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CVS Caremark Reports Record Results in Fourth Quarter and Year 2008
Date:2/19/2009

(1) On December 23, 2008, our Board of Directors approved a change in our fiscal year end from the Saturday nearest December 31 of each year to December 31 of each year to better reflect our position in the health care, rather than retail, industry. The fiscal year change was effective beginning with the fourth quarter of fiscal 2008. Prior to Board approval of this change, the Saturday nearest December 31, 2008 would have resulted in a 53-week fiscal year that would have ended January 3, 2009. As you review our operating performance, please consider that fiscal years 2008 and 2007 include 368 days and 364 days, respectively.

Supplemental Unaudited Information

The Company evaluates segment performance based on net revenue, gross profit and operating profit before the effect of discontinued operations and certain intersegment activities and charges. Following is a reconciliation of the Company's business segments to the accompanying consolidated financial statements:

                           Pharmacy      Retail
                           Services     Pharmacy   Intersegment  Consolidated
    In millions           Segment(2)(4) Segment(5) Eliminations(3)  Totals(1)
    Fiscal Quarter Ended:
      December 31, 2008:
        Net revenues         $11,784.3  $13,831.5       $(1,473.6) $24,142.2
        Gross profit           1,019.6    4,204.0               -    5,223.6
        Operating profit         760.4      971.4               -    1,731.8
      December 29, 2007:
        Net revenues         $11,611.4  $11,638.5       $(1,307.5) $21,942.4
        Gross profit           1,001.5    3,449.3               -    4,450.8
        Operating profit         754.7      721.2               -    1,475.9
    Fiscal Year Ended:
      December 31, 2008:
        Net revenues         $43,769.2  $48,989.9       $(5,287.2) $87,471.9
        Gross profit           3,550.0   14,740.4     
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SOURCE CVS Caremark Corporation
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