Official Name: CVS Health Corporation
Headquarters: Woonsocket, RI, United States
CEO: Ms. Karen Sue Lynch
USD as of April 1, 2022
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.
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.
CVS Health Corporation (previously CVS Corporation and CVS Caremark Corporation) is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company's headquarters is in Woonsocket, Rhode Island. In 2021, CVS Health was ranked 4th on the Fortune 500 list, and 7th on the Fortune Global 500 list. Consumer Value Stores (CVS) was founded in 1963 by three partners: brothers Stanley and Sidney Goldstein and Ralph Hoagland, who grew the venture from a parent company, Mark Steven, Inc., that helped retailers manage their health and beauty aid product lines. The business began as a chain of health and beauty aid stores, but within several years, pharmacies were added. To facilitate growth and expansion, the company joined the Melville Corporation, which managed a string of retail businesses. Following a period of growth in the 1980s and 1990s, CVS Corporation spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Exchange as CVS. In December 2017, CVS agreed to acquire Aetna for $69 billion and completed the acquisition in November 2018. Legal issues related to the merger were resolved in September 2019. In February 2020, CVS Health announced changes to its board of directors. Directors Richard "Dick" Swift, Richard Bracken and Mark Bertolini will no longer stand for re-election at the company's 2020 Annual Meeting and the board will be reduced from 16 to 13 directors. On November 18, 2021, CVS Health announced that the company plans to close 900 stores over the next three years with closing due to begin in the spring of 2022. In November 2021, a federal jury found that CVS, along with Walgreens and Walmart, "had substantially contributed to" the opioid crisis.
Source: Wikipedia, retrieved on March 31, 2022, 8:57 p.m.
Founder(s): Stanley Goldstein, Sidney Goldstein, Ralph Hoagland
Karen S. Lynch (President and CEO)
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)