The fourth quarter put an end cap on a challenging year for CVS, in which it aggressively grew its share in Medicare Advantage plans and other insurance offerings only to be met with unprecedented growth in medical utilization. This led the approximately $130 billion revenue-generating Health Care Benefits (Aetna) business to generate essentially no profit for the year. While we expect profitability in 2025 to trend higher, we still project depressed margins in Health Care Benefits for the year relative to historical levels. The Pharmacy and Consumer Wellness segment profitability has also been challenged by declining pharmacy reimbursement for branded drugs, share loss in front-of-store sales, and elevated shrink. We expect the pressures in the retail pharmacy, including a cautious
