to the redemption date. The net proceeds of the 2011 Notes were used to repay commercial paper borrowings and certain other corporate debt, and were used for general corporate purposes. CVS CAREMARK 37 2012 ANNUAL REPORT

  • Page 40
    ... believe our long-term debt ratings will remain investment grade, we cannot guarantee the future actions of Moody's and/or Standard & Poor's. Our debt ratings have a direct impact on our future borrowing costs, access to capital markets and new store operating lease costs. Quarterly Dividend...

  • Page 41
    ...thus, are considered to be critical accounting policies. We have discussed the development and selection of our critical accounting policies with the Audit Committee of our Board of Directors and the Audit Committee has reviewed our disclosures relating to them. CVS CAREMARK 39 2012 ANNUAL REPORT

  • Page 42
    Management's Discussion and Analysis of Financial Condition and Results of Operations Revenue Recognition PHARMACY SERVICES SEGMENT Our Pharmacy Services Segment sells prescription drugs directly through our mail service pharmacies and indirectly through our retail pharmacy network. We recognize ...

  • Page 43
    ... prescription drugs) at the time the merchandise is purchased by the retail customer. Revenue from the sale of prescription drugs is recognized at the time the prescription is filled as opposed to upon delivery as required under the Financial Accounting Standards Board ("FASB") Accounting Standards...

  • Page 44
    ... Services Segment's mail service and specialty pharmacies were already on the weighted average cost method. Most of these mail service and specialty pharmacies in the Pharmacy Services Segment were acquired in the Company's 2007 acquisition of Caremark Rx, Inc. CVS CAREMARK 42 2012 ANNUAL REPORT

  • Page 45
    ... application for periods prior to 2012 is impracticable, as the period-specific information necessary to value prescription drug inventories in the Retail Pharmacy Segment under the weighted average cost method is unavailable. The Company implemented a new pharmacy cost accounting system to value...

  • Page 46
    ... and regulatory conditions, our market capitalization, efforts of third party organizations to reduce their prescription drug costs and/or increase member co-payments, the continued efforts of competitors to gain market share and consumer spending patterns. CVS CAREMARK 44 2012 ANNUAL REPORT

  • Page 47
    ... 31, 2012. We have not made any material changes in the reserve methodology used to record closed store lease reserves during the past three years. Self-Insurance Liabilities We are self-insured for certain losses related to general liability, workers' compensation and auto liability, although...

  • Page 48
    ... workers' compensation and auto liability. Similar reviews are conducted semi-annually to determine if our self-insurance liability is adequate for our health and medical liability. Our total self-insurance liability covered by this critical accounting policy was $590 million as of December 31, 2012...

  • Page 49
    ...฀in฀industry฀pricing฀benchmarks฀used฀to฀establish฀pricing฀in฀many฀of฀our฀PBM฀client฀contracts,฀pharmaceutical purchasing arrangements, retail network contracts, specialty payor agreements and other third party payor contracts. CVS CAREMARK 47 2012 ANNUAL REPORT

  • Page 50
    ... pharmacy services, retail pharmacy or retail clinic industries or to the health care industry generally Other฀risks฀and฀uncertainties฀detailed฀from฀time฀to฀time฀in฀our฀filings฀with฀the฀SEC. The foregoing list is not exhaustive. There can be no assurance that the Company...

  • Page 51
    ... statements as well as conducting an audit of internal control over financial reporting. Their accompanying reports are based upon an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States). February 15, 2013 CVS CAREMARK 49 2012 ANNUAL...

  • Page 52
    ... of December 31, 2012 and 2011, and the related consolidated statements of income, comprehensive income, shareholders' equity and cash ï¬,ows for each of the three years in the period ended December 31, 2012 of CVS Caremark Corporation and our report dated February 15, 2013 expressed an unqualified...

  • Page 53
    ... Statements of Income Year Ended December 31, In millions, except per share amounts 2012 2011 $ 107,100 86,539 20,561 14,231 6,330 584 - 5,746 2,258 3,488 (31) 3,457 4 $ 3,461 $ $ 2010 95,778 75,559 20,219 14,082 6,137 536 - 5,601 2,179 3,422 2 3,424 3 3,427 Net revenues Cost of revenues...

  • Page 54
    ... adjustment, net of income tax Comprehensive income Comprehensive loss attributable to noncontrolling interest Comprehensive income attributable to CVS Caremark See accompanying notes to consolidated financial statements. $ 3,875 3 (12) 3,866 2 $ 3,868 CVS CAREMARK 52 2012 ANNUAL REPORT

  • Page 55
    ... December 31, 2011 Treasury stock, at cost: 435 shares at December 31, 2012 and 340 shares at December 31, 2011 Shares held in trust: 1 share at December 31, 2012 and 2 shares at December 31, 2011 Capital surplus Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total...

  • Page 56
    ... for inventory and prescriptions dispensed by retail network pharmacies Cash paid to other suppliers and employees Interest received Interest paid Income taxes paid Net cash provided by operating activities Cash ï¬,ows from investing activities: Purchases of property and equipment Proceeds from sale...

  • Page 57
    ... Shareholders' Equity Shares Year Ended December 31, In millions Dollars Year Ended December 31, 2012 2011 2010 2012 2011 2010 Common stock: Beginning of year Stock options exercised and issuance of stock awards End of year Treasury stock: Beginning of year Purchase of treasury shares Employee...

  • Page 58
    ..., photo finishing, seasonal merchandise, greeting cards and convenience foods, through the Company's CVS/pharmacy® and Longs Drugs® retail stores and online through CVS.com®. The RPS also provides health care services through its MinuteClinic® health care clinics. MinuteClinics are staffed by...

  • Page 59
    ... and Puerto Rico operating primarily under the CVS/pharmacy® name, the online retail website, CVS.com, and 640 retail health care clinics operating under the MinuteClinic® name (of which 633 were located in CVS/pharmacy stores). Corporate Segment - The Corporate Segment provides management and...

  • Page 60
    ... the retail pharmacy stores, the weighted average cost method in the mail service and specialty pharmacies, and the cost method on a first-in, first-out basis in the distribution centers. Effective January 1, 2012, the Company changed its methods of accounting for prescription drug inventories in...

  • Page 61
    ... $ $ 2010 37 (3) - - 34 Beginning balance Net loss attributable to noncontrolling interest Purchase of noncontrolling interest Reclassification to capital surplus in connection with purchase of noncontrolling interest Ending balance $ 30 (2) (26) (2) $ - CVS CAREMARK 59 2012 ANNUAL REPORT

  • Page 62
    ... "Drug Discounts" below), (ii) the price paid to the PSS by client plan members for mail order prescriptions ("Mail Co-Payments") and the price paid to retail network pharmacies by client plan members for retail prescriptions ("Retail Co-Payments"), and (iii) administrative fees for retail pharmacy...

  • Page 63
    ... reporting period and the related purchasing costs, warehousing and delivery costs (including depreciation and amortization) and actual and estimated inventory losses. See Note 14 for additional information about the cost of revenues of the Company's business segments. CVS CAREMARK 61 2012 ANNUAL...

  • Page 64
    ... administrative services. Purchase discounts and administrative service fees are recorded as a reduction of "Cost of revenues". Retail Pharmacy Segment - Vendor allowances received by the RPS reduce the carrying cost of inventory and are recognized in cost of revenues when the related inventory is...

  • Page 65
    ... value of the award and is recognized as expense over the applicable requisite service period of the stock award (generally 3 to 5 years) using the straight-line method. Stock-based compensation is included in operating expenses. INCOME TAXES - The Company provides for income taxes currently payable...

  • Page 66
    ...prescription drug inventories as the Pharmacy Services Segment's mail service and specialty pharmacies were already on the weighted average cost method. Most of these mail service and specialty pharmacies in the Pharmacy Services Segment were acquired in the Company's 2007 acquisition of Caremark Rx...

  • Page 67
    ... to CVS Caremark would have been reduced by $0.01. 3 Business Combinations 3 On April 29, 2011, the Company acquired the Medicare prescription drug business of Universal American Corp. (the "UAM Medicare Part D Business") for approximately $1.3 billion. The fair value of assets acquired and...

  • Page 68
    ... fair value of a reporting unit's goodwill with the carrying amount of its goodwill. If the carrying amount of the goodwill exceeds the implied fair value, an impairment loss is recognized in an amount equal to the excess. During the third quarter of 2012, the Company performed its required annual...

  • Page 69
    ... a share repurchase program for up to $2.0 billion of our outstanding common stock (the "2009 Repurchase Program"). During 2010, the Company repurchased 42.4 million shares of common stock for approximately $1.5 billion, completing the 2009 Repurchase Program. CVS CAREMARK 67 2012 ANNUAL REPORT

  • Page 70
    Notes to Consolidated Financial Statements 7 Borrowing and Credit Agreements 7 The following table is a summary of the Company's borrowings as of December 31: In millions 2012 2011 $ 750 550 550 700 1,750 1,000 450 550 1,000 50 1,500 950 42 - 4 168 10,014 (750) (56) $ 9,208 Commercial paper 4.875...

  • Page 71
    ... Company's financial or operating ï¬,exibility. The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2012 are $5 million in 2013, $555 million in 2014, $556 million in 2015, $427 million in 2016, and $1.3 billion in 2017. CVS CAREMARK 69 2012 ANNUAL...

  • Page 72
    Notes to Consolidated Financial Statements 8 Leases 8 The Company leases most of its retail and mail order locations, ten of its distribution centers and certain corporate offices under noncancelable operating leases, typically with initial terms of 15 to 25 years and with options that permit ...

  • Page 73
    ...under the Internal Revenue Code. The Company's contributions under the above defined contribution plans were $199 million, $187 million and $186 million in 2012, 2011 and 2010, respectively. Other Postretirement Benefits The Company provides postretirement health care and life insurance benefits...

  • Page 74
    ... returns for each asset class on a plan by plan basis. The expected฀long-term฀rate฀of฀return฀for฀all฀plans฀was฀7.25%฀in฀2012,฀2011฀and฀2010. Historically, the Company used an investment strategy, which emphasized equities in order to produce higher expected returns...

  • Page 75
    ...or any subsidiary of the Company. Payment of such annual incentive and long-term performance awards will be in cash, stock, other awards or other property, at the discretion of the Management Planning and Development Committee of the Company's Board of Directors. The 2010 ICP allows for a maximum of...

  • Page 76
    ...requisite service period. The Company granted 1,811,000, 1,121,000 and 1,095,000 restricted stock units with a weighted average fair value of $44.80, $34.84 and $35.25 in 2012, 2011 and 2010, respectively. As of December 31, 2012, there was $67 million of total unrecognized compensation cost related...

  • Page 77
    ... continuing operations for the respective years: 2012 Statutory income tax rate State income taxes, net of federal tax benefit Other Effective income tax rate 2011 35.0฀%฀ 3.9 0.4 39.3฀%฀ 2010 35.0฀ % 4.1 (0.2) 38.9฀ % 35.0 %฀ 3.9 (0.3) 38.6 %฀ CVS CAREMARK 75 2012 ANNUAL REPORT

  • Page 78
    ... number of income tax examinations will conclude and statutes of limitation for open years will expire over the next twelve months, which may cause a utilization or reduction of the Company's reserve for uncertain tax positions of up to approximately $6 million. CVS CAREMARK 76 2012 ANNUAL REPORT

  • Page 79
    ... obligations. As of December 31, 2012, the Company guaranteed approximately 74 such store leases (excluding the lease guarantees related to Linens 'n Things, which are discussed in Note 4), with the maximum remaining lease term extending through 2022. Management believes the ultimate disposition of...

  • Page 80
    ...OIG") within the U.S. Department of Health and Human Services ("HHS"), requesting information relating to the processing of Medicaid and other government agency claims on a different adjudication platform of Caremark. The Company has been providing documents and other information in response to this...

  • Page 81
    ...Court for the District of Rhode Island purportedly on behalf of purchasers of the Company's stock between May 5, 2009 and November 4, 2009. The lawsuit names the Company and certain officers as defendants and includes allegations of securities fraud relating to CVS CAREMARK 79 2012 ANNUAL REPORT

  • Page 82
    ...cers and employees of the Company during 2009 and the purchase accounting for the Longs Drug Stores acquisition. The Company has been providing documents and other information as requested by the SEC. In January 2012, the United States District Court for the Eastern District of Pennsylvania unsealed...

  • Page 83
    ...in any future qui tam lawsuit that may be filed against us; or (vi) adverse developments in other pending or future legal proceedings against us or affecting the pharmacy services, retail pharmacy or retail clinic industry or the health care industry generally. CVS CAREMARK 81 2012 ANNUAL REPORT

  • Page 84
    ... both the Pharmacy Services and Retail Pharmacy segments record the revenue, gross profit and operating profit on a standalone basis. Beginning in the fourth quarter of 2011, the Maintenance Choice eliminations reï¬,ect all discounts available for the purchase of mail order prescription drugs. The...

  • Page 85
    ...share amounts 2012 2011 2010 Numerator for earnings per common share calculation: Income from continuing operations Net loss attributable to noncontrolling interest Income from continuing operations attributable to CVS Caremark, basic Income (loss...57 $ 2.49 CVS CAREMARK 83 2012 ANNUAL REPORT

  • Page 86
    ...attributable to CVS Caremark Diluted Earnings per common share: Income from continuing operations attributable to CVS Caremark Loss from discontinued operations attributable to CVS Caremark Net income attributable to CVS Caremark Dividends per common share Stock price: (New York Stock Exchange) High...

  • Page 87
    ... to CVS Caremark Diluted Earnings per common share: Income from continuing operations attributable to CVS Caremark Income (loss) from discontinued operations attributable to CVS Caremark Net income attributable to CVS Caremark Dividends per common share Stock price: (New York Stock Exchange...

  • Page 88
    ...million. (5) Effective January 1, 2012, the Company changed its methods of accounting for prescription drug inventories in the Retail Pharmacy Segment. Additional details of the accounting change are discussed in Note 2 to the consolidated financial statements. CVS CAREMARK 86 2012 ANNUAL REPORT

  • Page 89
    ... changes in its methods of accounting for prescription drug inventories in the Retail Pharmacy Segment effective January 1, 2012. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), CVS Caremark Corporation's internal control over...

  • Page 90
    ... 53 health care companies. RELATIVE TOTAL RETURNS SINCE 2007 - ANNUAL December 31, 2007 to December 31, 2012 $160 $140 $120 $100 $80 $60 $40 $20 $0 2007 CVS Caremark Corporation S&P 500 2008 2009 2010 2011 2012 S&P 500 Food & Staples Retail Group Index S&P 500 Healthcare Group Index Year End 2007...

  • Page 91
    ... INFORMATION CORPORATE HEADQUARTERS CVS Caremark Corporation One CVS Drive, Woonsocket, RI 02895 (401) 765-1500 ANNUAL SHAREHOLDERS' MEETING May 9, 2013 CVS Caremark Corporate Headquarters designed and produced by see see eye STOCK MARKET LISTING The New York Stock Exchange Symbol: CVS TRANSFER...

  • Page 92
    The CVS Caremark 2012 Annual Report saved the following resources by printing on paper containing 10 percent postconsumer recycled content. trees waste water...million BTUs 3,759 pounds 10,381 pounds 34 pounds CVS Caremark, One CVS Drive, Woonsocket, RI 02895 | 401.765.1500 | info.cvscaremark.com