CVS Caremark is the nation's premier integrated pharmacy services provider, combining one of the nation's leading pharmaceutical services companies with the country's largest pharmacy chain. The company fills or manages more than one billion prescriptions per year, more than any other pharmacy services provider.
The company operates more than 7,400 retail stores, 30 onsite pharmacies, 31 specialty pharmacy stores, 13 specialty mail order pharmacies, four mail order pharmacies, and the CVS.com and Caremark.com websites. In addition, the company's MinuteClinic division runs approximately 657 retail health care clinics inside CVS pharmacies.
Caremark, one of the nation's leading pharmacy benefit management (PBM) companies, provides comprehensive prescription benefit management services to over 2,000 health plans, including corporations, managed care organizations, insurance companies, unions and government entities.
In fiscal 2011, CVS Caremark reported revenues of $107.1 billion, an 11.8% increase, and net income of $3.46 billion.
The company is one of the largest employers of pharmacists and nurse practitioners.
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.
- Stock option awards (select employees)
Updated December 13, 2012