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91
2013 Annual Report
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of CVS Caremark Corporation
We have audited the accompanying consolidated balance sheets of CVS Caremark Corporation as of December 31,
2013 and 2012, and the related consolidated statements of income, comprehensive income, shareholders’ equity,
and cash flows for each of the three years in the period ended December 31, 2013. These financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of CVS Caremark Corporation at December 31, 2013 and 2012, and the consolidated results of its
operations and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with
U.S. generally accepted accounting principles.
As discussed in Note 2 to the consolidated financial statements, the Company has elected 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 financial reporting as of December 31, 2013, based on
criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (1992 framework) and our report dated February 10, 2014 expressed an unqualified
opinion thereon.
Boston, Massachusetts
February 10, 2014