WOONSOCKET, R.I. — Massachusetts-founded CVS Health announced Wednesday that it will split into two publicly traded companies.
The planned separation will split the pharmacy chain and insurance company.
According to the company, the separation is expected to be completed in the first half of 2028.
The insurance side will comprise Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health. It will be referred to as CVS Health.
The approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic, and the Health100 technology service business will make up the retail side. The company will be named CVS Pharmacy.
David Joyner, the current Chairman and CEO of CVS Health, will be the Chairman and CEO of the healthcare solutions company, CVS Health.
“Our history is defined by proactively evolving to stay ahead of what’s next in healthcare, and in today’s environment, that means delivering more affordability, greater access, and a simpler experience,” said Joyner.
The current Group President of CVS Health, Prem Shah, will be the CEO of CVS Pharmacy.
According to the release, customers, patients, and clients will not experience an interruption in medicine, care, or benefits.
CVS Health wrote it will provide additional information as the separation process moves forward.
The company has approximately 9,000 retail pharmacy locations and over 1,000 walk-in and primary care clinics.
CVS is the largest pharmacy chain in Massachusetts.
This is a developing story. Check back for updates as more information becomes available.
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