CVS Health is a leading health services company which includes CVS Pharmacies and Aetna Health Insurance.
The Company has more than 9,900 CVS retail locations, approximately 1,100 MinuteClinic walk-in medical clinics, a leading pharmacy benefits manager with approximately 105 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year and expanding specialty pharmacy services. The company also serves an estimated 34 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan.
CVS Pharmacies have been one of the leading providers of Covid-19 vaccines and tests around the country.
For 2020, the Company dispensed approximately 27.1% of the total retail pharmacy prescriptions in the United States.
The Company’s Pharmacy Services clients are primarily employers, insurance companies, unions, government employee groups, health plans, Medicare Part D plans, Managed Medicaid plans and plans offered on Insurance Exchanges and other sponsors of health benefit plans throughout the United States.
The company employs 40,000 doctors, nurses, pharmacists and nurse practitioners.
In 2020, CVS reported revenues of $268.7 billion, up 4.6% from the previous year, and net income of $7.19 billion. The pharmacy section at the back of CVS stores generated 76.9% of retail revenues while the front of store generated 23.1%.
The first CVS store, selling health and beauty products, opens in Lowell, MA in 1963. CVS stands for Consumer Value Stores. In 1967, CVS opened its first stores with pharmacy departments. By 1970, CVS had 100 stores in the Northeast.
CVS would continue to expand by acquiring Peoples Drug stores (1990), Revco (1997) and Arbor Drugs (1998). In 1999, CVS.com would launch and become the first full-service integrated online pharmacy allowing customers to refill prescriptions online.
In 2005, the company acquired 1,200 Eckerd Stores, primarily in the higher growth Sunbelt markets of Florida and Texas. In 2007, CVS completed the acquistion of 700 Sav-on and Osco drugstores, the bulk of which are in the population-rich southern California markets, all became CVS/pharmacy stores.
In 2007, CVS Corporation merges with Caremark Rx, creating CVS/Caremark, the nation's premier pharmacy services provider.
On October 20, 2008, CVS acquired Longs Drug Stores which operated 529 drug stores primarily on the West Coast.
CVS stopped selling tobacco in all stores in 2014.
CVS acquired health insurance company Aetna in 2018 for $69 billion.
Larry Merlo retired as CEO in February 2021 and Karen Lynch became the company's new CEO.
- Stock option awards (select employees)
Updated September 22, 2021