BusinessWednesday, November 4
CVS Health reportedly will split in two, with the breakup planned for early 2028
The 5AM North Providence team
If you work for CVS or fill prescriptions there, the Rhode Island-headquartered company has big plans for its future. Go Local Prov, quoting the Wall Street Journal, reports CVS Health has decided to split in two. Aetna and the Caremark pharmacy-benefit manager would sit in one company, and the retail pharmacies in the other.
Go Local Prov says CVS reportedly employs more than 5,400 people in Rhode Island, and there's no announcement yet about the company's future here. The news lands almost the same time as the election of former CVS president Helena Foulkes as governor.
More than 5,400people CVS reportedly employs in Rhode Island
Go Local Prov says there is no announcement about the company's future in the state.
Source: Go Local Prov
- Planned breakup: early 2028
- Retail company: 9,000 pharmacies
- Aetna purchase in 2018: roughly $78 billion
- 2025 revenue: a record $402.1 billion, up 7.8%
The Providence Journal, relaying Reuters, says the Financial Times reported Tuesday that the talks were at an early stage and no final decision had been made. CVS is set to report third-quarter results today.
CVS's reported path to a split runs from 2018 to 2028
- 2018CVS buys health insurer Aetna in a roughly $78 billion purchase.
- Nov. 3The Financial Times reports CVS is considering a breakup.
- Nov. 4CVS is set to report third-quarter results.
- Early 2028The breakup is planned, according to the Wall Street Journal.
Sources: Go Local Prov, The Providence Journal
Sources: Go Local Prov, The Providence Journal