Conclusion

CVS results have remained relatively consistent over the past 5 years considering numerous
acquisitions. There was a significant improvement in Operating Expenses comparing 2010 to
2014. There has been a decline in Gross Sales comparing 2010 and 2011 to the most recent 3
years. There was an increase in Net Income between 2010 and 2013.
Express Scripts performance has significantly changed since the purchase of MedCo in 2012.
Gross Profits on sales have increased. However the operating expense has doubled between
2010 and 2014. Net Income has decreased between 2010 and 2014. In 2014, 400 employees
were laid off. Additionally they lost several large clients which had an impact on their
financial performance.
Relative to cash flow, CVS paid dividend of 2013 and 2014 while Express Scripts did not pay
any dividends. CVS had a significant increase in financing activities and an increase in

accounts payables and accrued liabilities. We believe these results are based on acquisitions
in 2014.
In conclusion, comparing the two companies the choice would be to include CVS Health in
an investment portfolio.

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