Overview Key strengths Key risks Consumer-centric health care initiatives supported by significant U.S. market presence, brand awareness, and management expertise. General merchandise sales face intense competitive pressures from mass discounters and e-commerce retailers. Favorable health care demand fundamentals lead to higher prescription volume. Reimbursement rate and drug price pressures are persistent headwinds that could erode margins. Financial flexibility from substantial cash and short-term balances of $11.3 billion as of March 31, 2022. Acquisitions history and expected share repurchase may cause event risk. Good market position in pharmacy retailing and health insurance. CVS has focused on annual net debt repayment since closing on Aetna at the end of 2018 and deleveraged meaningfully even during pandemic-induced volatility in 2021. This improved leverage
