Company Summary
Headquartered in Woonsocket, RI, CVS Health Corporation (formerly known as CVS Caremark Corporation) is a pharmacy innovation company with integrated offerings across the entire spectrum of pharmacy care. On Sep 3, 2014, CVS Caremark Corporation announced a change of its corporate name to CVS Health to reflect its broader healthcare commitment.
In 2018, CVS Health acquired insurance giant Aetna for $70-billion.
The company at present has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other.
Health Services segment (up 10.2% in 2023), which in addition to providing a full range of pharmacy benefit management (“PBM”) solutions, also delivers health care services in the company’s medical clinics, virtually, and in the home, as well as provider enablement solutions. During fourth quarter fiscal 2023, the company introduced CVS Healthspire -- the new name for the Health Services segment, which includes Caremark, Cordavis, Oak Street Health, Signify Health and MinuteClinic.
Pharmacy & Consumer Wellness segment (up 7.5%), which includes its retail and long-term care pharmacy operations and related pharmacy services, as well as its retail front store operations. This segment will also provide pharmacy fulfillment services to support the Health Services segment’s specialty and mail-order pharmacy offerings.
Health Care Benefits (up 15.6%) offer a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs, Medicaid health care management services, workers’ compensation.