CVS Health Provides Update to Board and Management Roles Upon Closing of Aetna Acquisition

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Will expand Board to include three additional Aetna Directors with deep insurance company oversight experience

Eva Boratto to become CFO; Shawn Guertin to remain with company for transition period to play key role in financial integration

Woonsocket, RI (October 10, 2018) – CVS Health (NYSE: CVS) today announced that three additional Aetna directors with deep insurance company oversight experience -- Edward J. Ludwig, Fernando Aguirre, and Roger N. Farah -- will join the CVS Health Board following the completion of its acquisition of Aetna.  The appointment of these three Aetna directors, together with the previously announced addition of Mark T. Bertolini, Aetna’s current Chairman and Chief Executive Officer, will bring the total number of CVS Health Board members to 16.  

CVS Health also announced today that following the completion of the transaction, Eva C. Boratto, currently CVS Health’s Executive Vice President – Controller and Chief Accounting Officer, will become Executive Vice President and Chief Financial Officer of CVS Health.  Shawn M. Guertin has decided to step away for personal and family reasons, but will remain with CVS Health until June 2019 to help the combined company with integration and financial planning strategy.  As previously disclosed, Aetna will be managed as a distinct operating entity within the CVS Health organization.

“While this was a highly personal decision for Shawn, he is reassured with the knowledge that the company has an extremely strong finance team. During pre-close integration work, Shawn came to value the depth and breadth of talent in the CVS Health finance organization that will be complemented by the deep and talented bench in the Aetna finance group,” said Larry J. Merlo, President and Chief Executive Officer. “We respect Shawn and wish him well.”

Board Expansion

“We are delighted to welcome Fernando, Mark, Roger and Ed to the CVS Health Board,” said David W. Dorman, Chairman of CVS Health. “Our shareholders will benefit from the depth of their knowledge of Aetna’s business and their complementary expertise, which will be essential to the combined company as we transform the way health care is delivered in America.”

Mr. Ludwig joined the Aetna Board of Directors in 2003 and has served as Lead Director since 2012.  He also is a member of the executive, investment and finance, nominating and corporate governance, and compensation and talent management committees. Mr. Farah joined the Aetna Board in 2007 and chairs the compensation and talent management committee, and he is a member of the executive and investment and finance committees.  Mr. Aguirre joined the Aetna Board in 2011 and chairs the nominating and corporate governance committee, and he is a member of the executive and audit committees. The terms of Messrs. Aguirre, Bertolini, Farah and Ludwig on the CVS Health Board will begin immediately after the closing of the Aetna acquisition.

CFO Appointment

Eva Boratto has an extensive financial background that spans more than 20 years and includes senior positions in both the pharmaceutical manufacturing and PBM industries, along with other health care finance roles.  She joined CVS Health in 2010 as Senior Vice President, PBM Finance and most recently has served as CVS Health’s Executive Vice President – Controller and Chief Accounting Officer. 

Prior to joining CVS Health, Ms. Boratto served in a number of executive positions at Merck & Co., including Vice President, U.S. Market Finance Leader, with responsibility for financial oversight of Merck’s U.S. pharmaceutical market, and Vice President, Investor Relations.

“Eva is an exceptionally talented leader with broad financial experience and excellent management capabilities who, during her nearly ten years at CVS Health, has served as a trusted advisor to me and to our Board of Directors,” Merlo said. “With knowledge of our business and of all aspects of the financial function of a multi-faceted organization, she will play a vital role in both our integration work and in our efforts to drive needed change in our health care system to deliver both near and long-term value for our shareholders.” 

New Board Member Bios

Mr. Ludwig has served on the Aetna Board since 2003 and has served as Aetna’s Lead Director since 2012.  He has significant executive-level leadership and business expertise with more than 30 years of experience in the medical technology field, including serving for over ten years in each of the roles of Chief Executive Officer and Chairman of Becton, Dickinson and Company after serving as its Chief Financial Officer.  He also has significant public company board experience serving on the board of several companies, including Boston Scientific Corporation, where he is currently the Lead Independent Director.

Mr. Aguirre has served on the Aetna Board since 2011 and has extensive consumer products, global business and executive leadership experience, including as Chief Executive Officer and Chairman of Chiquita Brands International, Inc. from 2004 to 2012 and in several senior positions over 23 years at The Procter & Gamble Company.  He also has served as an independent director on several other public company boards. 

Mr. Farah has served on the Aetna Board since 2007 and has extensive business and leadership experience.  He has developed strong marketing, brand management and consumer insights in his over 40 years in the retail industry, including as Co-Chief Executive Officer, Director and Executive Director of Tory Burch LLC and President, Chief Operating Officer, Director and Vice Chairman of Ralph Lauren Corporation.  He also has extensive board experience serving on a number of public company boards and is currently the Chairman of the Board of Tiffany & Co.

About CVS Health

CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

Investor Contact:

Mike McGuire
401-770-4050
michael.mcguire@cvshealth.com

Media Contact:

Carolyn Castel
401-770-5717
Carolyn.Castel@CVSHealth.com

No Offer or Solicitation

This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.  No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Additional Information and Where to Find It

In connection with the transaction, CVS Health filed a registration statement on Form S-4 with the Securities and SEC, which includes a joint proxy statement of CVS Health and Aetna that also constitutes a prospectus of CVS Health.  The registration statement was declared effective by the SEC on February 9, 2018 (the “Registration Statement”), and CVS Health and Aetna commenced mailing the definitive joint proxy statement/prospectus to stockholders of CVS Health and shareholders of Aetna on or about February 12, 2018 (the “Joint Proxy Statement/Prospectus”) and the special meeting of the stockholders of CVS Health and the shareholders of Aetna was held on March 13, 2018.  INVESTORS AND SECURITY HOLDERS OF CVS HEALTH AND AETNA ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.  Investors and security holders may obtain free copies of the Registration Statement and the definitive Joint Proxy Statement/Prospectus and other documents filed with the SEC by CVS Health or Aetna through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by CVS Health are available free of charge within the Investors section of CVS Health’s Web site at http://www.cvshealth.com/investors or by contacting CVS Health’s Investor Relations Department at 800-201-0938.  Copies of the documents filed with the SEC by Aetna are available free of charge on Aetna’s internet website at http://www.aetna.com or by contacting Aetna’s Investor Relations Department at 860-273-0896.

Cautionary Statement Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Reform Act”) provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation (“CVS Health”) or Aetna, Inc.  (“Aetna”).   This communication may contain forward-looking statements within the meaning of the Reform Act.  You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “explore,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “view,” or “will,” or the negative thereof or other variations thereon or comparable terminology.  These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond CVS Health’s and Aetna’s control.

Statements in this communication regarding CVS Health and Aetna that are forward-looking, including CVS Health’s and Aetna’s projections as to the closing date of the transactions contemplated by the Agreement and Plan of Merger, dated as of December 3, 2017 (“Merger Agreement”), among CVS Health, Aetna and Hudson Merger Sub Corp., a wholly-owned subsidiary of CVS Health (the “transaction”), the extent of, and the time necessary to obtain, the regulatory approvals required for the transaction, the anticipated benefits of the transaction, the impact of the transaction on CVS Health’s and Aetna’s businesses, the expected terms and scope of the expected financing for the transaction, the ownership percentages of CVS Health’s common stock of CVS Health stockholders and Aetna shareholders at closing, the aggregate amount of indebtedness of CVS Health following the closing of the transaction, CVS Health’s expectations regarding debt repayment and its debt to capital ratio following the closing of the transaction, CVS Health’s and Aetna’s respective share repurchase programs and ability and intent to declare future dividend payments, the number of prescriptions used by people served by the combined companies’ pharmacy benefit business, the synergies from the transaction, and CVS Health’s, Aetna’s and/or the combined company’s future operating results, are based on prepared in conformance with the applicable accounting requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein.  None of this information should be considered in isolation from, or as a substitute for, the historical financial statements of CVS Health and Aetna.  Important risk factors related to the transaction could cause actual future results and other future events to differ materially from those currently estimated by management, including, but not limited to: the timing to consummate the proposed transaction; the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; the risk that a condition to the closing of the proposed transaction may not be satisfied; the outcome of litigation related to the transaction; the ability to achieve the synergies and value creation contemplated; CVS Health’s ability to promptly and effectively integrate Aetna’s businesses; and the diversion of and attention of management of both CVS Health and Aetna on transaction-related issues.

In addition, this communication may contain forward-looking statements regarding CVS Health’s or Aetna’s respective businesses, financial condition and results of operations.  These forward-looking statements also involve risks, uncertainties and assumptions, some of which may not be presently known to CVS Health or Aetna or that they currently believe to be immaterial also may cause CVS Health’s or Aetna’s actual results to differ materially from those expressed in the forward-looking statements, adversely impact their respective businesses, CVS Health’s ability to complete the transaction and/or CVS Health’s ability to realize the expected benefits from the transaction. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the transaction and/or CVS Health or Aetna, CVS Health’s ability to successfully complete the transaction and/or realize the expected benefits from the transaction.  Additional information concerning these risks, uncertainties and assumptions can be found in CVS Health’s and Aetna’s respective filings with the SEC, including the risk factors discussed in “Item 1.A.  Risk Factors” in CVS Health’s and Aetna’s most recent Annual Reports on Form 10-K, as updated by their Quarterly Reports on Form 10-Q and future filings with the SEC.

You are cautioned not to place undue reliance on any CVS Health’s and Aetna’s forward-looking statements.  These forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements.  Neither CVS Health nor Aetna assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.

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MinuteClinic Opens New Walk-in Medical Clinic in La Jolla, California

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Woonsocket, RI, October 31, 2018  A new MinuteClinic walk-in medical clinic has opened inside the CVS Pharmacy store at 8831 Villa La Jolla Drive in La Jolla, California, providing the community with convenient access to common health care services. The new clinic is open seven days a week with no appointment necessary. The clinic will provide a wide array of high-quality, affordable wellness services for patients ages 18 months and older. MinuteClinic is the retail medical clinic of CVS Health (NYSE: CVS), the largest pharmacy health care provider in the United States.

“Our new clinic will help increase access to high-quality, affordable health care for people who live and work in La Jolla,” said Sharon Vitti, Senior Vice President and Executive Director, MinuteClinic. “We’re excited to bring our growing suite of health care services to the La Jolla community and we look forward to being a health care resource for residents, when and where they need us.”  

MinuteClinic is staffed by nurse practitioners who specialize in family health care and can diagnose, treat and write prescriptions for common illnesses such as strep throat and ear, eye, sinus, bladder and bronchial infections. Minor wounds and abrasions, and sprains, strains and joint pain are treated, and common vaccinations for conditions such as influenza, tetanus, pneumonia and hepatitis A and B are available. 
 
Prevention and wellness services offered at MinuteClinic include screening and monitoring for diabetes, high blood pressure and high cholesterol, tuberculosis (TB) testing, contraceptive care, motion sickness prevention and smoking cessation. In addition, MinuteClinic nurse practitioners can evaluate and treat common skin conditions, such as acne, dermatitis and rosacea.
  
At the conclusion of each MinuteClinic visit, patients receive educational material, a prescription (when clinically appropriate) and a visit summary. A copy of the diagnostic record can be sent electronically, or by fax or mail, to a primary care provider with patient permission.

Most major health insurance is accepted at MinuteClinic. For patients paying cash or credit, treatment prices are posted at each clinic and online at www.minuteclinic.com. The cost for most services is between $89 and $129.

Individuals who visit MinuteClinic and do not have a primary care provider are given a list of physicians in the community who are accepting new patients. A new digital tool accessible via www.minuteclinic.com allows patients to view wait times at all MinuteClinic locations. Patients can also hold a place in line or schedule a future appointment from the convenience of their smartphone, computer or tablet.

The new clinic in La Jolla will be open from 8:00 a.m. to 7:00 p.m. Monday through Friday, 9:00 a.m. to 5:30 p.m. on Saturday and Sunday.

About MinuteClinic

MinuteClinic is the retail medical clinic of CVS Health (NYSE: CVS), the largest pharmacy health care provider in the United States. MinuteClinic launched the first retail medical clinics in the United States in 2000 and is the largest provider of retail clinics with more than 1,100 locations in 33 states and the District of Columbia. By creating a health care delivery model that responds to patient demand, MinuteClinic makes access to high-quality medical treatment easier for more Americans. Nationally, the company has provided care through more than 42 million patient visits, with a 95 percent customer satisfaction rating. MinuteClinic is the only retail health care provider to receive four consecutive accreditations from The Joint Commission, the national evaluation and certifying agency for nearly 21,000 health care organizations and programs in the United States. For more information, visit www.minuteclinic.com.

 
Media Contact:

Amy Lanctot
(401) 770-2931
CVS Health
Amy.Lanctot@cvshealth.com

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Dr. Sunil Budhrani Chosen to Lead Innovation Health

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FALLS CHURCH, Va., March 6, 2019 /PRNewswire/ -- Innovation Health has named Sunil Budhrani MD, MPH, MBA, as the new Chief Executive Officer (CEO) of Innovation Health. Budhrani served as the Chief Medical Officer (CMO) for Innovation Health for the last three years and will continue in the role, while also serving as CEO.

As CEO, Budhrani will report directly to the Innovation Health Board of Directors and will be responsible for the overall success of the health plan that currently serves more than 130,000 consumers in the Washington, D.C., Metropolitan area.

"Dr. Budhrani's distinguished career makes him the ideal CEO for Innovation Health," said Mike Bucci, Aetna's market president for Virginia, Maryland and D.C. "His proven leadership over the last three years as the Innovation Health CMO, coupled with his deep understanding of health care overall, will ensure the organization's success as it continues to improve health care outcomes and offer more affordable options in the Washington, D.C., Metropolitan area."

Over the span of his career, Dr. Budhrani has practiced at several leading institutions including Inova Health System in Falls Church, Virginia; Good Samaritan Medical Center in West Palm Beach, Florida; Hackensack Meridian Health in New Jersey; and Baystate Medical Center in Massachusetts.

In addition to his roles in hospital settings, Budhrani also founded CareClix Telemedicine, a national end-to-end telemedicine solutions company as well as PrimeMed Urgent Care Systems, which operated urgent care facilities throughout the metropolitan Washington D.C. area. He also served as the CMO of the Affordable Care Act's Health Plan, Evergreen Health Care.

"We are pleased to continue working with Dr. Budhrani in his new role as CEO of Innovation Health," said Inova President and CEO, J. Stephen Jones, MD. "Inova's partnership with Aetna provides access to high quality healthcare and Dr. Budhrani's unique background and understanding of the changing healthcare landscape and patient needs will prove invaluable as we work with individuals and employers to expand access across the region."

Dr. Budhrani holds bachelor's degrees in neuroscience and English from the University of Pennsylvania and both medical and public health degrees from George Washington University. He also holds an M.B.A. from University of Baltimore. He completed his residency training in emergency medicine at the Tufts University School of Medicine in Massachusetts. He is currently an adjunct assistant professor of emergency medicine at George Washington University.

Innovation Health, which was launched in 2013, is a joint venture between Aetna, a CVS Health business, and Inova Health System.

About Innovation Health

Innovation Health provides health benefit plans to more than 125,000 members. The result of a unique partnership between Aetna, a CVS Health business and Inova Health System, Innovation Health was formed in 2013 as a new way to deliver and finance more affordable, quality health care for employers and individuals in Northern Virginia, Maryland and D.C. Through its integrated care model, Innovation Health combines a premier health plan, health system, and physicians for improved health outcomes and cost savings. For more information on Innovation Health visit InnovationHealth.com .

Media Contact:

Anjie Coplin
214-200-8056
CoplinA@aetna.com

SOURCE Innovation Health

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CVS Health Reports Third Quarter Results

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CVS HEALTH CORPORATION
Condensed Consolidated Balance Sheets

(Unaudited)

CVS HEALTH CORPORATION
Condensed Consolidated Statements of Cash Flows

(Unaudited)

Non-GAAP Financial Measures

The following provides reconciliations of certain non-GAAP financial measures presented in this Form 8-K to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company is also providing reconciliations of certain non-GAAP information on a prospective basis. The Company uses the non-GAAP measures “Adjusted Operating Profit,”  “Adjusted EPS” and “Free Cash Flow” to assess and analyze underlying business performance and trends. Management believes that providing these non-GAAP measures enhances investors’ understanding of the Company’s performance.

The Company defines Adjusted Operating Profit as operating profit excluding the impact of certain adjustments such as acquisition-related transaction and integration costs, goodwill impairments, gains and losses on divestitures of subsidiaries, and charges in connection with store rationalization, and any other items specifically identified herein. Management believes that this measure enhances investors’ ability to compare past financial performance with its current and expected performance.

The Company defines Adjusted Earnings per Share, or Adjusted EPS, as income from continuing operations excluding the impact of certain adjustments such as the amortization of intangible assets, acquisition-related transaction and integration costs, goodwill impairments, gains and losses on divestitures of subsidiaries, net interest expense on financing associated with proposed acquisitions, losses on settlements of defined benefit pension plans, and charges in connection with store rationalization, and any other items specifically identified herein, divided by the Company’s weighted average diluted shares outstanding. Management believes that this measure enhances investors’ ability to compare the Company’s past financial performance with its current performance.

The Company defines Free Cash Flow as net cash provided by operating activities less net additions to property and equipment (i.e., additions to property and equipment plus proceeds from sale-leaseback transactions). Management uses this non-GAAP financial measure for internal comparisons and finds it useful in assessing year-over-year cash flow performance. 

These non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP. Adjusted EPS should be considered in addition to, rather than as a substitute for, income before income tax provision as a measure of our performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Adjusted Operating Profit should be considered in addition to, rather than a substitute for, operating profit. The Company’s definitions of Adjusted EPS, Free Cash Flow and Adjusted Operating Profit may not be comparable to similarly titled measurements reported by other companies.

Adjusted Operating Profit

(Unaudited)

The following is a reconciliation of operating profit to Adjusted Operating Profit:

Adjusted Earnings Per Share

(Unaudited)

The following is a reconciliation of income before income tax provision to Adjusted EPS:

Free Cash Flow

(Unaudited)

The following is a reconciliation of net cash provided by operating activities to Free Cash Flow:

Supplemental Information

(Unaudited)

The Company evaluates its Pharmacy Services and Retail/LTC segment performance based on net revenues, gross profit and operating profit before the effect of nonrecurring charges and gains and certain intersegment activities. The Company evaluates the performance of its Corporate Segment based on operating expenses before the effect of nonrecurring charges and gains and certain intersegment activities.

In conjunction with the Company’s implementation of a new enterprise resource planning system in the first quarter of 2018, the Company changed the manner in which certain shared functional costs are allocated to its reportable segments. Segment financial information for the three and nine months ended September 30, 2017, has been retrospectively adjusted to reflect this change to the cost allocation methodology as shown below:

The following is a reconciliation of the Company’s segments to the accompanying condensed consolidated financial statements:

Supplemental Information

(Unaudited)

Pharmacy Services Segment

The following table summarizes the Pharmacy Services Segment’s performance for the respective periods:

Supplemental Information

(Unaudited)

Retail/LTC Segment

The following table summarizes the Retail/LTC Segment’s performance for the respective periods:

Adjusted Operating Profit Guidance

(Unaudited)

The following reconciliation of estimated operating profit to estimated adjusted operating profit contains forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the section entitled “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. See also previous discussion at “Non-GAAP Financial Measures” for more information on how we calculate Adjusted Operating Profit.

Adjusted Earnings Per Share Guidance

(Unaudited)

The following reconciliation of estimated income before income tax provision to estimated adjusted earnings per share contains forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the section entitled “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. See also previous discussion at “Non-GAAP Financial Measures” for more information on how we calculate Adjusted EPS.

Free Cash Flow Guidance

(Unaudited)

The following reconciliation of net cash provided by operating activities to free cash flow contains forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the section entitled “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. See also previous discussion at “Non-GAAP Financial Measures” for more information on how we calculate Free Cash Flow.

Investor Contact:

Mike McGuire
Senior Vice President
Investor Relations
(401) 770-4050 

Media Contact:

Carolyn Castel
Vice President
Corporate Communications
(401) 770-5717

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Aetna Offers Assistance to Members Affected by Flooding in the Midwest

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HARTFORD, Conn., March 21, 2019 /PRNewswire/ -- Aetna, a CVS Health (NYSE:CVS) business, is offering resources to members who have been affected by floods in Illinois, Iowa, Kansas, Michigan, Nebraska, Ohio, South Dakota and Wisconsin.

Aetna members can refill their prescriptions early, if needed. Members who use Aetna's mail-order pharmacy can either get a prescription at an alternate delivery location or refill a prescription that may have been lost, damaged or destroyed.

In addition to helping with prescription refills, Aetna professionals who have experience dealing with traumatic events are also available to help. Aetna has opened its Resources for Living services to those affected by the flooding, regardless of whether they are Aetna members or not. Individuals can call 1-833-327-AETNA (1-833-327-2386) for assistance with finding available shelters, accessing government resources and seeking referrals or help to cope with the emotional impact of the floods.

Aetna members affected by the floods can also seek emergency care anywhere, as needed. The company will monitor the impact the flooding has on its network doctors, hospitals and other health care providers, and make further modifications to its policies as necessary to ensure members have access to care.

If any additional local, state or federal disaster executive orders or regulations are issued related to these catastrophic events, Aetna will adjust its policies to comply.

Aetna members and health care providers affected by the floods who need care or other assistance can reach the company at the following toll-free numbers:

  • Aetna Member Services: Call the number printed on your ID card*. If ID card is unavailable, call 1-800-443-AETNA (1-800-443-2386).
  • Rx Member Services and Aetna Rx Home Delivery Customer Service: 1-888-RX AETNA (1-888-792-3862)
  • Aetna Specialty Pharmacy Customer Service: 1-866-782-ASRX (1-866-782-2779)
  • Aetna Student Assistance Program: 1-877-351-7889
  • Aetna Dental: 1-877-238-6200
  • Aetna Vision Preferred: 1- 866-652-0018
  • Health care providers should contact the Provider Service Centers:
    Indemnity and PPO-based benefit plans: 1-888-MD-AETNA (1-888-632-3862)
    HMO benefit plans: 1-800-624-0756
  • Coventry Health Plans:
    • Commercial HMO and PPO Plans 1-866-847-8235
    • Medicare Advantage Plans 1-800-847-3995
    • Coventry National and First Health Plans 1-800-937-6824

* Members can find replacement ID cards and access to a Personal Health Record on Aetna's secure member site Aetna Navigator . Log in on Aetna's home page.

About CVS Health

CVS Health is the nation's premier health innovation company helping people on their path to better health. Whether in one of its pharmacies or through its health services and plans, CVS Health is pioneering a bold new approach to total health by making quality care more affordable, accessible, simple and seamless. CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has more than 9,800 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 93 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan. CVS Health also serves an estimated 39 million people through traditional, voluntary and consumer-directed health insurance products and related services, including a rapidly expanding Medicare Advantage offering. This innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at www.cvshealth.com.

Media Contact:

Shelly Bendit
212-457-0635
BenditS@aetna.com

SOURCE CVS Health

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CVS Health Reports Fourth Quarter and Full Year Results and Provides 2019 Full Year Guidance

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MinuteClinic Opens First Walk-in Medical Clinic in San Francisco

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WOONSOCKET, R.I., Nov. 7, 2018 /PRNewswire/ -- A new MinuteClinic walk-in medical clinic has opened inside the CVS Pharmacy store at 1900 19th Avenue in San Francisco, California, providing the community with convenient access to common health care services. The clinic is the first MinuteClinic location in the city of San Francisco and will be open seven days a week with no appointment necessary. It will provide a wide array of high-quality, affordable wellness services for patients ages 18 months and older. MinuteClinic is the retail medical clinic of CVS Health (NYSE: CVS), the largest pharmacy health care provider in the United States.

"Our new clinic will help increase access to high-quality, affordable health care for people who live and work in San Francisco," said Sharon Vitti, Senior Vice President and Executive Director, MinuteClinic. "We're excited to bring our unique care model to people in San Francisco and we look forward to being a health care resource for residents, when and where they need us."

MinuteClinic is staffed by nurse practitioners who specialize in family health care and can diagnose, treat and write prescriptions for common illnesses such as strep throat and ear, eye, sinus, bladder and bronchial infections. Minor wounds and abrasions, and sprains, strains and joint pain are treated, and common vaccinations for conditions such as influenza, tetanus, pneumonia and hepatitis A and B are available.

Prevention and wellness services offered at MinuteClinic include screening and monitoring for diabetes, high blood pressure and high cholesterol, tuberculosis (TB) testing, contraceptive care, motion sickness prevention and smoking cessation. In addition, MinuteClinic nurse practitioners can evaluate and treat common skin conditions, such as acne, dermatitis and rosacea.

At the conclusion of each MinuteClinic visit, patients receive educational material, a prescription (when clinically appropriate) and a visit summary. A copy of the diagnostic record can be sent electronically, or by fax or mail, to a primary care provider with patient permission.

Most major health insurance is accepted at MinuteClinic. For patients paying cash or credit, treatment prices are posted at each clinic and online at www.minuteclinic.com. The cost for most services is between $89 and $129.

Individuals who visit MinuteClinic and do not have a primary care provider are given a list of physicians in the community who are accepting new patients. A new digital tool accessible via www.minuteclinic.com allows patients to view wait times at all MinuteClinic locations. Patients can also hold a place in line or schedule a future appointment from the convenience of their smartphone, computer or tablet.

The new clinic in San Francisco will be open from 9:00 a.m. to 5:30 p.m. seven days a week.

About MinuteClinic

MinuteClinic is the retail medical clinic of CVS Health (NYSE: CVS), the largest pharmacy health care provider in the United States. MinuteClinic launched the first retail medical clinics in the United States in 2000 and is the largest provider of retail clinics with more than 1,100 locations in 33 states and the District of Columbia. By creating a health care delivery model that responds to patient demand, MinuteClinic makes access to high-quality medical treatment easier for more Americans. Nationally, the company has provided care through more than 42 million patient visits, with a 95 percent customer satisfaction rating. MinuteClinic is the only retail health care provider to receive four consecutive accreditations from The Joint Commission, the national evaluation and certifying agency for nearly 21,000 health care organizations and programs in the United States. For more information, visit www.minuteclinic.com.

Media Contact:

Amy Lanctot
(401) 770-2931
CVS Health
Amy.Lanctot@cvshealth.com

SOURCE MinuteClinic

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CVS Health to Present at the 37th Annual J.P. Morgan Healthcare Conference

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WOONSOCKET, R.I., Dec. 31, 2018 /PRNewswire/ -- CVS Health Corporation (NYSE: CVS) today announced that Larry Merlo, the company's president and chief executive officer, will be speaking to investors at the 37th Annual J.P. Morgan Healthcare Conference on January 8th, 2019, at approximately 11:00 a.m. PT (2:00 p.m. ET).

An audio webcast of the event will be broadcast simultaneously on the Investor Relations portion of the CVS Health website for all interested parties, and will be archived and available for a one-year period. To access the webcast or an archive of the event, visit http://investors.cvshealth.com.

About CVS Health

CVS Health is the nation's premier health innovation company helping people on their path to better health. Whether in one of its pharmacies or through its health services and plans, CVS Health is pioneering a bold new approach to total health by making quality care more affordable, accessible, simple and seamless. CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has more than 9,800 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 93 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan. CVS Health also serves an estimated 39 million people through traditional, voluntary and consumer-directed health insurance products and related services, including a rapidly expanding Medicare Advantage offering. This innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

SOURCE CVS Health Corporation

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CVS Health and Walmart Announce New PBM Pharmacy Network Agreement

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Walmart to Continue Participating in CVS Caremark Commercial and Managed Medicaid Retail Pharmacy Networks

Walmart also remains in CVS Caremark Medicare Part D networks

 

WOONSOCKET, R.I. and BENTONVILLE, Ark., Jan. 18, 2019 /PRNewswire/ -- CVS Health (NYSE: CVS) and Walmart (NYSE: WMT) today announced the companies have reached a multi-year agreement on terms under which Walmart will continue participating in the CVS Caremark pharmacy benefit management (PBM) commercial and Managed Medicaid retail pharmacy networks. The companies are not disclosing the financial terms of the new contract.

"We are very pleased to have reached a mutually agreeable solution with Walmart. As a PBM, our top priority is to help our clients and consumers lower their pharmacy costs," said Derica Rice, President, CVS Caremark, the PBM business of CVS Health. "This new agreement accomplishes our top priority and enables Walmart to continue participating in CVS Caremark's commercial and Managed Medicaid pharmacy networks and provides enhanced network stability for our clients and their members."

"We are pleased to have reached fair and equitable terms with CVS Caremark that are in the best interest of our customers, and we are glad our CVS Caremark customers will be able to continue saving money and living better," said Sean Slovenski, Senior Vice President, Walmart Health and Wellness. "We believe in putting our customers first by providing value and keeping our everyday low-price promise."

With the continuing participation of Walmart, the CVS Caremark national pharmacy network will have nearly 68,000 participating pharmacies for members to choose from, including independently-owned, community-based pharmacies, other local pharmacies in grocery stores and mass merchants, as well as regional and national chains.

Walmart and CVS Health already have an existing agreement in place for Walmart's participation in the CVS Caremark Medicare Part D pharmacy network. In addition, Walmart's Sam's Club division has an existing agreement to participate in the CVS Caremark pharmacy networks.

As a PBM CVS Caremark works hard to bring down the cost of drugs for clients and members through the implementation of highly effective clinical programs, innovative purchasing and formulary design and enhanced data analytics.

Walmart is committed to providing affordable healthcare through innovative programs like its $4 generic drug price program that lowered the cost of healthcare for millions of Americans. Walmart also gives communities across the nation access to convenient, quality healthcare by offering clinical services such as low-cost immunizations and medication counseling by Walmart Pharmacists, who are there to assist customers on their healthcare journey.

About CVS Health

CVS Health is the nation's premier health innovation company helping people on their path to better health. Whether in one of its pharmacies or through its health services and plans, CVS Health is pioneering a bold new approach to total health by making quality care more affordable, accessible, simple and seamless. CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has more than 9,800 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 93 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan. CVS Health also serves an estimated 39 million people through traditional, voluntary and consumer-directed health insurance products and related services, including a rapidly expanding Medicare Advantage offering. This innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere in retail stores, online, and through their mobile devices. Each week, nearly 265 million customers and members visit our more than 11,200 stores under 55 banners in 27 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.

CVS Health Contacts

CVS Health
Corporate Communications
(401) 770-3317
christine.cramer@cvshealth.com

Mike McGuire
CVS Health
Investor Relations
(401) 770-4050
michael.mcguire@cvshealth.com

Walmart Contacts

Marilee McInnis
Walmart Media Relations
1-800-331-0085
news.walmart.com/reporter

Dan Binder
Walmart
Investor Relations
479-258-7172
Daniel.Binder@walmart.com

SOURCE CVS Health; Walmart

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CVS Health announces transaction With Vitality Re X

CVS Health announces transaction With Vitality Re X
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WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced that Aetna, a CVS Health business, has entered into a four-year reinsurance arrangement with Vitality Re X Limited as part of its long-term capital management strategy. The arrangement allows CVS Health to reduce its required capital and provides $200 million of collateralized excess of loss reinsurance coverage on a portion of Aetna's group commercial health insurance business.Amounts payable under the reinsurance arrangement are based on the annual medical benefit ratio ("MBR") of a portion of Aetna Life Insurance Company's group commercial PPO, POS and indemnity business compared to a threshold attachment point specified in the applicable reinsurance arrangement. The principal amount of the Vitality Re X notes, which are non-recourse to CVS Health and Aetna, and the coverage available under the reinsurance arrangement will be reduced by any payments to Aetna under the reinsurance arrangement. Aetna will be entitled to begin to receive payments from Vitality Re X under the reinsurance arrangement if the MBR of the covered business for calendar year 2019 reaches an initial attachment point of 98%. The full $200 million of coverage would be paid to Aetna if the MBR of the covered business reaches an initial exhaustion point of 118% for calendar year 2019. The attachment and exhaustion points will be reset annually for 2020, 2021 and 2022 to maintain modeled probabilities of attachment and expected loss on the Vitality Re X notes equal to the initial modeled probabilities of attachment and expected loss. Vitality Re X Limited is a newly formed insurance company which issued health insurance-linked notes in a private offering in connection with this transaction.

"Today's transaction marks the successful completion of the tenth reinsurance arrangement under the Vitality Re program," said CVS Health Chief Financial Officer Eva Boratto. "The Vitality Re program is an important component of our capital structure that lowers our cost of capital and drives capital efficiency."

About CVS Health

CVS Health is the nation's premier health innovation company helping people on their path to better health. Whether in one of its pharmacies or through its health services and plans, CVS Health is pioneering a bold new approach to total health by making quality care more affordable, accessible, simple and seamless. CVS Health is community-based and locally focused, engaging consumers with the care they need when and where they need it. The Company has more than 9,800 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 93 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan. CVS Health also serves an estimated 39 million people through traditional, voluntary and consumer-directed health insurance products and related services, including a rapidly expanding Medicare Advantage offering. This innovative health care model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

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