2021 Annual Review     |

Continued success in our foundational businesses

Delivering best-in-class service across all key capabilities

Health Care Benefits

The Health Care Benefits segment offers a broad range of traditional, voluntary, and consumer-directed health insurance products and related services, including:

  • medical, pharmacy, dental, and behavioral health plans
  • medical management capabilities
  • Medicare Advantage and Medicare Supplement plans
  • Prescription Drug Plans (PDP)
  • Medicaid health care management services
  • health information technology products and services

Pharmacy Services

The Pharmacy Services segment provides a full range of pharmacy benefit management (PBM) solutions, including:

  • plan design offerings and administration
  • formulary management
  • retail pharmacy network management services
  • mail order pharmacy
  • specialty pharmacy and infusion services
  • clinical services
  • disease management services
  • medical spend management

Retail/Long-Term Care

The Retail/LTC segment sells prescription drugs and a wide assortment of health and wellness products and general merchandise, and:
  • provides health care services through its walk-in medical clinics
  • provides medical diagnostic testing, administers vaccinations for illnesses such as influenza, COVID-19, and shingles
  • conducts LTC operations, which distribute prescription drugs and provide other ancillary services to chronic care facilities and other care settings

Accelerating foundational growth


CVS Health is an established leader in critical segments of the health care industry, with a strong foundation that fuels our vision for the future. Our foundational businesses have generated strong results and significant operating cash flows. That success continued in 2021 with results that outpaced our expectations as we continue to prioritize high-growth areas going forward.

Health Care Benefits – We are focused on growing our Government Services businesses, including Medicare, Medicaid, and the dual eligible population. We also re-entered the ACA individual exchanges with our CVS-Aetna co-branded products in several states.

Pharmacy Services – We continue to lead with our capabilities and services to provide customers with industry-leading drug trend and customer care as a differentiator. We are also focused on capturing Specialty Pharmacy growth, including growing specialty generics and biosimilars.

Unparalleled consumer reach


COVID-19 vaccines and 32+ million COVID-19 tests administered


members with Aetna and Caremark


retail locations with ~1,200 walk-in clinics

~4.5 million

consumers visit CVS Health locations daily


overall drug trend and 5.8% specialty trend through the first three quarters of 2021

Retail/Long-Term Care – The access CVS Health has to communities on a national scale is unmatched. Our capabilities during the pandemic have demonstrated the power of health care delivered locally and we continue to evolve our store models and omnichannel offerings. To accelerate our strategy, we are sharpening our focus in omnichannel pharmacy, deploying digital-first solutions and self-service tools, expanding into health services, and becoming the leader in health and wellness products. In 2021, we also announced our first Chief Pharmacy Officer to further our efforts in delivering an integrated health care experience.

As one of the most trusted brands in the nation, our deep relationships with more than 100 million members give us a distinct advantage. Centering our work around consumers at an unequaled scale enables us to drive deeper penetration of our health products and services and meet their everyday health needs. We are dramatically reshaping how they experience care, with a unique blend of consumer, health care, and risk management expertise all within one company.

Discover just some of the many ways we’re helping improve the lives of those we serve every day.
Empowering our Customers

Play Video

CEO Message

Financial Highlights

Foundational Business

Care Delivery Model

Personalized Health Care