Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission (“SEC”) filings, including those set forth in the Risk Factors section and under the section entitled “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and in our most recently filed Quarterly Report on Form 10-Q.You are cautioned not to place undue reliance on CVS Health’s forward looking statements. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Operating income in both periods reflects increased intangible asset amortization related to the Aetna Acquisition, which more than offset the increases in adjusted operating income described below for the three months ended December 31, 2019.Adjusted operating income increased $189 million and $4.7 billion for the three months and year ended December 31, 2019, respectively, compared to the prior year primarily due to the Aetna Acquisition.Medical membership as of December 31, 2019 of 22.9 million increased compared with September 30, 2019, reflecting increases in Medicare, Medicaid and Commercial products.The Health Care Benefits segment experienced favorable development of prior-periods’ health care cost estimates in its Commercial and Government businesses in the three months ended December 31, 2019, primarily attributable to third quarter 2019 performance.Prior years’ health care costs payable estimates developed favorably by $524 million during the year ended December 31, 2019. Score amazing sales prices on your favorite products when you shop CVS online! The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Company’s ability to compare past financial performance with current performance and analyze underlying business performance and trends.Effective for the first quarter of 2019, the Company realigned the composition of its segments to correspond with changes to its operating model and reflect how the CODM reviews information and manages the business. Aetna's former CEO, Mark Bertolini, told The Wall Street Journal that he was being pushed off of the CVS board. The decrease in the effective income tax rate for both periods was primarily due to the absence of the goodwill impairment charges recognized during 2018, the majority of which were not deductible for income tax purposes.The Pharmacy Services segment provides a full range of pharmacy benefit management solutions to employers, health plans, government employee groups and government sponsored programs. The increase in operating income and adjusted operating income in both periods was primarily driven by increased claims volume, the addition of Aetna’s mail order and specialty pharmacy operations and improved purchasing economics, partially offset by continued price compression. Revenue rose 23% to $66.9 billion from $54.4 billion.The stock was up more than 1% in premarket trading after initially falling about 1%.CVS's health benefits business more than doubled in revenue from $6.24 billion during the last three months of 2018 to $17.15 billion during the fourth quarter, thanks largely to its November 2018 acquisition of Aetna.Same-store sales rose 3.2% during the quarter, with sales in its pharmacy unit up 4.1%, CVS reported. Adjusted earnings per share fell to $1.73 from $2.14.

During the year ended December 31, 2018, acquisition-related integration costs also relate to the acquisition of Omnicare, Inc. Statements in this press release that are forward-looking include the information under the heading “2020 Full Year Guidance” and the related endnotes and reconciliations and the information in Mr. Merlo’s quoted statement. Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:"As we work to transform the way health care is delivered to millions of Americans, we are driving continued business performance and generating positive momentum across the enterprise," CVS President and CEO Larry Merlo said in a statement. For example: “project health"“As we work to transform the way health care is delivered to millions of Americans, we are driving continued business performance and generating positive momentum across the enterprise. The increase for the year ended December 31, 2019 was also partially offset by higher interest expense primarily due to financing activity associated with the Aetna Acquisition and the assumption of Aetna’s debt as of the Aetna Acquisition Date.The effective income tax rate was 25.3% and 26.3% for the three months and year ended December 31, 2019, respectively, compared to 513.7% and 142.4% for the three months and year ended December 31, 2018, respectively.

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