|
Go To |
Headquarters:
Website: http://www.cvs.com 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. CVS Caremark drives value for pharmacy services customers by effectively managing pharmaceutical costs and improving healthcare outcomes through its 6,300 CVS pharmacy stores; its pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. CVS had revenues of $43.8 billion in 2006 and net income of $1.36 billion. As of March 29, 2008 the Company operated 6,267 retail pharmacy stores, 56 specialty pharmacy stores, 19 specialty mail order pharmacies and 7 mail order pharmacies in 44 states and the District of Columbia. In 2007, CVS Caremark opened 139 new retail pharmacy stores and 1 new specialty pharmacy store; closed 44 retail pharmacy stores, 1 mail service pharmacy and 2 specialty mail order pharmacies. I 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. The company reported revenues of $76.3 billion in 2007 and net income of $2.63 billion. History 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. Benefits - Stock option awards (select employees) Updated July 28, 2008 |