EXHIBIT 12.1


                                                  CVS Corporation
                                   Computation of Ratio of Earnings to Fixed Charges

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                                                              Fiscal Years                             13 Weeks Ended
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                                        (52 weeks)  (52 weeks)  (52 weeks) (53 weeks)  (52 weeks)   April 1,   March 31,
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Dollars in millions                        1996        1997        1998       1999        2000        2000        2001
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Earnings:
  Earnings from continuing operations
    before income taxes and
    extraordinary item(1)                $   643.4   $   237.6   $  691.0   $ 1,076.4   $ 1,243.4   $  318.8   $   365.7
  Interest portion of net rental
    expense(2)                               132.7       153.4      168.5       208.0       247.3       59.9        66.7
  Interest expense, including
    amortization of debt                      84.7        59.1       69.7        66.1        84.1       17.0        17.0
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   Adjusted earnings                     $   860.8   $   450.1   $  929.2   $ 1,350.5   $ 1,574.8   $  395.7   $   449.4
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Fixed Charges:(3)
  Interest portion of net rental
  expense(2)                             $   132.7   $   153.4   $  168.5   $   208.0   $   247.3   $   59.9    $   66.7
  Interest expense, including
   amortization of debt                       84.7        59.1       69.7        66.1        84.1       17.0        17.0
  Interest capitalized                         0.1         0.2        2.0         2.8        14.1        1.6         2.6
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   Total fixed charges                   $   217.5   $   212.7   $  240.2   $   276.9   $   345.5   $   78.5    $   86.3
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Ratio of earnings to fixed charges            3.96        2.12       3.87        4.88        4.56       5.04        5.21
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(1)  Earnings from continuing operations before income taxes and extraordinary
     item includes the pre-tax effect of the following nonrecurring charges and
     gains: (A) in 2000, $19.2 million ($11.5 million after-tax) nonrecurring
     gain representing a partial payment of our share of the settlement proceeds
     from a class action lawsuit against certain manufacturers of brand name
     prescription drugs, (B) in 1998, $147.3 million ($101.3 million after-tax)
     charge related to the merger of CVS and Arbor and $10.0 million ($5.9
     million after-tax) charge related to the markdown of non-compatible Arbor
     merchandise and $31.3 million ($18.4 million after-tax) of nonrecurring
     costs incurred in connection with eliminating Arbor's information
     technology systems and Revco's noncompatible store merchandise fixtures,
     (C) in 1997, $337.1 million ($229.8 million after-tax) charge related to
     the merger of CVS and Revco, $75.0 million ($49.9 million after-tax) charge
     related to the markdown of non-compatible Revco merchandise, $54.3 million
     ($32.0 million after-tax) of nonrecurring costs incurred in connection with
     eliminating Revco's information technology systems and noncompatible store
     merchandise fixtures and $31.0 million ($19.1 million after-tax) charge
     related to the restructuring of Big B, Inc., and (D) in 1996, $12.8 million
     ($6.5 million after-tax) charge related to the write-off of costs incurred
     in connection with the failed merger of Rite Aid Corporation and Revco and
     a $121.4 million ($72.1 million after-tax) gain realized upon the sale of
     certain equity securities received as partial proceeds from the sale of
     Marshalls.

(2)  The interest portion of the net rental expense is estimated to be equal to
     one-third of the net rental expense.

(3)  The Company formed an Employee Stock Ownership Plan effective January 1,
     1989. On June 23, 1989, the ESOP Trust borrowed $357.5 million from
     qualified lenders, the proceeds of which were used to purchase a new series
     of preference stock issued by the Company. The Company has guaranteed the
     loan to the ESOP Trust. Dividends on preference stock totaled: $4.8 million
     in the 13 weeks ended March 31, 2001, $4.9 million in the 13 weeks ended
     April 1, 2000, $19.5 million in 2000, $20.1 million in 1999, $20.5 in 1998,
     $20.8 million in 1997 and $21.8 million in 1996. These amounts are not
     reflected in the calculation above.