2020 Form 10-K

1 UNITED STATES. SECURITIES AND EXCHANGE COMMISSION. Washington, 20549. form 10-K. (Mark One). ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2020. or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from _____ to_____. Commission file number: 001-01011. CVS HEALTH CORPORATION. (Exact name of registrant as specified in its charter). Delaware 05-0494040. (State or other jurisdiction of incorporation or organization) ( Employer Identification No.)

2 One CVS Drive, Woonsocket, Rhode Island 02895. (Address of principal executive offices) (Zip Code). Registrant's telephone number, including area code: (401) 765-1500. Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $ per share CVS New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

3 Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

4 Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, . smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer . Non-accelerated filer Smaller reporting company . Emerging growth company . If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

5 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 7262(b)) by the registered public . accounting firm that prepared or issued its audit report. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of the registrant's common stock held by non-affiliates was approximately $84,719,366,378 as of June 30, 2020, based on the closing price of the common stock on the New York Stock Exchange.

6 For purposes of this calculation, only executive officers and directors are deemed to be affiliates of the registrant. As of February 8, 2021, the registrant had 1,311,354,926 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE. The following materials are incorporated by reference into this form 10-K: Information contained in the definitive proxy statement for CVS Health Corporation's 2021 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2020 (the Proxy Statement ), is incorporated by reference in Parts III and IV to the extent described therein.

7 TABLE OF CONTENTS. Page Part I. Item 1: Business 2. Item 1A: Risk Factors 32. Item 1B: Unresolved Staff Comments 61. Item 2: Properties 61. Item 3: Legal Proceedings 61. Item 4: Mine Safety disclosures 62. Information about our Executive Officers 63. Part II. Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 64. Securities Item 6: Reserved 65. Item 7: Management's Discussion and Analysis of financial Condition and Results of Operations 66. Item 7A: Quantitative and Qualitative disclosures About Market Risk 97.

8 Item 8: financial Statements and Supplementary Data 100. Item 9: Changes in and Disagreements With Accountants on Accounting and financial Disclosure 176. Item 9A: Controls and Procedures 176. Item 9B: Other Information 177. Part III. Item 10: Directors, Executive Officers and Corporate Governance 177. Item 11: Executive Compensation 177. Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 177. Item 13: Certain Relationships and Related Transactions, and Director Independence 178.

9 Item 14: Principal Accountant Fees and Services 178. Part IV. Item 15: Exhibits and financial Statement Schedules 179. Item 16: form 10-K Summary 183. Signatures 184. Unless the context otherwise requires, references to the terms we, our or us used throughout this Annual Report on form 10-K (this 10-K ) refer to CVS Health Corporation (a Delaware corporation) ( CVS Health ) and its subsidiaries (collectively, the Company ). References to competitors and other companies throughout this 10-K, including the information incorporated herein by reference, are for illustrative or comparison purposes only and do not indicate that these companies are the Company's or any segment's only competitors or closest competitors.

10 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS. The Private Securities Litigation Reform Act of 1995 (the Reform Act ) provides a safe harbor for forward-looking statements, so long as (1) those statements are identified as forward-looking, and (2) the statements are accompanied by meaningful cautionary statements that identify important factors that could cause actual results to differ materially from those discussed in the statement. We want to take advantage of these safe harbor provisions. Certain information contained in this 10-K is forward-looking within the meaning of the Reform Act or SEC rules.