Exhibit 12.1

CVS HEALTH CORPORATION

Computation of Ratio of Earnings to Fixed Charges

	Unaudited
	Three Months Ended
	March 31,						Fiscal Years
In millions	2017			2016			2016			2015			2014			2013			2012
Earnings:
Income from continuing operations before income taxes(a)	$	1,533		$	1,892		$	8,635		$	8,614		$	7,678		$	7,528		$	6,307
Interest portion of net rental expense(b)		200			197			790			764			786			750			741
Interest expense (net of interest capitalized)		258			288			1,078			859			615			517			561
Adjusted earnings	$	1,991		$	2,377		$	10,503		$	10,237		$	9,079		$	8,795		$	7,609
Fixed Charges:
Interest portion of net rental expense(b)		200			197			790			764			786			750			741
Interest expense (net of interest capitalized)		258			288			1,078			859			615			517			561
Interest capitalized		2			3			13			12			19			25			29
Total fixed charges	$	460		$	488		$	1,881		$	1,635		$	1,420		$	1,292		$	1,331
Ratio of earnings to fixed charges		4.33	x		4.87	x		5.58	x		6.26	x		6.39	x		6.81	x		5.72	x

^(a)  Excludes net (income) loss attributable to noncontrolling interest.

^(b)  The portion of net rental expense deemed to be representative of the interest factor.

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