Figure 5: CVS Health Corp. (CVS) Q4 2025 Earnings Call
savings and better engagement and outcomes. While Oak Street Health represents a relatively small portion of our enterprise today, we are focused on thoughtfully expanding the number of patients we serve. We have taken steps to position ourselves for a more sustainable and attractive business over the long term, and we will continue making leading models like Oak Turning to our pharmacy businesses. We made significant progress in 2025. The value proposition of Caremark manufacturers continue to increase prices and put untenable strain on the Us health care system. Brand list price manufacturers have made more than 750 drug price increases, adding $25 billion of costs to the healthcare members is a critical check on the monopolistic tendencies of branded drug manufacturers. We use every tool at innovative and transparent PBM model, our industry leading specialty pharmacy capabilities, and our unique partner with us to achieve their goals. Caremark's priorities have remained consistent and this business has been adaptive to client needs and market dynamics. This includes regulatory changes and our perspective here is support legislation that creates greater transparency for all stakeholders, including consumers and enable savings to be seen directly at the pharmacy counter. We believe the recent regulatory changes impacting the commercial market are manageable, particularly given the timeline for implementation TrueCost model. We have been moving in this direction since we announced TrueCost in December of 2023 and puts the focus back on what matters most in the market, ensuring patients access the right medicine at the lowest Caremark consistently evolves to respond to our clients' needs and drive changes in the market. We did this two years ago with TrueCost and continue to do this today, including our work with the administration and our role as And finally, CVS pharmacy exceeded expectations in 2025 and established a new trajectory of at least flat earnings annually starting in 2026. This turnaround reflects our consistent investments in colleagues, technology and the consumer experience. These were important and deliberate actions to transform consumer engagement at a national scale and community pharmacies. They also ensure we maintain our position as a trusted provider in