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2023 Annual Review     |

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Cordavis logo
Beginning in 2024, the list price of the Cordavis™ Hyrimoz® will be more than 80% lower than the current list price of Humira®.
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CVS Caremark TrueCost™ will offer another transparent option that is reflective of the true cost of prescription drugs, with visibility into administrative fees.
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CVS CostVantage™ uses a simpler and more transparent approach to address reimbursement pressure in retail pharmacy, creating a more sustainable industry.
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Delivers clinical cost savings through improved care coordination and implementation of innovative models and risk-based programs.

Superior Value

Providing better experiences for consumers.

We’re putting people first in every decision we make. Doing this, plus consistently delivering quality care across all of our assets, will lead to improved experiences and long-term business growth.

Our purpose and commitment to improving overall health starts with building engagement among those we serve. For example, when customers access two or more CVS Health® offerings, they have better outcomes and experiences and stay with us longer.

Not only can we provide exceptional care to those members, but we see increased medical cost savings for Aetna® and CVS Caremark® members, as well as improved medication adherence for CVS Pharmacy® versus non-CVS Pharmacy. Fully integrated customers and the Company’s multi-payor capabilities also provide greater enterprise lifetime value to the Company.

We are continuously innovating and offering more choices for our customers, health plan clients and consumers. We expect that Cordavis will help ensure consistent long-term supply of affordable biosimilars. As its first product, Cordavis will co-manufacture Hyrimoz (adalimumab-adaz), a biosimilar for Humira, in the first quarter of 2024 under a Cordavis private label.

This year, we announced two new model innovations to bring more simplicity and transparency for our consumers and clients. Our new retail pharmacy reimbursement model, CVS CostVantage, will define the drug cost and related reimbursement with contracted PBMs and payors, using a transparent formula built on the cost of the drug, a set markup, and a fee that reflects the care and value of pharmacy services.

CVS Caremark TrueCost will provide our pharmacy benefit clients with another valuable option and the flexibility to choose a pharmacy benefit model that works best to achieve their goals. CVS Caremark TrueCost and CVS CostVantage are both foundational steps towards bringing more value to the consumers and patients we serve. Both models will be launched for commercial clients in 2025.

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55+ million

consumers access two or more CVS Health® offerings

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Up to


higher enterprise lifetime value when an Aetna® member engages with two or more CVS Health businesses

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GLP-1 savings for CVS Caremark® clients

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$1+ billion

Specialty cost savings in 2023

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Helping enable a more transparent, simple health care system

At CVS Health®, we are building a world of health around consumers. As part of our commitment, we are reshaping the future of drug pricing, bringing greater transparency to the system while assuring important access to pharmacy services for Americans.

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2023 Annual Review

CEO Message

Financial Highlights

Superior Assets

Superior Care

Superior Value

Healthy 2030