Overview

CVS Health is an American healthcare company whose businesses combine community pharmacy, pharmacy benefit management, specialty and home infusion services, retail medical care, and health insurance. The company traces its origins to Consumer Value Stores, founded in Lowell, Massachusetts, in 1963 by brothers Stanley and Sidney Goldstein and Ralph Hoagland. Initially focused on health and beauty products, CVS added pharmacy departments during the 1960s and expanded through acquisitions across the United States. The company became a major national pharmacy operator through acquisitions including Clinton Drug, Mack Drug, Heartland Drug, Peoples Drug, Revco, Arbor Drugs, Eckerd, Albertsons' Osco and Sav-On operations, and Longs Drugs. It also developed digital and specialty capabilities, acquiring the online pharmacy Soma.com in 1999 and building pharmacy services for complex and chronic conditions. In 1994, the company entered pharmacy benefit management through PharmaCare. Its 2007 merger with Caremark Rx created CVS Caremark, a vertically integrated pharmacy-services business combining retail, mail-order, specialty pharmacy, formulary management, claims processing, and benefit administration. CVS expanded beyond pharmacy retail through MinuteClinic, acquired in 2006, and through the purchase of Target's pharmacy and clinic operations in 2015. Its insurance platform grew substantially after CVS agreed to acquire Aetna in 2017; the transaction closed in 2018 after regulatory review. Aetna provides commercial, Medicare, Medicaid, dental, behavioral-health, disability, and other health-related coverage and services. The combination positioned CVS Health as a company serving consumers, employers, health plans, government programs, and healthcare providers rather than solely retail pharmacy customers. A major strategic shift followed the Aetna transaction. CVS announced plans to redesign stores around healthcare services, including expanded MinuteClinic locations and HealthHUB formats offering clinical support, durable medical equipment, wellness and chronic-care services, and health technology. The company also removed tobacco products from its stores in 2014, presenting the decision as consistent with a healthcare-focused identity. Store transformation work was affected by the COVID-19 pandemic. In the 2020s, CVS Health continued moving toward primary and home-based care. It announced a Microsoft partnership focused on personalized care and digital health in 2021, agreed to acquire Signify Health in 2022 for approximately $8 billion, and announced the acquisition of Oak Street Health in 2023 for an enterprise value of approximately $10.6 billion. Oak Street Health expanded CVS Health's presence in value-based primary care, while Signify added in-home health assessment and care capabilities. The company also announced plans in 2021 to close approximately 900 stores over three years, citing changing consumer behavior, population patterns, and healthcare needs. CVS Health's principal operating brands include CVS Pharmacy, CVS Caremark, Aetna, MinuteClinic, CVS Specialty, Coram, Omnicare, Oak Street Health, Signify Health, Longs Drugs, and Navarro Discount Pharmacy. Its retail operations remain concentrated in the United States, while its services reach members and patients through employer plans, government programs, retail locations, mail delivery, specialty pharmacies, clinics, and home-care settings.

History

CVS began in 1963 as Consumer Value Stores in Lowell, Massachusetts. Its founders were Stanley and Sidney Goldstein and Ralph Hoagland. The early stores sold health and beauty products, and the business had expanded to 17 locations by 1964. Pharmacy departments were introduced in 1967 at stores in Rhode Island. CVS was acquired by Melville Corporation in 1969. During the 1970s, CVS expanded beyond New England. The acquisition of 84 Clinton Drug and Discount Stores in 1972 gave it an entry into the Midwest, while the purchase of Mack Drug stores in 1977 increased its presence in New Jersey. In the 1980s, the company added home healthcare services for people with hemophilia and acquired Heartland Drug in the Boston area. The 1990s brought faster geographic and structural expansion. CVS acquired 500 Peoples Drug stores in 1990, entering markets including Washington, D.C., Pennsylvania, Maryland, and Virginia. It launched PharmaCare as a pharmacy benefit manager in 1994 and became an independent publicly traded company on the New York Stock Exchange in 1996. The purchase of more than 2,500 Revco stores in 1997 created a substantial presence in Midwestern, Southeastern, and Eastern states. CVS acquired Arbor Drugs in 1998 and Soma.com in 1999, renaming the online pharmacy CVS.com. In the early 2000s, CVS acquired Stadtlander pharmacy, strengthening its specialty-pharmacy position, and launched the ExtraCare loyalty program in 2001. The 2004 purchase of Eckerd stores and Eckerd Health Services expanded its footprint across Texas, Florida, and other southern markets. In 2006, CVS acquired Albertsons' freestanding drugstores, including the Osco Drug and Sav-On Drugs operations, and acquired MinuteClinic. The 2007 merger with Caremark Rx created CVS Caremark, joining the retail pharmacy chain with a large pharmacy-benefit and mail-order business. CVS acquired Longs Drugs in 2008, adding stores in California, Hawaii, and Nevada. In 2014, CVS stopped selling tobacco products and changed its corporate name from CVS Caremark Corporation to CVS Health Corporation to emphasize a broader healthcare mission. The company acquired Coram's specialty infusion business and Navarro Discount Pharmacy that year. In 2015, it acquired Omnicare, a provider serving long-term-care facilities, and purchased Target's pharmacies and clinic operations, which were subsequently operated within Target stores under CVS management. CVS Health increasingly repositioned its retail stores as healthcare destinations. It introduced HealthHUB locations with expanded clinical, wellness, durable-medical-equipment, and chronic-care offerings. The company also pursued vertical integration through its 2017 agreement to acquire Aetna. The transaction closed in 2018 after government review, bringing a major health insurer into the CVS Health portfolio. The company subsequently described store redesign and healthcare-service expansion as central to its post-merger strategy, although the COVID-19 pandemic interrupted planned HealthHUB conversions. In the 2020s, CVS Health added digital-health and care-delivery initiatives. It announced a strategic partnership with Microsoft in 2021 and separately announced a plan to close approximately 900 stores over three years. In 2022, it agreed to acquire Signify Health, an in-home health platform. In 2023, it completed the acquisition of Oak Street Health, expanding into primary care and value-based care. The resulting company operates across retail pharmacy, pharmacy benefits, insurance, specialty pharmacy, long-term-care pharmacy, clinics, primary care, home health, and related healthcare services.

2023
Oak Street Health acquisition closes
[1]CVS Healthen.wikipedia.org
CVS Health completes its acquisition of Oak Street Health, expanding its primary-care business.
2018
Aetna acquisition closes
[1]CVS Healthen.wikipedia.org
CVS Health completes its acquisition of Aetna after regulatory review.
2014
Corporate name changes to CVS Health
[1]CVS Healthen.wikipedia.org
The company adopts CVS Health as its corporate name while retaining CVS-related retail banners.
2007
CVS merges with Caremark Rx
[1]CVS Healthen.wikipedia.org
The merger creates CVS Caremark and integrates retail pharmacy with pharmacy-benefit and mail-order services.
2001
ExtraCare launches
[1]CVS Healthen.wikipedia.org
CVS introduces its consumer loyalty program, combining member rewards with pharmacy and retail discounts.
1996
CVS becomes independently traded
[1]CVS Healthen.wikipedia.org
The company becomes a standalone public company trading under the CVS ticker.
1994
PharmaCare launches
[1]CVS Healthen.wikipedia.org
CVS enters pharmacy benefit management through PharmaCare.
1969
Acquired by Melville Corporation
[1]CVS Healthen.wikipedia.org
CVS becomes part of Melville Corporation.
1967
First pharmacy departments open
[1]CVS Healthen.wikipedia.org
CVS opens its first stores with pharmacy departments in Warwick and Cumberland, Rhode Island.
1963
Consumer Value Stores is founded
[1]CVS Healthen.wikipedia.org
Stanley and Sidney Goldstein and Ralph Hoagland establish the first Consumer Value Store in Lowell, Massachusetts.

Products and positioning

An integrated, consumer-facing healthcare platform built around accessible pharmacy locations, pharmacy benefits, insurance coverage, primary care, specialty care, and home-based services.

Retail pharmacy · 1963
CVS Pharmacy
CVS Pharmacy is the company's principal retail banner, combining prescription dispensing with over-the-counter medicines, personal care, beauty, household products, groceries, photo services, vaccinations, and other consumer health offerings. The banner operates across the United States and Puerto Rico, with some locations using Longs Drugs or Navarro branding.
Pharmacy benefit management · 2007
CVS Caremark
CVS Caremark provides pharmacy benefit management, including formulary and plan design support, claims administration, mail-order dispensing, specialty pharmacy, network management, and related services. Its customers include employers, insurers, unions, government programs, health plans, and other benefit sponsors.
Health insurance
Aetna
Aetna provides commercial and government health coverage and related services, including medical, pharmacy, dental, behavioral-health, Medicare, Medicaid, disability, and long-term-care offerings. It became part of CVS Health following the completion of the acquisition in 2018.
Retail medical clinic · 2006
MinuteClinic
MinuteClinic operates walk-in medical clinics primarily inside CVS Pharmacy locations. Its services have included treatment for common conditions, preventive care, vaccinations, screenings, health assessments, and support for selected chronic conditions, with the exact offering varying by location and regulatory environment.
Integrated retail healthcare format · 2019
HealthHUB
HealthHUB is a CVS store format designed to devote more space and staff to healthcare services. Locations may include expanded MinuteClinic capacity, care-concierge support, durable medical equipment, sleep-apnea products, compression therapy, wellness technology, and chronic-care resources.
Specialty pharmacy
CVS Specialty
CVS Specialty serves patients who require complex, high-cost, or highly coordinated therapies, including treatments for chronic, genetic, and rare diseases. Services can include medication access, adherence support, clinical monitoring, counseling, and care coordination.
Primary care · 2012
Oak Street Health
Oak Street Health is a primary-care provider acquired by CVS Health in 2023. Its model emphasizes value-based care and coordinated services, particularly for older adults and Medicare populations.
Home-based healthcare · 2017
Signify Health
Signify Health provides in-home health assessments and related care-support capabilities. CVS Health acquired the business to strengthen home-based care, clinical insight, and connections between patients and healthcare services.
Long-term-care pharmacy
Omnicare
Omnicare provides pharmacy services to skilled-nursing, assisted-living, and other long-term-care facilities. It became part of CVS Health through the 2015 acquisition.
Home infusion
Coram
Coram provides home infusion services, clinical monitoring, patient education, and related support for people receiving complex therapies outside traditional hospital settings.

Controversies

2026
Public question raised over whether CVS Health Corporation insiders breached fiduciary duties to shareholders
A PR Newswire release titled "Did CVS Health Corporation Insiders Breach their Fiduciary Duties to Shareholders?" publicly raised the question of whether insiders of CVS Health Corporation breached fiduciary duties owed to shareholders. The supplied material consists only of the headline; it does not identify the party that raised the question, does not describe the conduct at issue, and does not state any finding, conclusion, or determination. No regulatory or judicial outcome is reported in the available text. The item is dated September 26, 2026, and is attributed to a PR Newswire distribution. Because no further details are provided, this note records only that the question was publicly posed regarding CVS Health insiders and their fiduciary duties to shareholders.
Source
2026
University of Kentucky sues CVS Health
The University of Kentucky filed suit against CVS Health Corporation in federal court, alleging civil racketeering, fraud and breach of contract. According to the university, the company diverted approximately $41 million in 340B prescription revenue over a five-year period. The university is seeking damages under the RICO Act.
Source
2021
Opioid-crisis liability finding
A federal jury found CVS, Walgreens, and Walmart substantially contributed to the opioid crisis in two Ohio counties. The finding formed part of extensive litigation concerning pharmacy dispensing practices and the public-health effects of prescription opioids.
Source
2019
CVS Health controversy: CVS suspends sales of Zantac and ranitidine products
CVS Pharmacy said it suspended sales of Zantac-brand and CVS Health-brand ranitidine products until further notice after an FDA alert that ranitidine products may contain a possible human carcinogen. The source says the products had not been recalled and the FDA was not recommending that patients stop taking them.
Source
1990
Caremark health and Medicare fraud cases
Caremark, which later became part of the CVS Caremark structure, faced health-fraud and Medicare-fraud controversies in the late 1980s and early 1990s. The referenced material states that related settlements with the U.S. government exceeded $250 million in aggregate.
Source

Marketing campaigns

2014Tobacco-free CVS
United States
CVS Health removed cigarettes and other tobacco products from its stores as part of a broader effort to align the retail business with its healthcare positioning.
Outcome. Tobacco sales ended across the U.S. store network ahead of the originally announced deadline.
Source
2001ExtraCare
United States
CVS launched ExtraCare to connect shopping rewards, discounts, and personalized retail engagement with its pharmacy-store network.
Outcome. It became a central consumer loyalty platform for CVS retail operations.
Source

Brand decisions

2023
Acquisition of Oak Street HealthM&A
Background
CVS Health aimed to enter or expand in primary care and value-based care.
Action taken
CVS announced and completed an all-cash acquisition of Oak Street Health at $39 per share.
Aftermath
Oak Street Health became part of CVS Health and added a primary-care platform serving predominantly older and Medicare populations.
Enterprise value. Approximately $10.6 billion (2023 acquisition announcement)
Source
2022
Agreement to acquire Signify HealthM&A
Background
CVS sought stronger capabilities in home-based assessment and care delivery.
Action taken
CVS Health agreed to acquire Signify Health for approximately $8 billion.
Aftermath
The acquisition expanded CVS Health's home-care and value-based healthcare capabilities.
Announced transaction value. Approximately $8 billion (2022 announcement)
Source
2021
Three-year store closure planStrategy
Background
CVS cited changing consumer shopping behavior, population patterns, and future healthcare needs.
Action taken
The company announced plans to close approximately 900 U.S. stores over three years.
Aftermath
The plan represented a substantial rationalization of the retail footprint while CVS redirected investment toward healthcare services.
Source
2019
HealthHUB store expansionStrategy
Background
CVS sought to make retail locations more useful as healthcare destinations after the Aetna combination.
Action taken
The company planned to expand the HealthHUB format, adding healthcare services and reducing space devoted to slower-selling general merchandise.
Aftermath
Planned conversions were paused in March 2020 because of the COVID-19 pandemic.
Source
2017
Agreement to acquire AetnaM&A
Background
CVS pursued broader vertical integration across pharmacy, benefits management, insurance, and healthcare delivery.
Action taken
CVS announced an agreement to acquire Aetna for approximately $207 per share, structured with cash and stock.
Aftermath
The transaction closed in 2018 after regulatory review and made Aetna a major CVS Health business.
Announced consideration per Aetna share. Approximately $207 per share (2017 announcement)
Source
2014
Removal of tobacco productsStrategy
Background
CVS concluded that selling cigarettes was inconsistent with operating a healthcare-oriented business.
Action taken
The company discontinued tobacco sales across its stores and changed its corporate name to CVS Health.
Aftermath
The decision reinforced the company's healthcare positioning and preceded further expansion into clinical and insurance services.
Source
2007
Merger with Caremark RxM&A
Background
CVS sought to combine a national retail pharmacy network with a major pharmacy benefit manager and mail-order business.
Action taken
CVS Corporation and Caremark Rx completed a transformative merger, creating CVS Caremark.
Aftermath
The combined company became an integrated pharmacy-services provider spanning retail, mail, specialty pharmacy, and benefit administration.
Source

Recent events

2026-10-27
University of Kentucky sues CVS Health[6]University of Kentucky sues CVS Healthwkyt.com
Reported: 2026-10-28
The University of Kentucky sued CVS Health Corporation in federal court, alleging civil racketeering, fraud and breach of contract, and claiming that the company diverted around $41 million in 340B prescription revenue over five years. The university is seeking damages under the RICO Act.
Unconfirmed
Public question raised over whether CVS Health Corporation insiders breached fiduciary duties to shareholders[3]Public question raised over whether CVS Health Corporation insiders breached fiduciary duties to shareholdersnews.google.com
Reported: 2026-09-26
A PR Newswire release headlined "Did CVS Health Corporation Insiders Breach their Fiduciary Duties to Shareholders?" publicly raised the question of whether CVS Health Corporation insiders breached fiduciary duties owed to shareholders. The supplied text consists only of the headline and does not identify who raised the question, the underlying conduct, or any determination.
Unconfirmed
Bank of America expands free flu-shot funding with CVS Health[11]美国银行与CVS Health扩大免费流感疫苗资助yahoo.com
Reported: 2021-11-26
Bank of America partnered with CVS Health to expand funding for free flu shots distributed through Martha's Village & Kitchen, the Galilee Center, and eight other Inland Empire nonprofits.
Unconfirmed
CVS announces planned closure of 900 US stores[12]CVS 宣布计划关闭美国 900 家门店wsws.org
CVS Health announced a plan to close 900 US stores by 2024, with closures beginning in 2022 at a pace of about 300 stores per year.
2021-06-17
CVS Health expands Cardtronics partnership in Hawaii[13]CVS Health在夏威夷扩大与Cardtronics的合作kioskmarketplace.com
Reported: 2021-06-17
CVS Health expanded its partnership agreement with Cardtronics by enabling Allpoint surcharge-free ATM access at 50 Longs Drugs locations across the Hawaiian Islands.
2021-06-02
Kentucky attorney general sues CVS over opioid crisis[8]University of Kentucky sues CVS Healthlex18.com
Reported: 2021-06-02
Kentucky Attorney General Daniel Cameron filed a lawsuit against CVS Health, alleging unlawful business practices and failure to guard against opioid diversion.
2021-05-27
CVS Health announces #OneStepCloser vaccination sweepstakes[14]CVS Health宣布“OneStepCloser”疫苗接种抽奖活动fox13news.com
Reported: 2021-05-27
CVS Health announced the #OneStepCloser sweepstakes for eligible customers who received or planned to receive a COVID-19 vaccination through CVS Health. Entries were to begin June 1, with prizes awarded through weekly drawings and grand prizes over six weeks.
2021-04-29
CVS Health launches a $100 million venture fund[15]CVS Health推出1亿美元风险投资基金prnewswire.com
Reported: 2021-04-29
CVS Health launched CVS Health Ventures, a corporate venture capital fund initially allocated $100 million to invest in and partner with early-stage companies focused on health care accessibility, affordability and simplicity.
2021-04-16
Miami NAACP chapter and CVS Health partner on vaccine access[16]迈阿密 NAACP 分会与 CVS Health 合作促进疫苗可及性local10.com
Reported: 2021-04-17
Miami’s NAACP chapter president said a new partnership with CVS Health was rolling out to address the inclusion of predominantly Black communities in South Florida in COVID-19 vaccine distribution.
2021-02-24
CVS announces expanded COVID-19 vaccine availability in Texas[17]CVS宣布扩大德克萨斯州新冠疫苗接种服务abc13.com
Reported: 2021-02-24
CVS Health announced that it would begin offering COVID-19 vaccines to eligible people starting Thursday at 47 pharmacies across Texas, including approximately 15 in the Houston area.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.

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