CVS Health plans to split into two public companies by 2028

The short version

• CVS Health plans to split into two separate public companies by the first half of 2028.[CNBC]
• The roughly 9,000 retail pharmacies would be separated from the insurance business and the Caremark pharmacy benefit manager.[CNBC]
• The insurance and PBM company would keep the CVS Health name under CEO David Joyner, while CVS Pharmacy would be led by Prem Shah.[CNBC]
• Whether and when the plan is completed remains the main unknown, since this is an announced plan rather than a finished transaction.[CNBC]

Key facts

• CVS Health announced plans to split into two separate public companies by the first half of 2028.[CNBC]
• The split would separate CVS's roughly 9,000 retail pharmacies from its insurance business and the Caremark pharmacy benefit manager.[CNBC]
• The insurance and PBM company would retain the CVS Health name and be run by CEO David Joyner.[CNBC]
• The retail pharmacy company would be called CVS Pharmacy and be led by Prem Shah, currently group president of CVS Health.[CNBC]
• Leerink Partners analyst Michael Cherny said the split was a complete surprise, according to CNBC's reporting.[CNBC]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• CVS to split off drugstore business in major breakup of healthcare giantCNBC
• CVS Health to split pharmacy chain from health insuranceThe Guardian - US
• CVS Health plans to split itself up. Here's why a breakup could make sense nowCNBC