CVS Health intends to divide itself into two independent, publicly traded companies after a strategic review by its board, the group said in a release filed with the US Securities and Exchange Commission on 4 November. The plan separates the health insurance and pharmacy benefit businesses from the retail stores.
The healthcare solutions company, which will keep the CVS Health name for now, would combine Aetna, the CVS Caremark pharmacy benefit manager, CVS Specialty, the primary care operator Oak Street Health and Signify Health. The second company, CVS Pharmacy, would hold about 9,000 pharmacies, mail pharmacy, the MinuteClinic walk-in and virtual care service and the Health100 technology services business.
CVS gives company-wide figures of about 87 million pharmacy benefit plan members and an estimated 37 million people served through its health insurance products. The release gives no separate figure for Aetna. CVS said it raised its full-year 2026 guidance in a separate third-quarter results release.
David Joyner, chairman and chief executive of CVS Health, will lead the healthcare solutions company as chairman and CEO. Prem Shah, currently group president, will be chief executive of CVS Pharmacy. CVS said it expects both companies to have solid investment-grade ratings and that other leadership and board appointments will follow.
The separation is intended to be tax-free and is expected to be completed in the first half of 2028. It still needs final board approval, an effective Form 10 registration statement with the SEC and customary tax confirmation.
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CVS Health ↗Company · 4 Nov 2026
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