CVS Health plans to split into two publicly traded companies by early 2028, a move that would be among the largest corporate separations in history. The split would separate roughly 9,000 retail pharmacies from the insurance business, the pharmacy benefit manager Caremark and specialty healthcare operations. It would reverse the $78 billion Aetna acquisition completed in 2018, which created a vertically integrated healthcare conglomerate. Existing CVS shareholders would receive shares in both companies, one of which would retain the CVS Health name and be led by David Joyner. In 2025, the pharmacy business generated $37.66 billion in sales, the insurance unit recorded $36.29 billion in revenue and healthcare services generated $51.24 billion.
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