CVS Health

Company Description

CVS Health is a healthcare company primarily operating in pharmacy retail, drug prescription benefits, health insurance, medical facilities, and services. The company’s flagship business and brand, CVS Pharmacy, manages more than 9,000 stores across the US. Other key businesses include CVS Caremark which provides prescription benefit management services, CVS Specialty, a chronic and genetic therapy pharmacy division, and the retail medical clinic MinuteClinic.

Detailed Description

CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates. Its Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services. It serves employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, plans offered on public health insurance and private health insurance exchanges, other sponsors of health benefit plans, and individuals. This segment operates retail specialty pharmacy stores; and specialty mail-order, mail-order dispensing, and compounding pharmacies, as well as branches for infusion and enteral nutrition services. The company's Retail/LTC segment sells prescription and over-the-counter drugs, consumer health and beauty products, and personal care products; and provides health care services through its MinuteClinic walk-in medical clinics. This segment also distributes prescription drugs; and provides related pharmacy consulting and other ancillary services to care facilities and other care settings. As of December 31, 2021, it operated approximately 9,900 retail locations and 1,200 MinuteClinic locations, as well as online retail pharmacy websites, LTC pharmacies, and onsite pharmacies. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health Corporation was founded in 1963 and is headquartered in Woonsocket, Rhode Island.

Key People

Founder(s): Stanley Goldstein, Sidney Goldstein, Ralph Hoagland

Karen S. Lynch (President and CEO)

Financials

Revenue: US$268.70 billion (2020)

Operating income: US$13.91 billion (2020)

Net income: US$7.17 billion (2020)

Total assets: US$230.71 billion (2020)

Total equity: US$69.70 billion (2020)