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CVS Caremark Outlines Strong Growth for 2012 and Confirms 2011 Guidance
Date:12/20/2011

tition over the next several years, so we see a very significant opportunity for earnings growth through 2015."

The company also announced that its board of directors has approved an increase in its quarterly dividend of approximately 30%, to $0.1625 (16.25 cents) per share on the common stock of the corporation, payable February 2, 2012, to holders of record on January 23, 2012. This increase translates into an annual rate of 65 cents per share, up 15 cents per share from the previous annual rate of 50 cents. The company reaffirmed its dividend payout ratio target of approximately 25% to 30% by 2015, which implies a compounded dividend growth rate of nearly 25% per year from 2010. Based on the company's 2012 earnings expectations, the new dividend rate translates into a 20% to 21% payout ratio, an increase from 19% to 20% in 2011 and 13% in 2010.

"The board's decision to increase the dividend by 30% recognizes that we accomplished what we set out to do in 2011 and that we are in a very healthy position going into 2012," stated Denton. "Combined with the 43% increase in January of 2011, this increase puts us well on track to meet our targeted 25% to 30% dividend payout ratio by 2015. It marks our ninth consecutive year of dividend increases, and this substantial increase reflects our solid financial performance, our optimism with respect to future growth and our very significant cash generation capabilities. We remain committed to using our free cash flow to enhance total returns for our shareholders through a combination of high-return investments, dividend increases and value-enhancing share repurchases."

About CVS Caremark

CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are a pharmacy innovation company, uniquely positioned to engage plan members in behaviors that improve their health and to lower overall health care costs fo
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