FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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OMB Number: 3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                       
1. Name and Address of Reporting Person * Lynch Karen S 2. Issuer Name and Ticker or Trading Symbol CVS HEALTH Corp [ CVS ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
President and CEO
(Last)          (First)          (Middle)
ONE CVS DRIVE		 3. Date of Earliest Transaction (MM/DD/YYYY)
5/3/2023
(Street)
WOONSOCKET, RI 02895		 4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
 6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
 Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (By Trust)  5/3/2023    P    14000  A $69.7548  431392  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Appreciation Rights (1) $45.91                  2/17/2019  2/16/2027  Common Stock  192741    192741  D   
Stock Appreciation Rights  $37.91                  2/19/2019 (2) 2/18/2026  Common Stock  93989    93989  D   
Stock Option  $54.19                  4/1/2020 (3) 4/1/2029  Common Stock  242408    242408  D   
Stock Option  $58.34 (4)                 4/1/2021 (5) 4/1/2030  Common Stock  211196    211196  D   
Stock Option  $74.30                  4/1/2022  4/1/2031  Common Stock  224604    224604  D (6)  
Stock Option (7) $101.09                  4/1/2023  4/1/2032  Common Stock  171517    171517  D   
Stock Option (8) $74.31                  4/1/2024  4/1/2033  Common Stock  244952    244952  D   

Explanation of Responses:
(1)  Represents unvested Aetna Inc. Stock Appreciation Rights ("SARs") granted under the Aetna Plan on February 17, 2017 that were converted into CVS Health SARs pursuant to the terms of the CVS/Aetna Merger Agreement. These SARs vest in two substantially equal annual installments beginning on February 17, 2019.
(2)  Represents unvested SARs granted under the Aetna Plan on February 19, 2016 that were converted into CVS Health SARs pursuant to the terms of the CVS/Aetna Merger Agreement. These SARs vested on February 19, 2019.
(3)  Option became exercisable in four equal annual installments, commencing 4/1/2020.
(4)  The number of shares subject to the option were calculated using a 30-day average price.
(5)  Option became exercisable in four equal installments, commencing 4/1/2021.
(6)  Option became exercisable in four equal installments, commencing 4/1/2022.
(7)  Option became exercisable in four equal installments, commencing 4/1/2023.
(8)  Option becomes exercisable in four equal annual installments, commencing 4/1/2024.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Lynch Karen S
ONE CVS DRIVE
WOONSOCKET, RI 02895		 X
President and CEO

Signatures
/s/ Karen S. Lynch 5/4/2023
**Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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