Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-17

CVS Health (CVS)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$21,214,084
J. David Joyner total, FY2025
62nd
CEO pay percentile vs peers
336:1
CEO-to-median pay ratio
93.99%
Say-on-pay support, latest vote
Companies that benchmark against CVS
18 companies name CVS as a compensation peer

Each company listed discloses CVS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CVS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
J. David Joyner$1,500,000$0$14,499,931$0$4,695,900$64,644$453,609$21,214,084
President and Chief Executive Officer
Prem Shah1,100,00007,199,9201,799,9933,013,0000266,29713,379,210
Executive Vice President and Group President
Steven Nelson1,000,00005,799,9151,449,9942,988,0000349,20111,587,110
Executive Vice President and President, Aetna
Tilak Mandadi1,000,00005,599,9651,399,9962,561,0000416,75510,977,716
Executive Vice President, Ventures and Chief Experience and Technology Officer
Brian Newman696,97005,599,9501,399,9891,562,0000161,5999,420,508
Executive Vice President and Chief Financial Officer
Thomas Cowhey420,83304,399,9781,099,99503,097791,2356,715,138
Former Executive Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
J. David Joyner$21,214,084$17,808,792+3,405,292
Prem Shah13,379,2108,582,366
Steven Nelson11,587,110
Tilak Mandadi10,977,71611,361,3438,881,845−383,627
Brian Newman9,420,508
Thomas Cowhey6,715,1384,579,937

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Tilak MandadiEVP, Chief Exp & Tech Officer2026-05-08D69,551$90$6,230,379CommonForm 4 ↗
Alecia A. DeCoudreauxDirector2026-05-14A1,447.597140,625Derivative, Class A CommonForm 4 ↗
Guy P. SansoneDirector2026-05-14A1,44797140,576CommonForm 4 ↗
Leslie V. NorwalkDirector2026-05-14A1,44797140,576CommonForm 4 ↗
Michael F. MahoneyDirector2026-05-14A1,73797168,750Derivative, Class A CommonForm 4 ↗
John E. GallinaDirector2026-05-14A1,447.597140,625Derivative, Class A CommonForm 4 ↗
Fernando AguirreDirector2026-05-14A1,56397151,845CommonForm 4 ↗
Anne M. FinucaneDirector2026-05-14A1,54497150,000Derivative, Class A CommonForm 4 ↗
Larry M. RobbinsDirector2026-05-14A1,930.0197187,500Derivative, Class A CommonForm 4 ↗
Douglas H. ShulmanDirector2026-05-14A1,447.597140,625Derivative, Class A CommonForm 4 ↗
Jeffrey R. BalserDirector2026-05-14A2,05897199,935CommonForm 4 ↗
C. David Brown IIDirector2026-05-14A1,54497150,000CommonForm 4 ↗
J. Scott KirbyDirector2026-05-14A1,44797140,576CommonForm 4 ↗
Larry M. RobbinsDirector2026-05-19D152,6919514,476,038Common, indirectForm 4 ↗
Larry M. RobbinsDirector2026-05-19D1519514,372Common, indirectForm 4 ↗
Larry M. RobbinsDirector2026-05-19D66,881966,398,204Common, indirectForm 4 ↗
Larry M. RobbinsDirector2026-05-19D370,4629334,619,007Common, indirectForm 4 ↗
Larry M. RobbinsDirector2026-05-19D8009677,026Common, indirectForm 4 ↗
Larry M. RobbinsDirector2026-05-19D378,0009335,271,558Derivative, Class A CommonForm 4 ↗
Larry M. RobbinsDirector2026-05-19D1,983,38794187,326,935Common, indirectForm 4 ↗
Larry M. RobbinsDirector2026-05-19D797,6289374,559,554Common, indirectForm 4 ↗
Fernando AguirreDirector2026-05-20D1,56394146,142CommonForm 4 ↗
Fernando AguirreDirector2026-05-20D30,437942,854,230CommonForm 4 ↗
Brian NewmanEVP, Chief Financial Officer2026-05-31D2,47891225,448CommonForm 4 ↗
Amy Compton-PhillipsEVP, Chief Medical Officer2026-05-31D7,61891693,086CommonForm 4 ↗
James David ClarkSVP, Cont & Chief Acct Officer2026-06-26D4549141,305CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
J. David JoynerRSU2025-02-0653,324$3,624,966
Steven NelsonEquity2025-02-0621,3291,449,945
Thomas CowheyEquity2025-02-0616,1811,099,984
Prem ShahPSU2025-02-065,399,946
Brian NewmanOPTION2025-04-0194,7861,399,989
Tilak MandadiOPTION2025-02-0687,3361,399,996
Thomas CowheyOPTION2025-02-0668,6211,099,995
J. David JoynerEquity2025-02-0610,874,965
Brian NewmanPSU2025-04-014,199,972
Tilak MandadiPSU2025-02-064,199,985
Prem ShahEquity2025-02-0626,4781,799,974
Brian NewmanEquity2025-04-0121,8611,399,978
Steven NelsonOPTION2025-02-0690,4551,449,994
Thomas CowheyPSU2025-02-063,299,994
Steven NelsonPSU2025-02-064,349,970
Prem ShahOPTION2025-02-06112,2891,799,993
Tilak MandadiEquity2025-02-0620,5941,399,980
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
J. David Joyner$3,624,966$0$00.0%
Steven Nelson04,349,9701,449,99475.0%
Thomas Cowhey03,299,9941,099,99575.0%
Prem Shah05,399,9461,799,99375.0%
Brian Newman04,199,9721,399,98975.0%
Tilak Mandadi04,199,9851,399,99675.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
J. David JoynerRSU7,981$633,372
Tilak MandadiRSU30,7322,438,892
Thomas CowheyPSU6,908548,219
Thomas CowheyRSU3,896309,187
Thomas CowheyRSU2,396190,147
J. David JoynerPSU29,3612,330,089
Steven NelsonPSU54,6414,336,310
Prem ShahPSU46,9783,728,174
Brian NewmanPSU56,2174,461,381
J. David JoynerRSU53,3244,231,793
Tilak MandadiPSU50,8934,038,868
Prem ShahRSU28,3682,251,284
J. David JoynerOption25,98074.31
Steven NelsonOption90,45567.98
Tilak MandadiOption87,33667.98
Prem ShahRSU26,4782,101,294
Prem ShahOption44,53774.31
Tilak MandadiOption50,94079.56
Tilak MandadiOption48,24874.31
Thomas CowheyOption5,198101.09
Prem ShahOption10,395101.09
Prem ShahOption497,51571.82
Brian NewmanOption94,78664.04
J. David JoynerRSU21,2101,683,226
J. David JoynerOption995,03071.82
J. David JoynerPSU136,60310,840,814
Prem ShahPSU67,8305,382,989
Prem ShahOption112,28967.98
Tilak MandadiPSU52,7574,186,796
Steven NelsonOption82,92071.82
Tilak MandadiRSU33,4172,651,973
Thomas CowheyPSU23,4891,864,087
Brian NewmanRSU21,8611,734,889
Steven NelsonRSU21,3291,692,669
Tilak MandadiRSU20,5941,634,340
J. David JoynerRSU16,5481,313,249
Prem ShahOption47,02279.56
Tilak MandadiRSU12,255972,557
Prem ShahRSU11,312897,720
Thomas CowheyOption17,15567.98
Thomas CowheyRSU7,739614,167
Thomas CowheyRSU7,108564,091
Thomas CowheyOption15,67479.56
Thomas CowheyRSU3,640288,870
Thomas CowheyOption8,35174.31
05

Incentive-plan design — the Compensation Discussion & Analysis

Although we consider numerous factors in our pay decisions, these five core principles drive our executive compensation philosophy

CEO STI target (% of salary)200%
CEO LTI target (% of salary)
Independent consultantKorn Ferry
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-14976,252,19459,088,9233,377,35793.99%Passed
20252025-05-15597,945,237413,324,1382,753,87659.13%Passed
20242024-05-16818,001,447139,313,2323,692,72085.45%Passed
20232023-05-18745,115,461185,740,1474,744,21480.05%Passed
20222022-05-11903,024,50780,791,1413,635,23191.79%Passed
20212021-05-13851,824,27091,423,5493,741,91190.31%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1493.99%a
20252025-05-1559.13%b
20242024-05-1685.45%c

a. Approved under the standard stated in the filing — “Abstentions are counted as shares present or represented and voting and have the effect of a vote against.”.

b. Approved under the standard stated in the filing — “Votes "against" a director's election will count as votes cast, but "abstentions" and "broker non-votes" will not count as votes cast with respect to that director's election and will have no effect on the vote.”.

c. Approved under the standard stated in the filing — “Votes "against" a director's election will count as votes cast, but "abstentions" and "broker non-votes" will not count as votes cast with respect to that director's election and will have no effect.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)336 : 1
CEO total compensation$21,214,084
Median employee compensation$63,262
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Michael F. MahoneyIndependent · Lead Independent Director · Nominating and Corporate Governance (Chair) · Management Planning and Development · Executive$105,459$316,208$0$0$421,667
Fernando AguirreIndependent · Audit (Chair) · Management Planning and Development91,284273,71600365,000
Jeffrey R. BalserIndependent · Audit · Health Services and Technology (Chair) · Executive90,060269,94000360,000
C. David Brown IIIndependent · Management Planning and Development (Chair) · Nominating and Corporate Governance90,060269,94000360,000
Anne M. FinucaneIndependent · Audit · Management Planning and Development · Public Policy and External Affairs (Chair)90260,625086,785347,500
Leslie V. NorwalkNot independent · Health Services and Technology83,786251,21400335,000
Larry M. RobbinsIndependent · Audit0251,250083,750335,000
Alecia A. DeCoudreauxIndependent · Health Services and Technology · Nominating and Corporate Governance83,750251,25000335,000
Douglas H. ShulmanIndependent · Management Planning and Development · Health Services and Technology83,786251,21400335,000
J. Scott KirbyIndependent · Health Services and Technology · Nominating and Corporate Governance41,940251,185041,875335,000
Guy P. SansoneIndependent · Audit83,786251,21400335,000
Nancy-Ann M. DeParleIndependent · Not standing for re-election · Departed during FY000000
Roger N. FarahNot independent · Executive (Chair)00000
J. David JoynerEmployee director · Board Chair · Executive00000
Jean-Pierre MillonIndependent · Not standing for re-election · Departed during FY000000
Mary L. SchapiroIndependent · Not standing for re-election · Departed during FY000000
09

Board fee structure and ownership guideline

Annual cash retainer$83,750
Annual equity retainer$251,250
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 25,000
Stock ownership guideline$10,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$754,001
Equity awards (grant-date value)$2,897,756
All other compensation$212,410
Total cost of the board$3,864,167

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies CVS Health names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including CVS Health.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1UnitedHealth Group Incorporated2025Stephen Hemsley$596,154$0$60,000,024$0$60,938,062
2Eli Lilly and Company2025David Ricks1,700,00023,325,00006,485,50036,698,337
3AbbVie Inc.2025Robert Michael1,700,00013,268,4563,199,1545,200,00032,530,984
4Incyte Corporation2025William Meury647,26027,509,6572,573,9981,300,00032,085,952
5Baxter International Inc.2025Andrew Hider499,31523,133,5183,185,053820,12529,805,182
6Walmart Inc.2026Doug McMillon1,500,00021,051,60504,032,00029,240,930
7HCA Healthcare, Inc.2025Samuel Hazen1,577,8158,474,5438,514,0905,416,73226,456,606
8Danaher Corporation2025Rainer Blair1,400,0009,292,3708,386,6574,194,40023,795,280
9Boston Scientific Corporation2025Michael Mahoney1,442,60313,608,0563,749,9804,002,00123,532,050
10Medtronic plc2026Geoffrey Martha1,399,03913,672,2005,175,5592,307,20022,940,252
11The Cigna Group2025David Cordani1,600,00013,929,1613,400,0193,200,00022,866,134
12Elevance Health, Inc.2025Gail Boudreaux1,600,00013,440,2774,199,7652,768,00022,582,314
13Target Corporation2025Brian Cornell1,400,00018,555,2800787,92021,830,088
14Stryker Corporation2025Kevin Lobo1,500,00016,684,91702,250,00021,401,495
15CVS Health2025J. David Joyner1,500,00014,499,93104,695,90021,214,084
16Moderna, Inc.2025Stéphane Bancel1,677,7396,897,4556,897,4254,302,36019,932,217
17Centene Corporation2025Sarah London1,473,07715,537,73302,109,44619,506,298
18Insulet Corp.2025Ashley McEvoy729,80812,958,8502,999,9132,031,56218,858,968
19Humana Inc.2025James Rechtin1,348,55813,868,14103,034,74018,757,075
20DaVita Inc.2025Javier Rodriguez1,500,00011,442,4812,699,9822,089,49118,210,597
21Becton, Dickinson and Company2025Thomas Polen1,395,4639,991,8543,311,8611,852,01017,129,140
22Quest Diagnostics Incorporated2025James Davis1,250,0008,762,8612,999,8732,205,84415,498,479
23ResMed Inc.2025Michael Farrell1,214,1508,775,0592,925,0071,646,74314,674,543
24IDEXX Laboratories, Inc.2025Jonathan Mazelsky1,150,0005,399,8815,400,0012,593,00014,580,122
25Waters Corporation2025Udit Batra1,150,0007,430,2472,999,9222,371,87513,973,044
26Revvity, Inc.2025Prahlad R. Singh1,129,2317,694,9852,559,1522,385,45013,809,549
27Henry Schein, Inc.2025Stanley Bergman1,707,0007,764,80002,289,25112,013,915
28Bio-Techne Corporation2025Kim Kelderman936,0003,929,9421,932,8481,318,9178,151,181
29DexCom, Inc.2025Jacob Leach768,9625,936,06201,164,7807,985,960
30Teleflex Incorporated2025Liam Kelly1,144,4002,005,6042,886,518227,2806,732,419
31Walgreens Boots Alliance, Inc.2024Ginger Graham00002,500,000

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
CVS Health156.5%PSU 60 · RSU 20 · Options 20Yes — rTSR ModifierKorn Ferry
AbbVie Inc.not disclosedPSU 40 · RSU 40 · Options 20Yes — Relative TSRSemler Brossy
Baxter International Inc.not disclosedPSU 50 · Stock Options 25 · RSU 25not disclosedAon
Becton, Dickinson and Company85%PSU 50 · Options 25 · RSU 25NoSemler Brossy
Bio-Techne Corporation128.1%PSU 50 · Options 25 · RSU 25NoAon Talent
Boston Scientific Corporation173%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC
Centene Corporation71.6%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Danaher Corporationnot disclosedOptions 50 · RSU 50not disclosedFW Cook
DaVita Inc.93%PSU 60 · RSU 20 · Options 20Yes — Relative TSR v. S&P Health Care Services Select Industry IndexCompensia
DexCom, Inc.not disclosednot disclosedYes — Relative TSR Performance MetricAon Hewitt Consulting Company
Elevance Health, Inc.86.5%PSU 52 · RSU 24 · Options 24NoWillis Towers Watson (WTW)
Eli Lilly and Company218%PSU 100NoFW Cook
HCA Healthcare, Inc.195.78%SAR 50 · PSU 50NoSemler Brossy
Henry Schein, Inc.89.3%PSU 65 · RSU 35NoPearl Meyer
Humana Inc.112%PSU 60 · RSU 40Yes — Relative TSRFarient Advisors, LLC
IDEXX Laboratories, Inc.140%Options 50 · PSU 50NoFarient
Incyte Corporation138.6%PSU 60 · Options 20 · RSU 20Yes — relative total shareholder return (TSR)Aon
Insulet Corp.195.8%PSU 60 · RSU 20 · Options 20NoPearl Meyer & Partners, LLC
Medtronic plc103%PSU 50 · Options 30 · RSU 20NoSemler Brossy
Moderna, Inc.170%PSU 50 · Options 50NoPay Governance LLC
Quest Diagnostics Incorporatednot disclosednot disclosednot disclosedSemler Brossy
ResMed Inc.102%PSU 50 · RSU 25 · Options 25Yes — Absolute TSRFW Cook, Inc.
Revvity, Inc.124%PSU 50 · RSU 25 · Options 25NoPearl Meyer
Stryker Corporation100%PSU 48 · Options 34NoSemler Brossy
Target Corporationnot disclosedPSU 60 · RSU 40NoSemler Brossy
Teleflex Incorporated25.9%Options 55 · RSU 25 · PSU 20Yes — Absolute TSRFW Cook
The Cigna Group100%PSU 60 · RSU 20 · Options 20NoPay Governance
UnitedHealth Group Incorporatednot disclosedPSU 50 · Options 25 · RSU 25NoPay Governance
Walgreens Boots Alliance, Inc.not disclosedRSU 100not disclosedMercer
Walmart Inc.112%not disclosedNoFarient Advisors LLC
Waters Corporation110%PSU 50 · Options 35 · RSU 15Yes — Relative Total Shareholder Return (rTSR)Pearl Meyer

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, J. David JoynerDEF 14A2026-04-030001308179-26-000201Section “Summary Compensation Table” · page 77. As printed: 21,214,084. Filing ↗machine: r1 · c18 · span 969864–969874
2Section 01, Prem ShahDEF 14A2026-04-030001308179-26-000201Section “Summary Compensation Table” · page 77. As printed: 13,379,210. Filing ↗machine: r9 · c18 · span 982220–982230
3Section 01, Steven NelsonDEF 14A2026-04-030001308179-26-000201Section “Summary Compensation Table” · page 77. As printed: 11,587,110. Filing ↗machine: r7 · c18 · span 979040–979050
4Section 01, Tilak MandadiDEF 14A2026-04-030001308179-26-000201Section “Summary Compensation Table” · page 77. As printed: 10,977,716. Filing ↗machine: r4 · c18 · span 974982–974992
5Section 01, Brian NewmanDEF 14A2026-04-030001308179-26-000201Section “Summary Compensation Table” · page 77. As printed: 9,420,508. Filing ↗machine: r3 · c18 · span 973105–973114
6Section 01, Thomas CowheyDEF 14A2026-04-030001308179-26-000201Section “Summary Compensation Table” · page 77. As printed: 6,715,138. Filing ↗machine: r12 · c18 · span 987046–987055
7Section 03, J. David Joyner RSUDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t315 · r4 · c20 · span 1036232–1036238
8Section 03, Steven Nelson EquityDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r4 · c7 · span 834139–834148
9Section 03, Thomas Cowhey EquityDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r6 · c7 · span 836311–836320
10Section 03, Prem Shah PSUDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r5 · c3 · span 834948–834957
11Section 03, Brian Newman OPTIONDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t315 · r6 · c22 · span 1042425–1042431
12Section 03, Tilak Mandadi OPTIONDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards – 2025” · grants of plan-based awards table. Filing ↗machine: t252 · r3 · c11 · span 833326–833335
13Section 03, Thomas Cowhey OPTIONDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards – 2025” · grants of plan-based awards table. Filing ↗machine: t252 · r6 · c11 · span 836585–836594
14Section 03, J. David Joyner EquityDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r1 · c3 · span 830314–830324
15Section 03, Brian Newman PSUDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r2 · c3 · span 831562–831571
16Section 03, Tilak Mandadi PSUDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r3 · c3 · span 832690–832699
17Section 03, Prem Shah EquityDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r5 · c7 · span 835266–835275
18Section 03, Brian Newman EquityDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r2 · c7 · span 831880–831889
19Section 03, Steven Nelson OPTIONDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards – 2025” · grants of plan-based awards table. Filing ↗machine: t252 · r4 · c11 · span 834457–834466
20Section 03, Thomas Cowhey PSUDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r6 · c3 · span 836037–836046
21Section 03, Steven Nelson PSUDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t252 · r4 · c3 · span 833821–833830
22Section 03, Prem Shah OPTIONDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards – 2025” · grants of plan-based awards table. Filing ↗machine: t252 · r5 · c11 · span 835584–835593
23Section 03, Tilak Mandadi EquityDEF 14A2026-04-030001308179-26-000201Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t315 · r12 · c20 · span 1059726–1059732
24Section 07, pay ratioDEF 14A2026-04-030001308179-26-000201Section “CEO Pay Ratio”. As printed: 336 : 1. Filing ↗machine: span 1326591–1326599
25Section 08, Michael F. MahoneyDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 421,667. Filing ↗machine: t143 · r7 · c10 · span 555395–555402
26Section 08, Fernando AguirreDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 365,000. Filing ↗machine: t143 · r1 · c10 · span 547667–547674
27Section 08, Jeffrey R. BalserDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 360,000. Filing ↗machine: t143 · r2 · c10 · span 548961–548968
28Section 08, C. David Brown IIDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 360,000. Filing ↗machine: t143 · r3 · c10 · span 550243–550250
29Section 08, Anne M. FinucaneDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 347,500. Filing ↗machine: t143 · r5 · c10 · span 552819–552826
30Section 08, Leslie V. NorwalkDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 335,000. Filing ↗machine: t143 · r8 · c10 · span 556677–556684
31Section 08, Larry M. RobbinsDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 335,000. Filing ↗machine: t143 · r9 · c10 · span 557958–557965
32Section 08, Alecia A. DeCoudreauxDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 335,000. Filing ↗machine: t143 · r4 · c10 · span 551529–551536
33Section 08, Douglas H. ShulmanDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 335,000. Filing ↗machine: t143 · r11 · c10 · span 560399–560406
34Section 08, J. Scott KirbyDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 335,000. Filing ↗machine: t143 · r6 · c10 · span 554097–554104
35Section 08, Guy P. SansoneDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 335,000. Filing ↗machine: t143 · r10 · c10 · span 559237–559244
36Section 08, Nancy-Ann M. DeParleDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 0. Filing ↗
37Section 08, Roger N. FarahDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 0. Filing ↗
38Section 08, J. David JoynerDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 0. Filing ↗
39Section 08, Jean-Pierre MillonDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 0. Filing ↗
40Section 08, Mary L. SchapiroDEF 14A2026-04-030001308179-26-000201Section “Director Compensation”. As printed: 0. Filing ↗
41Section 02, Tilak Mandadi 2026-05-08Form 42026-05-110000064803-26-000056Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Alecia A. DeCoudreaux 2026-05-14Form 42026-05-150000064803-26-000066Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Guy P. Sansone 2026-05-14Form 42026-05-150000064803-26-000068Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Leslie V. Norwalk 2026-05-14Form 42026-05-150000064803-26-000070Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Michael F. Mahoney 2026-05-14Form 42026-05-150000064803-26-000078Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, John E. Gallina 2026-05-14Form 42026-05-150000064803-26-000080Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Fernando Aguirre 2026-05-14Form 42026-05-150000064803-26-000076Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Anne M. Finucane 2026-05-14Form 42026-05-150000064803-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Larry M. Robbins 2026-05-14Form 42026-05-150000064803-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Douglas H. Shulman 2026-05-14Form 42026-05-150000064803-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Jeffrey R. Balser 2026-05-14Form 42026-05-150000064803-26-000074Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, C. David Brown II 2026-05-14Form 42026-05-150000064803-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, J. Scott Kirby 2026-05-14Form 42026-05-150000064803-26-000072Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Larry M. Robbins 2026-05-19Form 42026-05-210000905148-26-002617Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Fernando Aguirre 2026-05-20Form 42026-05-220000064803-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Fernando Aguirre 2026-05-20Form 42026-05-220000064803-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Brian Newman 2026-05-31Form 42026-06-010000064803-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Amy Compton-Phillips 2026-05-31Form 42026-06-010000064803-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, James David Clark 2026-06-26Form 42026-06-290000064803-26-000092Insider equity transaction reported since the proxy statement. Filing ↗
67Section 06, 2026 voteForm 8-K2026-05-180000064803-26-000082Item 5.07 · say-on-pay result. As reported: 93.99% (votes for as printed: 976,252,194). Filing ↗
68Section 06, 2025 voteForm 8-K2025-05-200000064803-25-000015Item 5.07 · say-on-pay result. As reported: 59.13% (votes for as printed: 597,945,237). Filing ↗
69Section 06, 2024 voteForm 8-K2024-05-220000064803-24-000019Item 5.07 · say-on-pay result. As reported: 85.45% (votes for as printed: 818,001,447). Filing ↗
70Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
71Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
72Section 09b board cost (computed)ComputedcomputedCash 754,001 + equity 2,897,756 + all other 212,410 = 3,864,167, summed across the director compensation table rows.machine: formula: Σ = 3,864,167
73UnitedHealth Group Incorporated, Section 10b CEO totalDEF 14A2026-04-210001104659-26-046125CEO total compensation as printed in UnitedHealth Group Incorporated's own proxy. As printed: 60,938,062. Filing ↗machine: r1 · c48 · span 1832651–1832661
74Eli Lilly and Company, Section 10b CEO totalDEF 14A2026-03-200000059478-26-000029CEO total compensation as printed in Eli Lilly and Company's own proxy. As printed: 36,698,337. Filing ↗machine: t92 · r2 · c20 · span 925013–925024
75AbbVie Inc., Section 10b CEO totalDEF 14A2026-03-230001104659-26-033387CEO total compensation as printed in AbbVie Inc.'s own proxy. As printed: 32,530,984. Filing ↗machine: t210 · r9 · c26 · span 1414083–1414093
76Incyte Corporation, Section 10b CEO totalDEF 14A2026-04-280000879169-26-000031CEO total compensation as printed in Incyte Corporation's own proxy. As printed: 32,085,952. Filing ↗machine: t91 · r2 · c16 · span 637817–637827
77Baxter International Inc., Section 10b CEO totalDEF 14A2026-03-230001628280-26-020330CEO total compensation as printed in Baxter International Inc.'s own proxy. As printed: 29,805,182. Filing ↗machine: r4 · c30 · span 1451066–1451076
78Walmart Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173673CEO total compensation as printed in Walmart Inc.'s own proxy. As printed: 29,240,930. Filing ↗machine: r4 · c16 · span 3840466–3840476
79HCA Healthcare, Inc., Section 10b CEO totalDEF 14A2026-03-130001193125-26-106142CEO total compensation as printed in HCA Healthcare, Inc.'s own proxy. As printed: 26,456,606. Filing ↗machine: span 784078–784088
80Danaher Corporation, Section 10b CEO totalDEF 14A2026-03-250000313616-26-000101CEO total compensation as printed in Danaher Corporation's own proxy. As printed: 23,795,280. Filing ↗machine: t122 · r2 · c21 · span 1070180–1070190
81Boston Scientific Corporation, Section 10b CEO totalDEF 14A2026-03-180000885725-26-000025CEO total compensation as printed in Boston Scientific Corporation's own proxy. As printed: 23,532,050. Filing ↗machine: r2 · c27 · span 1249807–1249817
82Medtronic plc, Section 10b CEO totalDEF 14A2026-08-170001613103-26-000010CEO total compensation as printed in Medtronic plc's own proxy. As printed: 22,940,252. Filing ↗machine: span 988220–988230
83The Cigna Group, Section 10b CEO totalDEF 14A2026-03-130001739940-26-000023CEO total compensation as printed in The Cigna Group's own proxy. As printed: 22,866,134. Filing ↗machine: t303 · r3 · c16 · span 1360729–1360739
84Elevance Health, Inc., Section 10b CEO totalDEF 14A2026-03-270001156039-26-000031CEO total compensation as printed in Elevance Health, Inc.'s own proxy. As printed: 22,582,314. Filing ↗machine: span 1161376–1161386
85Target Corporation, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027508CEO total compensation as printed in Target Corporation's own proxy. As printed: 21,830,088. Filing ↗machine: r2 · c8 · span 2775825–2775836
86Stryker Corporation, Section 10b CEO totalDEF 14A2026-03-230000310764-26-000013CEO total compensation as printed in Stryker Corporation's own proxy. As printed: 21,401,495. Filing ↗machine: t101 · r2 · c7 · span 1584979–1584989
87CVS Health (subject), Section 10b CEO totalDEF 14A2026-04-030001308179-26-000201CEO total compensation as printed in CVS Health's own proxy. As printed: 21,214,084. Filing ↗machine: r1 · c18 · span 969864–969874
88Moderna, Inc., Section 10b CEO totalDEF 14A2026-03-160001308179-26-000081CEO total compensation as printed in Moderna, Inc.'s own proxy. As printed: 19,932,217. Filing ↗machine: span 1132888–1132898
89Centene Corporation, Section 10b CEO totalDEF 14A2026-03-260001071739-26-000077CEO total compensation as printed in Centene Corporation's own proxy. As printed: 19,506,298. Filing ↗machine: r2 · c30 · span 1494721–1494732
90Insulet Corp., Section 10b CEO totalDEF 14A2026-04-060001140361-26-013333CEO total compensation as printed in Insulet Corp.'s own proxy. As printed: 18,858,968. Filing ↗machine: t218 · r3 · c25 · span 1028076–1028087
91Humana Inc., Section 10b CEO totalDEF 14A2026-03-060001104659-26-024799CEO total compensation as printed in Humana Inc.'s own proxy. As printed: 18,757,075. Filing ↗machine: t157 · r1 · c63 · span 1938706–1938716
92DaVita Inc., Section 10b CEO totalDEF 14A2026-04-220000927066-26-000053CEO total compensation as printed in DaVita Inc.'s own proxy. As printed: 18,210,597. Filing ↗machine: r2 · c45 · span 800715–800725
93Becton, Dickinson and Company, Section 10b CEO totalDEF 14A2025-12-180001628280-25-057846CEO total compensation as printed in Becton, Dickinson and Company's own proxy. As printed: 17,129,140. Filing ↗machine: r2 · c27 · span 1173285–1173295
94Quest Diagnostics Incorporated, Section 10b CEO totalDEF 14A2026-04-060001140361-26-013356CEO total compensation as printed in Quest Diagnostics Incorporated's own proxy. As printed: 15,498,479. Filing ↗machine: r2 · c17 · span 699327–699337
95ResMed Inc., Section 10b CEO totalDEF 14A2025-10-020000943819-25-000079CEO total compensation as printed in ResMed Inc.'s own proxy. As printed: 14,674,543. Filing ↗machine: span 1328668–1328678
96IDEXX Laboratories, Inc., Section 10b CEO totalDEF 14A2026-03-270000874716-26-000064CEO total compensation as printed in IDEXX Laboratories, Inc.'s own proxy. As printed: 14,580,122. Filing ↗machine: span 1576008–1576018
97Waters Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149657CEO total compensation as printed in Waters Corporation's own proxy. As printed: 13,973,044. Filing ↗machine: r5 · c18 · span 568522–568533
98Revvity, Inc., Section 10b CEO totalDEF 14A2026-03-160001193125-26-107266CEO total compensation as printed in Revvity, Inc.'s own proxy. As printed: 13,809,549. Filing ↗machine: span 751285–751295
99Henry Schein, Inc., Section 10b CEO totalDEF 14A2026-04-080001193125-26-146317CEO total compensation as printed in Henry Schein, Inc.'s own proxy. As printed: 12,013,915. Filing ↗machine: t221 · r3 · c35 · span 671366–671376
100Bio-Techne Corporation, Section 10b CEO totalDEF 14A2025-09-190001308179-25-000599CEO total compensation as printed in Bio-Techne Corporation's own proxy. As printed: 8,151,181. Filing ↗machine: span 792074–792083
101DexCom, Inc., Section 10b CEO totalDEF 14A2026-04-150001093557-26-000061CEO total compensation as printed in DexCom, Inc.'s own proxy. As printed: 7,985,960. Filing ↗machine: span 940364–940373
102Teleflex Incorporated, Section 10b CEO totalDEF 14A2026-04-130000096943-26-000039CEO total compensation as printed in Teleflex Incorporated's own proxy. As printed: 6,732,419. Filing ↗machine: span 558736–558745
103Walgreens Boots Alliance, Inc., Section 10b CEO totalDEF 14A2024-12-130001558370-24-016214CEO total compensation as printed in Walgreens Boots Alliance, Inc.'s own proxy. As printed: 2,500,000. Filing ↗machine: t333 · r24 · c18 · span 2342384–2342393
104Section 10a, AbbVie Inc. reciprocityDEF 14A0001104659-26-033387AbbVie Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
105Section 10a, UnitedHealth Group Incorporated reciprocityDEF 14A0001104659-26-046125UnitedHealth Group Incorporated names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
106Section 10a, Walmart Inc. reciprocityDEF 14A0001193125-26-173673Walmart Inc. names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
107Section 10a, Danaher Corporation reciprocityDEF 14A0000313616-26-000101Danaher Corporation's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
108Section 10a, Humana Inc. reciprocityDEF 14A0001104659-26-024799Humana Inc. names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
109Section 10a, Moderna, Inc. reciprocityDEF 14A0001308179-26-000081Moderna, Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
110Section 10a, Henry Schein, Inc. reciprocityDEF 14A0001193125-26-146317Henry Schein, Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
111Section 10a, Insulet Corp. reciprocityDEF 14A0001140361-26-013333Insulet Corp.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
112Section 10a, Baxter International Inc. reciprocityDEF 14A0001628280-26-020330Baxter International Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
113Section 10a, IDEXX Laboratories, Inc. reciprocityDEF 14A0000874716-26-000064IDEXX Laboratories, Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
114Section 10a, Elevance Health, Inc. reciprocityDEF 14A0001156039-26-000031Elevance Health, Inc. names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
115Section 10a, Quest Diagnostics Incorporated reciprocityDEF 14A0001140361-26-013356Quest Diagnostics Incorporated's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
116Section 10a, DaVita Inc. reciprocityDEF 14A0000927066-26-000053DaVita Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
117Section 10a, Boston Scientific Corporation reciprocityDEF 14A0000885725-26-000025Boston Scientific Corporation's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
118Section 10a, Centene Corporation reciprocityDEF 14A0001071739-26-000077Centene Corporation names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
119Section 10a, Becton, Dickinson and Company reciprocityDEF 14A0001628280-25-057846Becton, Dickinson and Company's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
120Section 10a, Eli Lilly and Company reciprocityDEF 14A0000059478-26-000029Eli Lilly and Company's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
121Section 10a, The Cigna Group reciprocityDEF 14A0001739940-26-000023The Cigna Group names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
122Section 10a, HCA Healthcare, Inc. reciprocityDEF 14A0001193125-26-106142HCA Healthcare, Inc. names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
123Section 10a, Target Corporation reciprocityDEF 14A0001628280-26-027508Target Corporation names CVS Health in its own disclosed peer group (read from its most recent proxy). Filing ↗
124Section 10a, ResMed Inc. reciprocityDEF 14A0000943819-25-000079ResMed Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
125Section 10a, Revvity, Inc. reciprocityDEF 14A0001193125-26-107266Revvity, Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
126Section 10a, Stryker Corporation reciprocityDEF 14A0000310764-26-000013Stryker Corporation's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
127Section 10a, Teleflex Incorporated reciprocityDEF 14A0000096943-26-000039Teleflex Incorporated's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
128Section 10a, Waters Corporation reciprocityDEF 14A0001193125-26-149657Waters Corporation's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
129Section 10a, Bio-Techne Corporation reciprocityDEF 14A0001308179-25-000599Bio-Techne Corporation's most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗
130Section 10a, DexCom, Inc. reciprocityDEF 14A0001093557-26-000061DexCom, Inc.'s most recent proxy was read; its disclosed peer group does not include CVS Health. Filing ↗