Our job has never been more important: improve the well-being of individuals across the country by making health care more accessible, simple and affordable. Our unmatched combination of businesses and extensive consumer reach uniquely position CVS Health to help define the future of health care.
I am honored to have been appointed president and chief executive officer in October 2024. In many roles throughout my 39 years in our industry, I’ve had none more meaningful than the one I have now, supporting our colleagues as they work to improve the health of millions of people.
The health care industry is challenging and complex, but our commitment to care never wavers. From ensuring a child had access to their anti-seizure medication during a hurricane, to supporting a member through a complex transplant surgery so they could attend their son’s wedding… we are there for the moments that matter most. Each of our businesses plays a critical role in achieving our mission and supporting the health of Americans. Every day, we are working hard to become America’s leading and most trusted health care company.
In 2024, we generated $372.8 billion in revenue and delivered GAAP diluted earnings per share of $3.66 with adjusted earnings per share of $5.42.* Despite the challenges last year, particularly in our Aetna business, we advanced our strategy and achieved significant milestones.
We took decisive actions to address the long-term sustainability of our Aetna business, including product design updates that support a strong, multi-year recovery, while offering members the benefits that matter most. We appointed new leadership at Aetna, including a new president, chief operating officer and chief financial officer, and strengthened business processes to drive improved financial performance, while increasing transparency and accountability.
Our Medicare Advantage Stars capabilities represent a strength of the Aetna business. In 2024, Aetna achieved exceptional Star Ratings with 88 percent of our Medicare Advantage members in plans rated at least 4 Stars, and more than two-thirds of members in plans rated at least 4.5 Stars. In addition, our commitment to outstanding service resulted in our highest-ever member experience score since the U.S. Centers for Medicare & Medicaid Services launched the Quality Bonus Stars Program in 2012.
CVS Pharmacy® is America’s leading pharmacy. Our focus on consumer engagement, colleague experience and operational excellence enabled us to achieve a record retail pharmacy script share in 2024. We also continue to lead the shift to a more sustainable and transparent pharmacy market with the implementation of CVS CostVantage™. We converted all commercial prescriptions dispensed through CVS Pharmacy to this innovative economic model as of January 1, 2025. CVS CostVantage brings clarity and simplicity to retail pharmacy — the most durable and frequent interaction in the health care journey — and ensures our pharmacies are appropriately compensated for the valuable clinical services they provide.
Our Health Services segment consists of three key businesses: CVS Caremark®, Cordavis™ and Health Care Delivery. CVS Caremark drives affordability of prescription drugs. Pharmacy Benefit Managers (PBMs) are the only part of the drug supply chain whose role is to lower drug costs. In fact, CVS Caremark members have an average out-of-pocket cost of less than $8 for a 30-day prescription. Economists have estimated that PBMs generate net value of over $100 billion per year for the U.S. health care system. Clients who fully transition to our new CVS Caremark TrueCost™ model ensure members see lower costs at the pharmacy counter, including the full pass-through of the rebates we generate from our negotiations with drug manufacturers. In 2025, we saw additional momentum as clients representing more than 75 percent of CVS Caremark commercial lives chose to implement two or more elements of the CVS Caremark TrueCost model.
We continue to transform the biosimilar market and improve access and affordability of costly specialty medications. By establishing co-manufacturing capacity through Cordavis and collaborating with CVS Caremark and CVS Specialty® pharmacy, we successfully converted over 90 percent of eligible HUMIRA® patients to a low-cost biosimilar, delivering almost $1 billion of net savings for our clients. These savings demonstrate the power and potential of our integrated assets.
Our Health Care Delivery businesses achieved another year of solid growth in 2024, supported by integration points across CVS Health. Signify Health® had a record year of In-Home Health Evaluations, including nearly doubling the number of Aetna members served.
We continue to accelerate patient growth at Oak Street Health®, increasing the number of individuals enrolled in this best-in-class care model, including the number of Aetna members. We are also bringing together existing Oak Street Health and Signify Health care delivery capabilities for use more broadly across CVS Health to improve quality of care and better manage costs.
Beyond our business, we take seriously our responsibility to make a positive impact on the people and communities we serve. Our Healthy 2030 approach outlines how we are paving the way for sustainability and working toward best practices in corporate responsibility.
I believe in our mission and strategy because I believe in my colleagues. We take on the biggest challenges in health care because we know we can solve them in ways no one else can. We do our best work when people need us the most, and we show up every day to create a better health care experience.
I want to say thank you to our stockholders for your continued confidence in CVS Health, and I thank my colleagues for giving you every reason to believe in our future.
President and Chief Executive Officer
April 4, 2025
This Annual Review contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Please see the “Cautionary Statement Concerning Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”) for a discussion on forward-looking statements.
*Adjusted earnings per share is a non-GAAP measure. A reconciliation of GAAP diluted EPS to Adjusted EPS is provided under the heading “Reconciliation” in the Annual Report on Form 10-K here.
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