CVS to Split into Two Publicly Traded Companies

CVS Health said Wednesday it intends to separate into two independent, publicly traded companies, following a strategic review by the CVS Health board of directors. The two companies will focus on healthcare solutions and retail pharmacies, respectively.

To be known as CVS Health, in the interim, the healthcare solutions company will comprise the Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health brands. The retailer, which currently operates approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic and the Health100 technology services business, will be named CVS Pharmacy.

Upon separation, David Joyner, currently chairman and CEO of CVS Health, will be chairman and CEO of the healthcare solutions company. Prem Shah, currently group president of CVS Health, will become CEO of CVS Pharmacy. Additional leadership positions and board members will be announced at a later date.

“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. “Over the last two years, we have made meaningful progress: we built a world-class leadership team, strengthened our financials, revitalized operations across the enterprise, and drove total shareholder return. From a position of strength, and a focus on the long term, we plan to create two focused companies to improve consumer engagement, affordability, and care coordination.”

The separation is expected to be finalized in the first half of 2028. Goldman Sachs is serving as lead financial advisor and strategic advisor to the company, with Consello also serving as financial and strategic advisor to the company. Wachtell, Lipton, Rosen & Katz is serving as legal counsel.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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