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CVS Announcement

WOONSOCKET, R.I.--(BUSINESS WIRE)--July 26, 2001--CVS Corporation (NYSE:CVS) announced today that on Wednesday, July 25 an inadvertent disclosure was made to an institutional investor that the growth rate for earnings per share in 2002 would be "in the low double digits."

The company said this statement was not intended to be formal guidance for the year 2002 and that it expects to be in a position to provide guidance as to projected 2002 earnings later this year.

The company reaffirmed its guidance as to earnings per share for the quarter ended June 30, 2001 of $.48.

CVS is America's #1 pharmacy dispensing more retail prescriptions in more stores than any other chain. With annual revenues of more than $20 billion, CVS has created innovative approaches to serve the healthcare needs of all of our customers through its more than 4,100 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business; CVS.com, its online pharmacy; and Pharmacare, its pharmacy benefit management company. General information about CVS is available through the Investor Relations portion of the Company's website, at http://www.CVS.com.

This press release contains certain forward looking statements that are subject to risks and uncertainties. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The risks and uncertainties which could cause results to differ materially from those expressed in the forward looking statements are described in the Company's Form 10-K for the year ended December 30, 2000 as filed with the Securities and Exchange Commission.

--30--MEM/ny*

CONTACT: CVS
Investor:
Nancy Christal, 914/722-4704
Media:
Todd Andrews, 401/770-5717




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