BusinessWednesday, November 4
CVS reportedly will split into two companies, with the breakup planned for early 2028
The Morning Warwick team
If you work for CVS or fill prescriptions there, this one's close to home. Go Local Prov reports that CVS has decided to split in two, citing the Wall Street Journal. One company would hold Aetna and the pharmacy-benefit manager Caremark. The other would hold its 9,000 retail pharmacies.
CVS Chief Executive David Joyner said the businesses are "best served by splitting." There's no word yet on what it means for Rhode Island, where CVS reportedly employs more than 5,400 people.
CVS by the numbers as the split is reported
- 5,400
- people CVS reportedly employs in Rhode Island
- 9,000
- retail pharmacies in the company that would be spun off
- $402.1 billion
- in record revenue in 2025
Sources: Go Local Prov, The Providence Journal
- Planned breakup: early 2028, per the Wall Street Journal
- Third-quarter results: due Wednesday
- Shares: up 1.2% in extended trading Tuesday
The Providence Journal, running a Reuters report, said the Financial Times reported Tuesday that talks were at an early stage and no final decision had been made. The news lands as Helena Foulkes, a former CVS president, was elected governor.
CVS's path from Aetna deal to a planned split
- 2018CVS buys health insurer Aetna.
- Nov. 3The Financial Times reports CVS is considering a breakup.
- Nov. 4CVS is set to report third-quarter results.
- Early 2028The breakup is planned, per the Wall Street Journal.
Sources: Go Local Prov, The Providence Journal
Sources: Go Local Prov, The Providence Journal