CVS Health to Split Into Two Public Companies: About 9,000 Pharmacies to Form CVS Pharmacy, Completion Expected in First Half of 2028
CVS Health announced on November 4 in Woonsocket, Rhode Island, that following a comprehensive strategic review by its Board of Directors, it intends to separate into two independent, publicly traded companies: a healthcare solutions company spanning health benefits, pharmacy services and care delivery, and CVS Pharmacy, a national retail pharmacy and community healthcare company built around approximately 9,000 pharmacies. The separation is expected to be completed in the first half of 2028.
The healthcare solutions company, referred to in the interim as CVS Health, will comprise health insurer Aetna, pharmacy benefit manager CVS Caremark, CVS Specialty, primary care provider Oak Street Health and home health company Signify Health, together with its value-based care and in-home health businesses.
The new CVS Pharmacy will comprise approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic including virtual care, and the Health100 technology services business, served by nearly 30,000 pharmacists. The company said it will pursue wider partnerships with payers, pharmacy benefit managers and manufacturers.
David Joyner, currently Chairman and CEO of CVS Health, will be Chairman and CEO of the healthcare solutions company, while Prem Shah, currently Group President, will be CEO of CVS Pharmacy. Additional leadership positions and Board members will be announced at a later date.
The separation is intended to be tax-free to the company and its shareholders, and on completion CVS Health shareholders will own shares in both companies. It remains subject to final Board approval, effectiveness of a Form 10 registration statement filed with the U.S. Securities and Exchange Commission, and customary confirmation of the tax-free treatment. Both companies are expected to have a solid investment grade rating, strong free cash flow and an attractive dividend at separation. Until completion, CVS Health will operate as it does today, with no interruption to medicine, care, benefits or services.
Joyner said that over the last two years the company has built its leadership team, strengthened its financials and revitalized operations, and that both companies will advance technology to simplify healthcare “one person, one family and one community at a time.” Goldman Sachs & Co. LLC is lead financial and strategic advisor, Consello is also a financial and strategic advisor, and Wachtell, Lipton, Rosen & Katz is legal counsel.
As of September 30, 2026, CVS Health had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care clinics, a pharmacy benefits manager with approximately 87 million plan members, and health insurance products serving an estimated 37 million people. The company also reported third quarter results and raised its full-year 2026 guidance on the same day.
Related: CVS Health Q3 Revenue Rises 5.4% to $108.4 Billion as 2026 Guidance Is Raised
(Source: CVS Health)
Source: CVS Health
Published by GSM · USA (original Chinese edition)
Photo: 图：马萨诸塞州 Charlton 的一家 CVS 药房门店。John Phelan 摄，CC BY 4.0，经 Wikimedia Commons。 / Photo: A CVS pharmacy store in Charlton, Massachusetts. Photo by John Phelan, CC BY 4.0, via Wikimedia Commons.
- 2026-11-04CVS Health to Split Into Two Public Companies: About 9,000 Pharmacies to Form CVS Pharmacy, Completion Expected in First Half of 2028This story
- 2026-11-04CVS Health Q3 Revenue Rises 5.4% to $108.4 Billion: Full-Year 2026 Guidance Raised, Adjusted EPS Now at Least $8.20
