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CVS Caremark Reports Record Results in Fourth Quarter and Year 2008

he accelerated vesting of certain Caremark stock options, which vested upon consummation of the merger due to the change in control provisions of the underlying Caremark stock option plans, $42.9 million of change-in-control payments due upon the consummation of the merger, resulting from the change-in-control provisions in certain Caremark employment agreements, and merger-related costs of $150.1 million.

(5) The fourth quarter of fiscal 2008 and fiscal 2008 include the results of RxAmerica from the acquisition date (October 20, 2008) forward.

EBITDA and EBITDA per Adjusted Claim


The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization (and excluding merger and integration related costs). We define EBITDA per adjusted claim as EBITDA divided by adjusted pharmacy claims. Adjusted pharmacy claims normalize the claims volume statistic for the difference in average days' supply for mail and retail claims. Adjusted pharmacy claims are calculated by multiplying 90-day claims (the majority of total mail claims) by 3 and adding the 30-day claims. EBITDA can be reconciled to operating profit, which we believe to be the most directly comparable GAAP financial measure.

Following is a reconciliation of operating profit to EBITDA:

    Pharmacy Services Segment - Comparable Financial Information (1)
                                                    Fiscal Quarter Ended
    In millions, except per adjusted claim      December 31,     December 29,
     amounts                                         2008(3)            2007
    Operating profit                                 $760.4           $732.3
      Merger and integration costs(2)                   4.2             22.0
    Comparable operating profit                      
SOURCE CVS Caremark Corporation
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