CVS to split retail pharmacy and insurance units by 2028
What's next: Existing shareholders would own both companies, with David Joyner leading CVS Health and Prem Shah running CVS Pharmacy.
CVS Health plans to break itself into two publicly traded companies by the first half of 2028, separating its roughly 9,000 retail pharmacies from its insurance, pharmacy benefit manager and care-services operations. The move unwinds the healthcare conglomerate CVS built through its $78 billion Aetna acquisition in 2018. Under the plan, the insurance and PBM business, along with Oak Street Health, Signify Health and specialty drugs, will keep the CVS Health name and remain under CEO David Joyner. The retail chain will become CVS Pharmacy, led by group president Prem Shah. CVS said current shareholders will receive stakes in both companies.