Strategic Analysis Case Study

 

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):

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*  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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CVS Health: Checking the Vital Signs of the Largest Pharmacy
Company in the USPage 2 of 10

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

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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CVS Health: Checking the Vital Signs of the Largest Pharmacy
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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

http://247wallst.com/special-report/2015/06/29/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
SAGE SAGE Business Cases
© Karen Pellegrin 2017

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
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7/15/19 57.759998 57.790001 57.040001 57.439999 56.501942 5883400
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7/23/19 56.400002 56.27 55.351055 6973400
7/24/19 55.900002 56.09 54.970001 55.569405 6774800
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7/29/19 56.52 56.259998 55.837372 4951600
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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
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8/20/19 61.240002 61.869999 61.07 61.560001 61.097561 8961400
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8/29/19 60.119999 60.150002 59.698154 6784000
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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
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9/19/19 63.450001 63.279999 63.630001 63.152012 4543600
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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
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10/18/19 66.459999 66.160004 65.66301 6249500
10/21/19 66.629997 66.779999 65.610001 65.206459 6820700
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10/24/19 65.889999 64.470001 64.839996 5562300
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10/28/19 66.540001 7015500
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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

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