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CVS Reaffirms Positive Outlook; New Market Expansion on Track

WOONSOCKET, R.I., May 15, 2002 (BUSINESS WIRE) -- CVS Corporation (NYSE:CVS) today hosted its annual New York City conference with analysts.

At the conference, the Company said that its expansion plans in new markets, such as Las Vegas, Chicago, Florida and Phoenix remained on track. "I am very enthusiastic about our long-term growth opportunities in new markets, especially given that the population and prescription demand in these markets is expected to grow several times faster than in the majority of our existing markets," said Tom Ryan, Chairman, President and Chief Executive Officer.

Mr. Ryan also stated, "I am very pleased with the renewed momentum in our business, both in the pharmacy and the front end. We operate in a vibrant, fast-growing industry with the best demand trends in all of retail. CVS is an industry leader and we are clearly well positioned to capitalize on these opportunities."

The Company also announced today that it has reaffirmed its previous earnings guidance for the 2nd quarter and for the remainder of this year. "We reiterate our previous guidance for the quarter of $.42-$.43 per share and are even more confident that earnings for the year will be 8-10% above 2001 earnings of $1.56 per share before one-time items," said David Rickard, Executive Vice President, Chief Financial Officer and Chief Administrative Officer. "We continue to make good progress toward our long-term, sustainable earnings per share growth target of 12-15%."

CVS is America's #1 pharmacy, dispensing prescriptions in more stores than any other retailer. With annual revenues that exceed $22 billion, CVS has created innovative approaches to serve the healthcare needs of all of its customers through approximately 4,000 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business;, 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

This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the caption "Cautionary Statement Concerning Forward-Looking Statements" in its Annual Report on Form 10-K for the fiscal year ended December 29, 2001.

CVS Corporation
Nancy Christal, 914/722-4704
or (Media Contact)
Todd Andrews, 401/770-5717

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