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 suppressing margins Healthy cash flow generation on a sustained basis to support shareholder returns and re-investment into business Integration efforts stemming from acquisitive and transformational strategy In May, CVS Health Corp. revised its full-year generally accepted accounting principles-diluted earnings per share guidance range to $6.90-$7.12 from $7.73-$7.93, which we view as credit positive. S&P Global Ratings believes CVS will achieve its $12.5 billion-$13.5 billion cash flow from operations
