CVS Health says it intends to split into two publicly traded companies

CVS Health said on November 4, 2026 that it intends to separate into two independent, publicly traded companies. The planned separation follows a comprehensive strategic review by the CVS Health Board of Directors.

The company said the healthcare solutions company will comprise Aetna, CVS Caremark, CVS Specialty, Oak Street Health and Signify Health, and will be called CVS Health in the interim. The company said the retail company will be named CVS Pharmacy and will comprise approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic (including virtual care), and the Health100 technology services business.

The company said David Joyner, currently Chairman and CEO of CVS Health, will become Chairman and CEO of the healthcare solutions company upon separation. It said Prem Shah, currently Group President of CVS Health, will become CEO of CVS Pharmacy. It said additional leadership positions and Board members will be announced at a later date.

The company said the separation is intended to be tax-free to CVS Health and its shareholders for U.S. federal income tax purposes. It also said both companies are expected to have an investment grade rating at separation. On November 4, 2026, the company also announced third quarter 2026 results and raised its full-year 2026 guidance.

The company said the separation is expected to be completed in the first half of 2028, subject to customary conditions, including final approval by the CVS Health Board of Directors, effectiveness of a Form 10 registration statement and receipt of customary confirmation about the tax-free treatment.