Develop a 3 page analysis of the CVS case study located in the module.  As part of your analysis, be sure to address the following (Note:  There is no need to concern yourself with any discussion questions that may be in the case):

*  Case analyses that are overly general and do not comprehensively address the strategic management concepts from the text will receive low grades.

*  Apply at least three of the following strategic analysis text tools. Be sure that the focus of your analysis is on the following strategic analysis tools.  In addition, please make these some of your papers section titles:

Strategic group mapping (bubble map)
Competitor analysis
Key success factor analysis
Ratio analysis
Financial analysis
VRIN tests
Value chain analysis
Generic strategy analysis
Cost driver analysis
Marketing tactics (first strike, guerilla, others)
Defensive strategies
First mover strategies
Horizontal and vertical strategies
Industry attractiveness tes

*  Perform real analysis on the case (tables/charts/financial analysis)

*  Charts and tables need to be professionally assembled with effective titles and labels

*  Avoid retelling the case and assume the professor has read it

*  Provide a set of clear and specific recommendations to move the organization forward.

*  Single spaced, 12 pt font, times roman, APA style, section titles use lower case bold, title page, no headers or footers

* Avoid cut-and-paste of charts, pictures and tables from another source (your own creative work is needed).

* Is well organized with section titles

* Strategic management terms need to be used to support your thoughtful ideas.

*  Avoid a conversational/first person tone in an analysis

CVS Health: Checking the Vital Signs of the
Largest Pharmacy Company in the US

Case

Author: Karen L. Pellegrin

Online Pub Date: January 04, 2017 | Original Pub. Date: 2017

Subject: Strategic Human Resource Management, Strategic Implementation, Health Care

Management

Level: Intermediate | Type: Indirect case | Length: 3389 words

Copyright:

© Karen Pellegrin 2017

Organization: CVS Health | Organization size: Large

Region: United States of America | State:

Industry: Human health activities

Originally Published in:

Publisher: SAGE Publications: SAGE Business Cases Originals

DOI: http://dx.doi.org/10.4135/9781526408006 | Online ISBN: 9781526408006

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http://dx.doi.org/10.4135/9781526408006

© Karen Pellegrin 2017

This case was prepared for inclusion in SAGE Business Cases primarily as a basis for
classroom discussion or self-study, and is not meant to illustrate either effective or ineffective
management styles. Nothing herein shall be deemed to be an endorsement of any kind. This
case is for scholarly, educational, or personal use only within your university, and cannot be
forwarded outside the university or used for other commercial purposes. 2018 SAGE
Publications Ltd. All Rights Reserved.

This content may only be distributed for use within Franklin Pierce University.
http://dx.doi.org/10.4135/9781526408006

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Abstract

CVS Health is a major pharmacy corporation that has achieved impressive financial
performance over several years as well as national distinction as the first national
pharmacy chain to discontinue sales of tobacco products. With a growth strategy
focused on adding value to the healthcare system, CVS has more recently
experienced a stock price slump. This case introduces the “balanced scorecard”
framework, which was developed and refined by Kaplan and Norton to include
important non-f inancial measures of performance in support ing strategy
implementation, and invites students to use this framework to analyze CVS
performance. Key trends in the changing role of the pharmacist are presented to
provide important context for this analysis.

Case

Learning Outcomes

Students will have an improved understanding of:

the changing role of retail pharmacists in the healthcare industry;
the importance of a “balanced scorecard” approach that includes financial and non-
financial performance measurement to support strategy implementation;
different approaches for retail pharmacies to implement a strategy that is focused on
adding value to the healthcare system.

Introduction

CVS Caremark Corporation was rebranded as “CVS Health” in 2014 on the heels of their bold
announcement that they would be the first national pharmacy chain to discontinue sales of all
tobacco products.

“As the delivery of health care evolves with an emphasis on better health outcomes,
reducing chronic disease and controlling costs, CVS Caremark is playing an
expanded role through our 26,000 pharmacists and nurse practitioners. By removing
tobacco products from our retail shelves, we will better serve our patients, clients and
health care providers while positioning CVS Caremark for future growth as a health
care company. Cigarettes and tobacco products have no place in a setting where
health care is delivered. This is the right thing to do.”

Larry J. Merlo, CVS President and CEO, February 5, 2014

President Obama publicly congratulated and thanked Mr. Merlo for making this decision,
indicating it “will have a profoundly positive impact on the health of our country“. With this
decision, CVS gave up $2 billion per year in revenue. Some said this apparently altruistic
decision didn’t make sense for a publicly traded company with a fiduciary duty to advance
shareholder wealth. Others declared it a brilliant business strategy to better position the
company for future growth by:

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http://cvshealth.com/thought-leadership/expert-voices/message-from-larry-merlo-president-and-ceo

https://www.washingtonpost.com/news/post-politics/wp/2014/02/05/obama-praises-cvss-decision-to-stop-selling-cigarettes/

http://www.forbes.com/sites/bryanpearson/2015/09/03/when-the-butt-stopped-here-what-banning-tobacco-has-meant-for-cvs/#6b4975cd2e9b

Exiting a shrinking market (smokers).
Entering a growth market (healthcare in the age of expanded health insurance coverage
due to the Affordable Care Act, aka “Obamacare”).
Enhancing a positive company image.

CVS stock price closed at 66.11 on February 4, 2014, the day before this announcement, at
80.36 on September 3, 2014, the day the discontinuation of tobacco sales took effect and, a
year later, at 101.59. This significant stock price increase suggests broad confidence in the
CVS business strategy. In June of 2016, however, CVS stock slipped after Morgan Stanley
stated it was no longer bullish on CVS. This case provides an overview of the retail pharmacy
industry, introduces the balanced scorecard framework, and applies this framework to assess
CVS’ new strategy implementation.

The Changing Role of the Community Pharmacist

The pharmacy profession has changed greatly over more than a century, almost coming full
circle from the origins of the profession as “apothecaries” who provided direct patient care,
including prescribing and preparing remedies and otherwise practicing as a doctor, typically in
a retail shop that sold a variety of products. As medicine and pharmacy separated into
different professions, the pharmacist continued to play a direct patient care role, but one that
focused on compounding medications and counseling patients in their use while physicians
focused on diagnosis and prescribing treatments. With the growth of the pharmaceutical
industry and more medications being manufactured outside of pharmacies, William Procter,
Jr. (a.k.a., the father of American Pharmacy) expressed concern that, “If the preparation of
medicines is taken from the apothecary and he becomes merely the dispenser of them… he
relapses into a simple shopkeeper.“

The fate of many pharmacists has been worse than that. As independent pharmacies lost
market share to the economies of scale offered by chain pharmacies, many pharmacists gave
up the role of store owner. These chain pharmacists became solely drug dispensers with very
little or no patient contact and no involvement with physicians in treatment decisions. While
the dispensing role is an important one, and important to get right, the unique training of
pharmacists as clinicians and medication experts is largely untapped when they are relegated
to the role of dispensers.

As the healthcare industry is experiencing dramatic change, particularly with the passage of
the Patient Protection and Affordable Care Act (PPACA or “Obamacare”), the value of the
community pharmacist as clinician and key member of the care team is resurfacing along with
the retail pharmacy as a center for health care (rather than just a place to pick up prescription
medications and sundries). With a growing shortage of primary care physicians, retail
pharmacies are filling at least some of the gaps, providing health screenings, vaccinations,
and other healthcare services. At last, pharmacists are finding ways to emerge from behind
the counter and shake off the role as the most underutilized healthcare professionals.

Community Pharmacists as Drivers of Value

As trusted and accessible health professionals, community pharmacists are well positioned to
improve quality and reduce costs of healthcare. The most common treatments for the vast
majority of conditions are medications, particularly for chronic conditions that drive up
healthcare costs. Pharmacists, who now must earn a Doctor of Pharmacy degree to enter the
profession, are trained to be medication experts, keeping up with new drug development as

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https://finance.yahoo.com/quote/CVS/history?ltr=1

http://www.marketwatch.com/story/cvss-stock-drops-after-morgan-stanley-gives-up-on-its-bullish-view-2016-06-20

http://drugtopics.modernmedicine.com/drug-topics/news/apothecary-pharmd-160-years-caring-patients?page=0,0

http://drugtopics.modernmedicine.com/drug-topics/news/apothecary-pharmd-160-years-caring-patients?page=0%2C1

http://www.nacds.org/pdfs/DSN_RxIMPACT2016

well as research on how drugs are optimally used. And although drug costs are increasing,
when used properly, drugs save lives and help keep patients out of the hospital, which is
much more expensive than most drug regimens. In other words, pharmacists can drive value
through their expertise in optimizing medications (Isetts et al., 2008).

One recent study examined the impact of strategic deployment of hospital and community
pharmacists in managing medications among high risk patients. In this model, t h e
pharmacists were deployed outside of traditional dispensing roles in both hospital and
community settings (Pellegrin, 2015). Hospital pharmacists identified inpatients who were at
risk of medication problems and handed them off to community pharmacists at discharge.
These community pharmacists, employed by independent retail pharmacies, worked with
patients and their medication prescribers for up to a year after discharge to optimize the
medication regimen. This pharmacist-led medication management model was associated with
a significant reduction in medication-related hospitalizations compared to patients not
receiving these services. In addition, the cost savings from avoiding hospitalizations were
greater than the cost of deploying pharmacists in these non-traditional roles, demonstrating
how pharmacists can simultaneously improve care and reduce healthcare costs (Pellegrin et
al., 2016).

In both the Isetts et al. (2008) and Pellegrin et al. (2016) studies, pharmacists were deployed
to use their unique training to optimize medications according to best practice. In this
approach, patient adherence to prescription medications is addressed only after the
pharmacist first ensures that the patient is on an optimal medication regimen. This is
important to prevent patients from taking an inappropriate or unsafe medication. The best-
practices for managing medications involve the pharmacist reviewing the patient’s clinical
records and coordinating all medications across prescribers and across dispensing
pharmacies to address the following medication issues:

Indication: The pharmacist ensures discontinuation of unnecessary medications and
initiation of appropriate medications for untreated conditions.
Effectiveness: The pharmacist monitors the effect iveness of each medicat ion,
implementing evidence-based dose increase or switching to another medication as
needed so that clinical goals are met.
Safety: The pharmacist monitors the safety of each medication, implementing dose
decrease or switching to another medication as needed to minimize risk of adverse events
or side effects.
Adherence: Once the above issues are addressed, ensuring an optimal medication
regimen, the pharmacist monitors adherence and intervenes as needed to support the
patient in taking the medications properly.

CVS Health Strategy

With nearly 10,000 retail drug store locations and over 24,000 employed pharmacists, CVS
Health is well positioned to deliver value by scaling community pharmacist models proven to
improve quality and reduce costs. This is consistent with its growth strategy that is “focused
on creating superior value for patients, payors, and providers through an unmatched suite of
integrated assets“ This suite of assets comprises the following segments:

Retail Segment:

CVS Pharmacy is its chain of retail pharmacy stores. According to the CVS 2015 annual

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http://www.ncbi.nlm.nih.gov/pmc/articles/PMC4507366/?report=classic

http://onlinelibrary.wiley.com/doi/10.1111/jgs.14518/full

http://accesspharmacy.mhmedical.com/book.aspx?bookID=491

http://investors.cvshealth.com/2015-in-review/ceo-shareholder-letter

http://investors.cvshealth.com/~/media/Files/C/CVS-IR-v3/reports/2015-annual-report

report, CVS has over 9,000 retail pharmacies where pharmacists dispense prescription
medications and perform some other services such as counseling about those
medications and helping patients adhere to them as well as providing flu vaccinations.
CVS MinuteClinic offers a variety of healthcare services, including diagnosing and treating
common illnesses, which are delivered by nurse practitioners in over 1,000 locations.
These walk-in clinics are not designed to replace the primary care physician but rather as
a supplement by providing convenient, standardized services that don’t require a
physician’s judgement. This approach aligns with efforts to improve the efficiency of the
healthcare system by ensuring that all clinical staff are working at the “top of their
license“; that is, healthcare services should be staffed so that no licensed clinician is
doing work that can be performed competently by a less expensive clinician. In the case of
the MinuteClinics, this means nurse practitioners providing top-of-their-license care that
doesn’t require a physician.

Pharmacy Benefit Management Segment:

CVS Caremark includes their mai l order pharmacy and their pharmacy benefit
management (PBM) unit that works for health insurance plans to help control drug costs
for the plans by negotiating with pharmacies and drug manufacturers to get discounts on
drug prices. This unit also includes the Pharmacy Advisor program, which offers services
to health plan members with chronic conditions, specifically pharmacists helping them
adhere to their medications and making recommendations to their physicians regarding
starting an additional medication.
CVS Specialty provides pharmacy services to patients with rare or complex conditions that
require specialty care and prescription medications and/or outpatient infusion services.

However, despite years of robust financial performance, Morgan Stanley and others are
concerned that this performance can’t be sustained. Were there earlier warning signs?

Organizational Vital Signs

There are four key vital signs medical professionals measure routinely to alert them to
potential health problems—temperature, pulse rate, respiration rate, and blood pressure—
each one an indicator of a core aspect of human function. In 1992, Kaplan and Norton
introduced the concept of the “Balanced Scorecard“ as a way to expand organizational
monitoring beyond financial measures into a more complete set of vital signs (to borrow the
analogy from medicine) that capture key aspects of organizational functioning. The aim was
not to minimize the importance of financial indicators. To the contrary, the aim was to build a
more robust monitoring system that provides early warning of problems that could harm
financial performance so those problems can be corrected. Thus, the balanced scorecard
approach aims to protect the long-term financial health of an organization.

Since the concept was introduced and implemented across many different companies, Kaplan
and Norton have developed an approach that links an organization’s strategy to core
measures. The following areas of organizational functioning comprise the balanced scorecard.

Learning and growth: measures of organizational culture, leadership, and other aspects
of human capital.
Process: measures of operations (e.g., supply chain), market share, innovation, and
regulatory issues.
Customer: the value proposition to the customer, which includes their perceptions of price

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http://investors.cvshealth.com/~/media/Files/C/CVS-IR-v3/reports/2015-annual-report

http://medicaleconomics.modernmedicine.com/medical-economics/content/tags/efficiency/time-money-4-ways-manage-practice-productivity-organize-st?page=full

http://www.investopedia.com/articles/markets/070215/what-pharmacy-benefit-management-industry.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186

http://cvshealth.com/about/our-offerings/cvs-caremark/pharmacy-advisor

http://www.marketwatch.com/story/cvss-stock-drops-after-morgan-stanley-gives-up-on-its-bullish-view-2016-06-20

http://www.hbs.edu/faculty/Publication%20Files/10-074

relative to benefits (e.g., quality, function, image, availability) of the product or service.
Financial: the more traditional measures of costs and revenues.

The specific measures an organization monitors should be driven by and aligned with the
organization’s strategy. Ultimately, Kaplan and Norton advocate use of the balanced
scorecard framework within “a comprehensive management system that integrates strategy
and operations“ (p. 28).

Considerations for a balanced CVS scorecard

The CVS Health 2015 annual report indicates that the PBM segment is growing and
represents nearly two-thirds of total company revenue, yet it contributes less than half of total
profit. In contrast, profit from the retail stores, including prescription medications, is nearly
double that of the PBM segment. The balanced scorecard approach to strategy
implementation and management encourages an analysis of factors that go beyond these
financial indicators. The issues to consider in each of these two segments are presented
below.

CVS PBM segment

Morgan Stanley reported that it was no longer bullish on CVS in 2016 due to the emergence
of a strong PBM competitor. The PBM industry grew out of efforts by health insurance
companies to control rapidly increasing expenditures on medications. PBMs establish a list of
prescription medications—called a “formulary”—that are the covered medications for a health
plan that contracts with the PBM to manage costs. Pharmaceutical companies often offer
rebates to the PBM for including their medications on the formulary and coupons to patients
to help cover the co-payment. Recent reports suggest that PBMs are more focused on
increasing profits than in establishing the most cost-effective medications for health plans,
sometimes excluding less expensive but equally effective medications if the PBM can earn a
bigger rebate from a more expensive medication. Federal prosecutors have begun
investigating the contracts between PBMs and pharmaceutical companies, and concerns have
been raised about lack of transparency and oversight of PBMs.

More broadly, questions are being raised about the future of the PBM industry as a whole,
indicating it hasn’t been effective in controlling drug costs. Furthermore, to the extent that
CVS and other PBMs have defined their value proposition to “payors,” defined as the health
insurance plans that hire them to control drug costs, they have overlooked the true
payor/customer—that is, the employers and consumers who pay the ever increasing health
insurance premiums. This oversight might cause significant declines in the profitability of the
PBM industry as large employers have formed the Health Transformation Alliance t o
collectively improve the delivery of healthcare benefits to their employees, including
addressing problems with the PBM business model.

Finally, CVS faces criticism that its PBM business operates in conflict with its retail pharmacy
business. Concern about discriminatory steering of CVS’ PBM patients to purchase their
medications at CVS pharmacies was voiced when its acquisition of Caremark was announced.
This ethical and regulatory issue is reflected in the fundamental tension between PBMs and
pharmacies and acknowledged in the most recent CVS annual report discussion notes for
consideration in the CVS retail pharmacy segment: “Our pharmacy gross profit rates have
been adversely affected by the efforts of managed care organizations, PBMs and
governmental and other third party payors to reduce their prescription drug costs…”

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http://www.hbs.edu/faculty/Publication%20Files/10-074

http://investors.cvshealth.com/~/media/Files/C/CVS-IR-v3/reports/2015-annual-report

http://www.marketwatch.com/story/cvss-stock-drops-after-morgan-stanley-gives-up-on-its-bullish-view-2016-06-20

http://www.medscape.com/viewarticle/432389

https://www.washingtonpost.com/news/wonk/wp/2016/05/12/the-drug-price-arms-race-that-leaves-patients-caught-in-the-middle/

http://www.reuters.com/article/us-usa-drugmakers-idUSKCN0Y203T

http://www.ncpa.co/pdf/applied-policy-issue-brief

http://www.ncpanet.org/newsroom/news-releases/2016/06/28/pharmacists-survey-prescription-drug-costs-skewed-by-fees-on-pharmacies-patients

http://www.barrons.com/articles/pharmacy-benefit-managers-under-fire-1469247082

http://www.htahealth.com/

http://blogs.wsj.com/health/2009/05/13/cvss-pbm-pharmacy-combo-again-raises-conflict-concerns/

CVS retail segment

As the original core business of CVS, the retail pharmacy segment remains critical to the CVS
Health strategy and profitability. CVS recently announced that it purchased Target’s retail
pharmacies, a significant demonstration of CVS dominance in retail pharmacy management.
J.D. Power customer satisfaction ratings of pharmacies indicate that customers rate CVS
pharmacies about average, and very similar to its key competitor Walgreens. This study also
found that, across pharmacies, overall satisfaction increased significantly simply by asking
customers if they would like to speak to a pharmacist, and those who did speak with a
pharmacist were more likely to purchase other items in the store and to indicate they feel loyal
to their pharmacy. According to Consumer Reports, independent pharmacies are rated
significantly higher than chain pharmacies in every category—speed and accuracy,
helpfulness and courtesy, knowledge, and personal service. These ratings, along with offering
niche products and services many chains don’t offer, have likely contributed to stabilization
among independent pharmacies after years of decline. The independents also had lower
prices on a sample of trade-name drugs relative to both CVS and Walgreens. Consumer
Reports indicated that many consumers use chain pharmacies despite lower ratings because
they offer greater convenience, such as more locations and expanded hours. This report also
indicated that chain pharmacies had improved in having prescriptions ready when promised.

In the balanced scorecard framework, human resources and dynamics that support
organizational learning and growth are the foundational elements contributing to long-term
financial performance. For this reason, a worrisome sign for CVS is its appearance on the 24/7
Wall St list of “worst companies to work for“ in 2015. This is particularly problematic for the
consumer-facing retail segment. CVS employees complained of understaffed stores and
unreasonable expectations. Only 40% of employees approve of CEO Merlo. Related and
earlier warning signs about the state of human capital at CVS were the numerous web sites
and blogs reporting on dissatisfaction among CVS-employed pharmacists, including a site,
cvsworker.com, dedicated to unionization. One blogger who has worked as a pharmacist at
CVS for 14 years states: “…I have concerns about the business model…Metrics need to be
taken out of the pharmacy and patient safety should once again be brought front and
center…Pharmacists are judged by the number of prescriptions they fill in an hour while
multitasking…”

Another “Phrustrated Pharmacist” expressed a similar concern about risk of prescription
errors:

“The Pharmacists worst nightmare! Discovered one today, not critical fortunately, But
still feel like [expletive]!! Performance metrics are to blame”

CVS Management Incentive Plan (MIP)

Like many companies, CVS has a Management Incentive Plan (MIP) to reward managers for
achieving performance targets. In the balanced scorecard approach, an incentive program
should be a key part of the “comprehensive management system that integrates strategy and
operations.” In 2015, the CVS performance measures for its MIP were weighted as follows:

achievement of CVS operating profit target determines 80% of the total funding pool;
achievement of PBM client satisfaction targets, as measured by client/customer surveys,
determines 10% of the total funding pool;

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http://www.pharmacytimes.com/contributor/jason-poquette/2015/07/cvs-target-pharmacy-deal-career-considerations-for-pharmacists

http://www.jdpower.com/press-releases/2015-us-pharmacy-study

http://www.consumerreports.org/cro/2013/01/best-drugstores/index.htm

http://www.ncpanet.org/newsroom/news-releases/news-releases—2015/2015/10/13/ncpa-digest-adherence-diversified-revenue-critical-for-community-pharmacies

The Worst Companies To Work For

http://www.cvsworker.com/

http://api40.10kwizard.com/cgi/convert/pdf/CVS-20160209-10K-20151231 ?ipage=10722259&xml=1&quest=1&rid=23&section=1&sequence=-1&pdf=1&dn=1

1.

2.

3.

4.

a c h i e v e m e n t o f t h e R e t a i l C u s t o m e r S e r v i c e t a r g e t , a s m e a s u r e d b y
“myCustomerExperience” scores determines 10% of the total funding pool.

A key contingency in the CVS MIP is “If Operating Profit is below the minimum threshold of
96.9%, no formulaic funding will be made available for incentive awards, regardless of Retail
Customer Service and PBM Client Satisfaction performance, and there shall be no incentive
awards paid under the MIP.”

Is CVS Health in good health? The balanced scorecard approach developed by Kaplan and
Norton identifies the organizational vital signs that reflect health status and support
management toward strategic goals.

Discussion Questions

Using the balanced score card framework, what measures, other than financial, would
support the PBM and retail CVS business segments in achieving its healthcare value
strategy?
Is there a way to reconcile the conflict between the two segments? Or should CVS
consider getting out of the PBM or retail business?
How might CVS deliver greater value for “patients, payors, and providers” by leveraging
existing assets?
How might CVS improve long-term f inancial performance through focus on
organizational learning and human capital?

References
Consumer Repor ts. (2 0 1 1 , A p r i l). Bes t d rugs to res. R e t r i e v e d f r o m
http://www.consumerreports.org/cro/2013/01/best-drugstores/index.htm
Isetts, B. J., Schondelmeyer, S. W., Artz, M. B., Lenarz, L. A., Heaton, A. H., Wadd, W. B., …
Cipolle, R. J. (2008). Clinical and economic outcomes of medication therapy management
services: The Minnesota experience. Journal of the American Pharmacist Association, 48(2):
203–211. Retrieved from http://www.ncbi.nlm.nih.gov/pubmed/18359733
J.D. Power. (2015). 2015 U.S. Pharmacy Study. Retrieved from http://www.jdpower.com/press-
releases/2015-us-pharmacy-study
Kaplan, R. S., & D. P. Norton. (1992) The Balance d Scorecard: Measures that Drive
Performance. Harvard Business Review, (January–February): 71–79.
Kaplan, R. S., & D. P. Norton. (2006). Alignment: Using the Balanced Scorecard to Create
Corporate Synergies, Boston: HBS Press.
Kaplan, R. S., & Norton D. P. (2008a). The Execution Premium: Linking Strategy to Operations
for Competitive Advantage, Boston: HBS Press.
Kaplan, R. S., & Norton, D. P. (2008b) Mastering the Management System. Harvard Business
Review, (January): 62–57.
Pellegrin, K. L. (2015). Pharm2Pharm: Leveraging medication expertise across the continuum
of care. Hawaii Journal of Medicine and Public Health, 74(7): 248–252. Retrieved from
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC4507366/?report=classic
Pellegrin, K. L., Krenk, L., Jolson-Oakes, S., Ciarleglio, A., Lynn, J., McInnis, T., & Miyamura,
J. (2016). Reductions in medication-related hospitalizations among older adults with
medication management by hospital and community pharmacists: A quasi-experimental study.
J o u r n a l o f t h e A m e r i c a n G e r i a t r i c s S o c i e t y. R e t r i e v e d f r o m
http://onlinelibrary.wiley.com/doi/10.1111/jgs.14518/full

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http://www.consumerreports.org/cro/2013/01/best-drugstores/index.htm

http://www.ncbi.nlm.nih.gov/pubmed/18359733

http://www.jdpower.com/press-releases/2015-us-pharmacy-study

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC4507366/?report=classic

http://onlinelibrary.wiley.com/doi/10.1111/jgs.14518/full

CVS Re-Branding Resources

http://www.businessinsider.com/why-cvs-stopped-selling-cigarettes-2014-9

http://www.forbes.com/sites/bryanpearson/2015/09/03/when-the-butt-stopped-here-what-
banning-tobacco-has-meant-for-cvs/#a1f48e62e9b4

http://www.healthleadersmedia.com/leadership/behind-cvs-health-rebranding-strategy

https://www.washingtonpost.com/news/wonk/wp/2014/02/05/why-cvs-thinks-it-can-win-big-by-
ending-cigarette-sales/

http://dx.doi.org/10.4135/9781526408006
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CVS Health: Checking the Vital Signs of the Largest Pharmacy
Company in the USPage 10 of 10

http://www.businessinsider.com/why-cvs-stopped-selling-cigarettes-2014-9

http://www.forbes.com/sites/bryanpearson/2015/09/03/when-the-butt-stopped-here-what-banning-tobacco-has-meant-for-cvs/#a1f48e62e9b4

http://www.healthleadersmedia.com/leadership/behind-cvs-health-rebranding-strategy

https://www.washingtonpost.com/news/wonk/wp/2014/02/05/why-cvs-thinks-it-can-win-big-by-ending-cigarette-sales/

http://dx.doi.org/10.4135/9781526408006

CVS

Health Corp.

NYS: CVS

Market Index

Income Statement

Balance Sheet

Cash Flow Statement

     
Annual Financials for

CVS Health Corp.

Fiscal year is January

–

December.

All values USD millions.

2014

201

5

2016

2017

2018

5-

year trend

 

Sales/Revenue

139.37B

153.29B

177.53B

184.79B

194.58B

Sales Growth

–

9.99%

15.81%

4.09%

5.30%

 

Cost of Goods Sold (COGS) incl.

D&A

114B

126.76B

14

8.6

2B

156.26B

163.04B

COGS excluding D&A

112.08B

124.65B

146.13B

153.74B

160.34B

Depreciation

& Amortization

Expense

1.92B

2.1

1B

2.5B

2.52B

2.7B

Depreciation

1.4B

1.5B

1.7B

1.7B

1.7B

Amortization of

Intangibles

518M

61

1M

795M

817M

1B

COGS Growth

–

11.19%

17.25%

5.14%

4.34%

 

Gross Income

25.37B

26.53B

28.9B

28.53B

31.54B

Gross Income Growth

–

4.58%

8.95%

–

1.30%

10.55%

Gross Profit Margin

–

–

–

–

16.21%

NA

2014

2015

2016

2017

2018

5-year trend

 

SG&

A Expense

16.57B

16.85B

1

8.27B

18.52B

20.75B

Research & Development

–

–

–

–

–

Other SG&A

16.57B 16.85B 18.27B 18.52B 20.75B

SGA Growth

–

1.69%

8.41%

1.36%

12.02%

Other Operating Expense

–

–

–

–

–

Unusual Expense

5

15M

2

20M

936M

470M

6.68B

EBIT after Unusual Expense

8.28B

(220M)

9.7B

(470M)

4.11B

Non Operating Income/Expense

(4M)

2M

2M

(206M)

(100M)

Non-Operating Interest Income

15M

21M

20M

–

–

Equity in Affiliates

(Pretax)

–

–

–

–

–

 Interest Expense

611M

861M

1.08B

1.06B

2.6B

Interest

Expense

Growth

–

40.92%

25.44%

-1.48%

144.36%

Gross Interest Expense

630M

87

3M

1.09B

1.06B

2.6B

Interest Capitalized

1

9M

12M

13M

–

–

 Pretax Income

7.68B

8.62B

8.64B

8.27B

1.41B

Pretax Income Growth

–

12.22%

0.24%

-4.27%

-82.99%

Pretax Margin

–

–

–

–

0.72%

NA

Income Tax

3.03B

3.39B

3.32B

1.64B

2B

Income Tax – Current Domestic

3.08B

3.62B

3.31B

3.06B

1.98B

Income Tax – Current Foreign

–

–

–

–

–

Income Tax – Deferred Domestic

(43M)

(234M)

3M

(1.42B)

23M

Income Tax – Deferred Foreign

–

–

–

–

–

Income Tax Credits

–

–

–

–

–

Equity in Affiliates

–

–

–

–

–

Other After Tax Income (Expense)

(18M)

(26M)

(27M)

(24M)

(3M)

Consolidated Net Income

4.63

B

5.2B

5.29B

6.61B

(599M)

Minority Interest Expense

–

2M

2M

1M

(2M)

 Net Income

4.63B

5.2B

5.29B

6.61B

(597M)

Net Income Growth

–

12.43%

1.71%

24.85%

-109.04%

Net Margin Growth

–

–

–

–

-0.31%

NA

Extraordinaries &

Discontinued Operations

(1M)

9M

(1M)

(8M)

–

Extra Items & Gain/Loss Sale Of Assets

(1M)

–

–

–

–

Cumulative Effect – Accounting Chg

–

–

–

–

–

Discontinued Operations

–

9M

(1M)

(8M)

–

Net Income After Extraordinaries

4.63B

5.21B

5.29B

6.6B

(597M)

Preferred Dividends

–

–

–

–

–

Net Income Available to Common

4.63B

5.21B

5.29B

6.6B

(597M)

 EPS (Basic)

3.99

4.66

4.93

6.47

(0.57)

EPS (Basic) Growth

–

1

6.93%

5.79%

31.24%

-108.81%

Basic Shares Outstanding

1.16B

1.12B

1.07B

1.02B

1.04B

 EPS (Diluted)

3.96

4.63

4.90

6.44

(0.57)

EPS (Diluted) Growth

–

16.98%

5.83%

31.43%

-108.85%

Diluted Shares Outstanding

1.17B

1.13B

1.08B

1.02B

1.04B

 EBITDA

10.71B

11.79B

13.13B

12.53B

13.49B

EBITDA Growth

–

10.03%

11.38%

-4.58%

7.70%

EBITDA Margin

–

–

–

–

6.93%

NA

Copyright 2020 FactSet Research Systems Inc. All rights reserved. Source FactSet Fundamentals

CVS Health Corp.

NYS: CVS

Market Index

Income Statement
Balance Sheet
Cash Flow Statement

Annual Financials for CVS Health Corp.

Fiscal year is January
–
December.
All values USD millions.

2014

2015

2016

2017

2018

5
–
year trend

Sales/Revenue

139.37B 153.29B 177.53B 184.79B 194.58B Sales Growth

–

9.99% 15.81% 4.09% 5.30%

Cost of Goods Sold (COGS) incl.
D&A

114B 126.76B 148.62B 156.26B 163.04B COGS excluding D&A 112.08B 124.65B 146.13B 153.74B 160.34B

Depreciation & Amortization

Expense

1.92B

2.11B

2.5B 2.52B 2.7B

Depreciation

1.4B 1.5B

1.7B

1.7B

1.7B

Amortization of
Intangibles

518M

611M

795M 817M

1B

COGS Growth

–

11.19% 17.25% 5.14% 4.34%

Gross Income

25.37B 26.53B 28.9B 28.53B 31.54B Gross Income Growth

–

4.58% 8.95%

–
1.30%

10.55% Gross Profit Margin

–

–

–

–

16.21%

NA

2014

2015

2016

2017

2018

5
–
year trend

SG&
A Expense

16.57B

16.85B

18.27B

18.52B

20.75B

Research & Development

–

–

–

–

–

Other SG&A

16.57B

16.85B

18.27B

18.52B

20.75B

SGA Growth

–

1.69% 8.41% 1.36% 12.02% Other Operating Expense

–

–

–

–

–

CVS Health Corp.

NYS: CVS

Market Index

Income StatementBalance SheetCash Flow Statement

Annual Financials for CVS Health Corp.

Fiscal year is January-December.

All values USD millions.

2014 2015 2016 2017 2018 5-year trend

Sales/Revenue 139.37B 153.29B 177.53B 184.79B 194.58B

Sales Growth – 9.99% 15.81% 4.09% 5.30%

Cost of Goods Sold (COGS) incl.

D&A

114B 126.76B 148.62B 156.26B 163.04B

COGS excluding D&A 112.08B 124.65B 146.13B 153.74B 160.34B

Depreciation & Amortization
Expense

1.92B 2.11B 2.5B 2.52B 2.7B

Depreciation 1.4B 1.5B 1.7B 1.7B 1.7B

Amortization of

Intangibles

518M 611M 795M 817M 1B

COGS Growth – 11.19% 17.25% 5.14% 4.34%

Gross Income 25.37B 26.53B 28.9B 28.53B 31.54B

Gross Income Growth – 4.58% 8.95%

-1.30%

10.55%

Gross Profit Margin – – – – 16.21% NA

2014 2015 2016 2017 2018 5-year trend

SG&A Expense 16.57B 16.85B 18.27B 18.52B 20.75B

Research & Development – – – – –

Other SG&A 16.57B 16.85B 18.27B 18.52B 20.75B

SGA Growth – 1.69% 8.41% 1.36% 12.02%

Other Operating Expense – – – – –

CVS Stock Price Data

59998

.5

50003

03500

96

0824

.633705

64.5

5

881

00000

4

2

64.900002

88

65.5

65.809998

80002

65.18

65.769997

40600

65.550003 65.550003

64.5

65.389999

66.290001

64.360001

0797

65.010002

65.440002

65.300003

68.160004

63.669998

71079

62.349998

80002

60001

4884

54 54

53.099998

9998

7

9998

99998

55.610001 56.919998

9998

55.919998

55.799999

9999

2205

9998

53.93

45284

54.34

964

9998

53.450001 53.720001

0679

53.889999

54.369999

53.290001

53.720001

53.5

7839

53.98 54.150002 52

9999

52.43

52.43

52.5

9998

52.93

52.810001

9999

53.23

52.93

9999

52.66

53.450001

56.66

9998

56.48

9998

9998

54.630001

54.446075

9178

53.07

52.790001

52.880001

53

53.689999 52.849998 53.52

53.82 52.82

53.290001 52.34 52.790001 51.927887

52.880001

53.07

52.580002 52.700001

52.950001

52.959999

52.75

52.540001 53.700001 52.459999

54.43

54.25

55

53.169998

53.02

54.619999

54.330002

54.299999

54.43 55.09

53.970001

53.849998

53.040001 53.66

53.869999

53.709999 54.59

54.650002

54.049999

54.23

53.93

54.830002 55.34 54.540001

55.380001

54.889999

54.889999 55.080002

53.869999

54.02 53.23

53.709999 53.75 52.759998 53.139999

53.25 53.790001

53.68

53.740002

53.279999 53.700001

54.029999 55

54.740002

54.830002

54.490002

54.650002 54.93

55.009998

55.009998

55

55.240002

55.57

55.380001

55.310001

55.049999

54.66 54.830002

55 55.5 54.650002 55.380001

57.34

57.369999 57.5

57.330002 57.369999

56.07

56.5

56.700001 56.82

55.939999

56.16

55.41

55.049999

55.990002

55.900002 55.049999

9999

56 55.349998 55.540001

55.470001

55.450001

55.91 56.59 55.540001

56.599998

55.799999 56.91 55.360001 55.369999

55.43 55.84 55.009998

55.049999

54.060001

54.599998 54.700001 53 54.09

56.27

56.009998

2

58.5

59.5

4612

58.48

58.459999 58.560001

58.84

9998

62.119999

60.279999

59.119999

60.599998 59.849998

61

63.34

65.25

63.299999

63.18

63.5 63.75

63.48

62.740002

9998

64.029999

64.010002 64.300003

63.369999

61.59

62.5 61.580002

62.349998

61.5

61.150002

60.799999

62.5

62.139999

62.799999

62.77

62.77 63.25

63.48

63.48

65

80002

66.5

66.32

65.730003

65.699997

65.730003

65.599998

65.599998

64.839996

65.610001

65.099998 65.099998

65.449997

65.349998 65.879997 65.879997

64.949997 65.889999 65.889999

66.150002 67.330002

67.050003

65.720001

66.389999

67.239998

68.040001

67.129997

67.32

70.93

71.779999

72.470001

71.57

71.730003

72.470001 71

72.349998

72.82

72.940002

72.980003

74.290001

75.099998

75.349998

74.919998

75.279999

74.940002

75.279999

75.309998

75.5

76.580002

74.940002 74.940002

75.099998

75.040001

75.269997

75.550003

74.389999

74.709999

75.25

75 75

74.480003

75.080002

75

75.360001

75.489998

74.989998

75

73.18

73.349998

74.260002

73.589996

75.010002

74.400002

74.389999

73.349998 73.349998

72.940002 73.599998

73.279999

74.099998

75 75 74.110001

74.580002

74.540001

74.379997

74.529999

74.510002

74.480003 74.480003

74.510002

74.400002 74.400002

74.529999

73.699997

74.290001 74.290001

74.699997

74.160004 74.160004

73.07

73.57

73.940002

73.860001

73.610001

73.580002 73.580002

72.660004 72.660004

73

72.860001

Date	Open	High	Low	Close	Adj Close	Volume
1/10/19	66.019997	66.279999			64.5				65	63.383896	1				55
1/11/19		65.18	65.82		64.360001		65.809998	63.63	52	11396300
1/14/19	65.379997	65.779999		64.900002	65.339996		63.18	9276000
1/15/19	64.68	64.82	63.139999	63.740002		61	15501500
1/16/19	63.810001		63.669998	63.919998	61.807						75	13551200
1/17/19	63.970001	64.089996	63.27		63.369999	61.275925	12599200
1/18/19	64.650002		65.550003		64.300003	65.519997	63.3		54	1	56
1/22/19		65.389999		65.769997	64.599998	64.919998			62.77	71	8492600
1/23/19		65.300003		66.32	66.110001	63.92		53	9101400
1/24/19	65.629997	64.559998	64.980003	63.311569	7039900
1/25/19	65.57	65.139999		65.449997	63.769493	8625700
1/28/19	65.110001	65.260002		63.5	65.239998	63.564888	8642000
1/29/19	65.459999		66.150002	65.540001	63.857185	7293600
1/30/19		66.290001	66.660004	65.959999	64.266396		73
1/31/19	65.949997	66.410004	63.866932	10883200
2/1/19		65.720001	62.880001	65.220001	63.545399	16742500
2/4/19		65.25	65.919998	64.870003	65.910004	64.21769	7151900
2/5/19	66.239998	66.379997	65.669998	63.983845	6763900
2/6/19		65.440002	65.360001	66.029999	64.33461	6494600
2/7/19	65.970001	66.129997		64.949997	65.75	64.06179	6306600
2/8/19	65.489998		65.699997		65.010002		63.34	7754000
2/11/19		65.349998			65.730003			65.099998	63.428482	9654800
2/12/19	67.400002	67.010002	65.289436	7868000
2/13/19		67.330002		68.160004		67.129997	67.790001	66.049416	9738200
2/14/19	67.459999	66.769997	67.690002	65.951981	6988200
2/15/19	68.260002	69.870003	67.849998	69.529999	67.744736	10245400
2/19/19	70.209999	70.32	69.279999	69.879997	68.085747	13091900
2/20/19	65.190002		63.299999	64.220001			62.5	43365600
2/21/19		64.029999	64.150002	61.959999			62.349998	60.749088	26490600
2/22/19		62.139999	61.169998	61.950001	60.359364	20182900
2/25/19		62.119999	62.290001	61.200001	61.23	59.657848	12853900
2/26/19	61.25			61.5	60.59	60.68	59.121971	12273600
2/27/19	60.43	60.490002		58.459999		58.5	56.997944	20986500
2/28/19	58.540001	58.790001		57.5	57.830002	56.34515	17121000
3/1/19	58.150002	58.740002	58.060001	58.130001	56.637444	14432800
3/4/19	58.369999	58.549999			55.799999	55.959999	54.523159	17836000
3/5/19	56.150002	56.200001		54.369999	54.959999		53.5	27776100
3/6/19		54.740002				55.009998	52.613487	15876800
3/7/19	54.139999		54.34	52.169998	52.360001	51.015598	23030200
3/8/19	52.060001		53.099998	51.93			52.93	51.570961	21748300
3/11/19		53.889999	52.310001		53.75	52.369907	14770200
3/12/19		54.02		54.93			53.720001				54.650002	53.246799	16681400
3/13/19		55.610001			56.91		55.310001		56.5	55.1175	22936500
3/14/19	56.950001	57.41	55.669998	55.880001	54.445217	15216100
3/15/19			55.91	56.189999	55.27		55.5	54.172401	24262200
3/18/19	55.560001		56.66	55.214931	12752900
3/19/19		56.700001	57.540001		56.48	57.09	55.624149	12367400
3/20/19		56.82	56.900002	55.810001		56.16	54.718029	11405800
3/21/19		56.07	57.610001	55.779999	57.400002	55.926193	10452700
3/22/19	57.110001	57.279999	56.040001	54.601112	10204200
3/25/19	56.130001	54.400002	54.950001	53.539097	12968600
3/26/19				55.380001	56.169998		55.080002	55.389999	53.967796	11730900
3/27/19			53.93			54.43	52.830002		54.049999		52.66	21327300
3/28/19	54.18			54.59		53.25	53.360001	51.989922	11564900
3/29/19	53.549999		53.970001			53.290001		52.5	11361500
4/1/19	54.16			53.450001	54.189999	52.798607	10790100
4/2/19	52.68	52.919998	51.77	52.130001	50.791504	22104400
4/3/19	52.419998			53.07	52.32			52.790001	51.434559	17437400
4/4/19			52.880001	53.459999	52.799999	53.400002	52.028893	11058000
4/5/19	53.610001	54.200001	53.509998		54.060001	52.671951	10002100
4/8/19	53.959999		54.490002		53.740002		54.150002		52.75	8374100
4/9/19		54.09		54.330002		52.34	9275800
4/10/19			53.700001		53.040001			53.869999	52.486824	11853400
4/11/19		53.98	52.470001	52.689999	51.337124	11354700
4/12/19		52.950001		52.580002		52.810001	51.454044	10024700
4/15/19	54.599998	54.220001		52.82	17590400
4/16/19	54.73				54.830002	53.34	53.900002	52.516056	12943200
4/17/19		52.540001	51.190975	22106000
4/18/19			52.43	53.16	52.259998	52.630001	51.278667	15930600
4/22/19		52.759998	52.18	51.573765	9122500
4/23/19		53.66	52.099998		52.959999	52.095108	14102400
4/24/19	52.990002	53.110001	52.560001	52.065601	9599200
4/25/19			53.68	52.610001			53.23	52.360699	8503000
4/26/19	53.619999		53.52	52.6558	9084500
4/29/19	53.150002	54.439999	53.990002	53.108292	9731200
4/30/19		54.630001			54.889999	54.380001	53.49192	13911200
5/1/19	56.849998	57.75	56.209999		57.330002	56.393745	26243000
5/2/19	57.209999			57.369999		55.57	56.73	55.803539	14489700
5/3/19	57.009998		57.34	56.029999	55.734684	11035600
5/6/19	55.970001	56.619999		55.41		56.59	55.675663	10689500
5/7/19	56.349998	54.919998			55.34		54.446075	9586900
5/8/19		55.360001	56.119999	54.880001	55.740002	54.829708	8841200
5/9/19		55.09	55.650002	55.349998	9255700
5/10/19	55.299999	55.619999	54.240002	55.16		54.25	9397100
5/13/19		54.299999	54.450001	53.299999		53.82	52.941067	11183800
5/14/19		53.849998		54.23	52.939999	52.970001	52.10495	10772900
5/15/19	52.709999	51.880001		51.927887	11618000
5/16/19	52.900002	53.209999	52.150002	52.299999	51.445885	11823600
5/17/19	52.009998	53.200001	51.720001	52.016415	8046700
5/20/19		52.849998	53.599998		52.700001	52.134457	8083900
5/21/19	53.32	52.645966	8163200
5/22/19	53.43			53.709999	52.832859	7919800
5/23/19	53.27	9388900
5/24/19		53.169998	52.59	52.203312	5681200
5/28/19	53.119999	53.240002	51.839355	12493000
5/29/19		52.459999	52.119999	52.52	51.662296	9578200
5/30/19	52.639999	52.290001	51.888538	6789100
5/31/19	52.27	52.720001	52.040001	52.369999	51.514744	8089300
6/3/19	53.389999	52.518085	8920500
6/4/19	55.75		54.619999	53.727997	12754300
6/5/19					55.049999		53.02	52.301678	12128800
6/6/19		53.139999	54.610001	54.110001	53.22633	10043000
6/7/19	54.27	53.810001	53.919998	53.039429	7826000
6/10/19	55.529999	55.029999	54.131302	8007800
6/11/19		53.790001	53.088615	8774300
6/12/19		54.029999	52.783676	9404900
6/13/19	54.639999	53.69849	5250700
6/14/19	54.68	54.169998	53.285343	4680700
6/17/19		54.700001		54.540001	53.649307	5008800
6/18/19		54.66	53.767345	7156800
6/19/19	54.860001	54.669998	53.993587	6212900
6/20/19		53.279999	52.990246	13254500
6/21/19	53.799999	53.650002	52.773842	12482100
6/24/19	52.272171	9144900
6/25/19	52.889999	52.803352	7865700
6/26/19	54.130001	52.823025	6655200
6/27/19	53.939999	53.846043	7476000
6/28/19		55.240002	54.349998	53.600124	9336900
7/1/19	55.099998		55.990002	54.032936	7991100
7/2/19	54.869999	54.119999	54.799999	53.90506	4960200
7/3/19		55.84	55.200001	54.298527	4117800
7/5/19	56.110001	55.110001	54.662483	4264200
7/8/19		55.450001	54.759998	54.406731	5936900
7/9/19		55.369999	53.93457	5757900
7/10/19	54.47559	5056800
7/11/19	59.369999	60.130001	57.52	57.970001	57.023293	29037100
7/12/19	57.900002		58.48	57.549999	56.610149	10089400
7/15/19	57.759998	57.790001	57.040001	57.439999	56.501942	5883400
7/16/19	56.869999	57.380001	56.442924	5063000
7/17/19		56.009998	56.23	55.311707	7678600
7/18/19	56.68		55.470001	55.577297	6066200
7/19/19		55.939999	55.026443	5480900
7/22/19	56.080002	55.259998	55.48	54.573956	5717300
7/23/19	56.400002		56.27	55.351055	6973400
7/24/19		55.900002	56.09	54.970001	55.569405	6774800
7/25/19	55.68		55.43	55.023533	5526200
7/26/19			55.540001	55.122784	4753300
7/29/19	56.52	56.259998	55.837372	4951600
7/30/19	56.529999	56.105343	5016900
7/31/19		56.599998	55.400002	55.869999	55.450302	8473100
8/1/19	54.954056	11847900
8/2/19	55.709999	55.291504	6673300
8/5/19	55.950001	54.509998	54.100517	9492300
8/6/19	53.683674	12803400
8/7/19	58.279999	58.119999	57.683399	22891700
8/8/19	58.720001		59.5	59.040001	58.596489	14892100
8/9/19	58.939999	58.490002	59.290001		58.84	6694500
8/12/19	59.049999	59.259998		58.560001	58.75	58.308666	5126700
8/13/19	58.700001	59.970001		59.849998	59.400402	8243200
8/14/19	59.330002	59.490002	58.120098	10561400
8/15/19	58.799999	59.150002	57.919998	58.397991	10751100
8/16/19	59.279999	60.549999		59.119999		60.279999	59.827175	9643600
8/19/19	60.810001	61.549999		60.599998	61.389999	60.928837	10072100
8/20/19	61.240002	61.869999	61.07	61.560001	61.097561	8961400
8/21/19	62.18	62.580002		61.59	61.650002	61.186886	9595600
8/22/19	61.91	62.169998	61.099998	62.049999	61.583878	6401900
8/23/19	61.360001	60.029999	60.240002	59.787476	9353100
8/26/19		60.799999	60.990002	60.759998	60.303566	4849400
8/27/19	61.209999	61.310001	59.189999	58.745361	7700600
8/28/19	59.060001	59.580002	58.619999	59.48	59.033184	7817200
8/29/19	60.119999	60.150002	59.698154	6784000
8/30/19	60.669998		61.150002	60.259998	60.919998	60.462364	6310300
9/3/19	60.439999	60.830002	59.689999	60.689999	60.234093	5379400
9/4/19	61.189999	61.799999	61.66	61.196808	5700600
9/5/19	63.009998	62.380001	62.759998	62.288544	7892700
9/6/19		62.740002	62.970001	62.009998	62.23	61.762527	7124800
9/9/19	62.540001	63.860001	62.509998	63.68	63.201633	8623700
9/10/19		63.75	64.120003		62.799999	63.599998	63.122234	10239200
9/11/19				63.48		64.010002	63.290001	63.990002	63.509308	7314800
9/12/19	64.940002	63.639999	63.900002	63.419983	8816700
9/13/19	64.099998	64.720001	63.16	64.059998	63.578777	6184500
9/16/19	63.849998	63.43	62.95351	4408700
9/17/19	63.150002	63.003136	4652500
9/18/19	63.220001	63.540001		63.25	62.784786	4747100
9/19/19	63.450001	63.279999	63.630001	63.152012	4543600
9/20/19	64.18	64.690002	63.816978	10375300
9/23/19	63.93	64.32	63.099998	63.349998	62.874111	7360100
9/24/19	63.549999	64.190002	62.669998	62.93	62.457268	6519500
9/25/19	62.650002	62.470001	62.59	62.119823	5207200
9/26/19	62.68	62.779999	60.950001	61.127335	7455800
9/27/19	61.939999	62.080002	61.613655	4938900
9/30/19	62.110001	63.439999	61.77	63.07	62.596214	6383400
10/1/19	63.200001	63.560001	61.759998	61.881622	5996600
10/2/19	61.98	62.099998	60.959999	61.03801	6398400
10/3/19	61.509998	61.779999	60.369999	61.220001	60.760113	5800100
10/4/19	62.32	61.130001	62.240002	61.772453	4677400
10/7/19	62.130001	62.549999	61.73	61.990002	61.52433	4465500
10/8/19	61.48	61.619999	60.139999	60.380001	59.926426	6950500
10/9/19	60.860001	61.34	60.610001	60.343269	5214900
10/10/19	60.900002	60.849998	61.673203	6729200
10/11/19	63.610001	62.939999	62.46719	6278700
10/14/19	62.43	62.990002	62.516819	2934800
10/15/19	64.970001	64.830002	64.342995	8209600
10/16/19	65.790001	64.760002	65.410004	64.91864	7343500
10/17/19	65.559998		66.5	65.309998	66.00045	8402500
10/18/19	66.459999	66.160004	65.66301	6249500
10/21/19	66.629997	66.779999		65.610001	65.206459	6820700
10/22/19			65.879997	66.919998	66.559998	66.059998	6293100
10/23/19	66.040001	66.309998	65.32			65.599998	4683800
10/24/19			65.889999	64.470001		64.839996	5562300
10/25/19	64.639999	64.379997	5068200
10/28/19	66.540001	7015500
10/29/19	65.690002	66.099998	6505900
10/30/19	65.849998		67.050003	8032000
10/31/19	66.800003	67.099998		66.389999	6138500
11/1/19	66.860001	67.589996	66.709999		67.239998	6793300
11/4/19	67.970001	68.410004	67.480003		68.040001	8822200
11/5/19	68.25	68.650002		67.32	15587500
11/6/19	69.43	70.940002	69.300003		70.93	22382100
11/7/19	71.940002	72.089996	71.18		71.779999	11695900
11/8/19	71.800003		72.980003		71.57			72.470001	9245700
11/11/19	71.980003	72.75		71.730003	5057600
11/12/19	71.550003		72.349998	5030400
11/13/19	71.830002	73.290001	71.709999		72.82	5112000
11/14/19	72.769997	73.25	72.629997			72.940002	4032700
11/15/19	73.339996			74.389999				74.290001	8767100
11/18/19	74.150002	75.129997		74.110001			75.099998	8463700
11/19/19			75.279999	75.470001	74.459999		75.349998	6923900
11/20/19		75.25		75.489998	74.339996		74.919998	6958100
11/21/19	74.870003			74.160004				74.940002	4339000
11/22/19	75.699997	75.089996		75.309998	5402100
11/25/19		75.5	77.029999		76.580002	8807100
11/26/19	76.760002	76.790001	74.639999	10128300
11/27/19	75.559998	74.629997		75.040001	7823800
11/29/19	74.690002	75.400002	74.43		75.269997	4463600
12/2/19	75.220001	75.910004		75.010002		75.550003	5264500
12/3/19	74.790001		73.599998		74.709999	6381600
12/4/19	75.440002	74.900002	4958400
12/5/19	75.059998		75.080002	73.889999				74.480003	4900300
12/6/19	75.75		75.360001	5103400
12/9/19	75.029999	74.889999		74.989998	4812600
12/10/19	75.050003	72.639999		73.18	10942900
12/11/19		73.07	73.75	72.839996				73.349998	7192500
12/12/19	73.629997			74.529999	73.379997		74.260002	4774400
12/13/19	74.220001		74.540001			73.580002		73.589996	3902500
12/16/19	74.25		73.940002				74.400002	5511800
12/17/19	74.440002	72.809998	7901200
12/18/19	72.650002		73.279999	7132700
12/19/19	73.949997	74.279999	73.650002		74.099998	6583900
12/20/19		74.580002	8571700
12/23/19	74.949997	74.32		74.379997	3882500
12/24/19	74.779999	74.360001			74.510002	1315400
12/26/19		74.699997	74.760002	74.139999	2801100
12/27/19	74.610001	74.040001	3543500
12/30/19	74.269997		73.610001		73.699997	3450800
12/31/19	73.559998	74.370003	73.419998	4531900
1/2/20	74.650002	73.529999	5022700
1/3/20	73.220001	74.059998		73.57	4453000
1/6/20	73.120003	73.059998		73.860001	4620700
1/7/20	73.669998			72.660004	6172300
1/8/20	72.5	73.089996	71.599998	8311200
1/9/20	73.260002	72.669998		72.860001	5426200