CVS Health is considering separating its retail pharmacy business into a standalone, publicly listed company, the Financial Times reported. The retail operation includes about 9,000 pharmacies, while Aetna and pharmacy-benefit manager Caremark would remain together, according to the report.
The Wall Street Journal separately reported that CVS would divide its retail pharmacies from its insurance and pharmacy-benefit operations. One of the two companies would keep the CVS Health name and be led by current CEO David Joyner, the Journal reported, citing the company. CVS did not immediately respond to a Reuters request for comment.
A separation would reverse part of CVS’s strategy of assembling an integrated healthcare business through acquisitions, including its roughly $78 billion purchase of Aetna in 2018. The potential change comes as pharmacy-benefit managers face increased political and regulatory scrutiny over their role in the US drug supply chain.
CVS is due to report quarterly results on Wednesday. The company recorded revenue of $402.1 billion in 2025, up 7.8% from the previous year. It also considered options including a possible breakup in 2024, Reuters reported at the time.
CVS shares rose 1.2% in extended trading. The stock has rebounded under Joyner, who took over in October 2024, bringing the company’s market value to about $117 billion.
Sources: Investing.com News.