CVS
Public Statements Risk
CVS is a high profile company. The company has been caught up in the crossfire of abortion battles. In general, CVS has avoided making specific statements on the issue, instead stating that the company will follow the law and dispense drugs as legally permitted. Karen S. Lynch, current CEO, is active on social media, but has thus far avoided making any controversial political statements. The ongoing abortion fight, as one of the most prominent political issues in the nation, is likely to continue generating risk for CVS (as alluded to in the "Women's Health" subsection of the social responsibility section of the company's website). Company website also references ESG, DEI, Health Equity (including social determinants of health), the pink tax, and includes a political contributions report.

Political Contributions Risk
CVS contributes almost equally to both parties, with a minor Democratic skew. Overwhelming majority of contributions come from company PAC. The company's combined contribution level is very high but ranks in the upper-middle of the Healthcare Sector. Contributions to controversial political figures include Donald Trump, Hillary Clinton, and Paul Ryan, which increases risk, along with magnitude of the giving. The bipartisan nature of the giving, on the other hand, mitigates the overall risk.

Political Dichotomy Risk
CVS has a politically diverse consumer base. While the company only contributes with a slight Democratic skew, there has already been ongoing and significant discourse surrounding reproductive rights, forcing CVS to take a stance. Combined with the risk of competitors that CVS lists in their 10K, the current abortion controversy poses significant risk of market share loss to substitute companies. The structure of the US healthcare system insulates CVS to a degree, but the dichotomy risk should not be ignored.

Associational Risk
Research did not reveal associations with controversial people. Sale of contraceptives and certain other drugs poses risks. Research did not reveal social media relationships with controversial influencers, celebrities, or politicians.

Brand Visibility Risk
High brand visibility. However, in the grocery and drugstore industry, consumers are usually concerned with price and location. Therefore, outside of major controversy, CVS is likely fairly well-insulated from consumers' value-based substitution.
