CVS plans to split into two public companies by 2028
The US healthcare company plans to separate its roughly 9,000 pharmacies from its insurance and pharmacy-benefit businesses by the first half of 2028. Existing shareholders would own shares in both companies.
CVS Health plans to create two publicly traded companies by the first half of 2028, separating its retail pharmacies from its insurance and pharmacy-benefit businesses. CNBCThe Guardian
The insurance and pharmacy-benefit company will keep the CVS Health name and be led by CEO David Joyner. The pharmacy company will be called CVS Pharmacy and led by Prem Shah, currently a group president. CNBC
CVS said existing shareholders would receive shares in both companies. The announcement came alongside quarterly results that beat Wall Street expectations, while CVS shares fell roughly 11% on Wednesday. CNBC