CVS Company profile
CVS Health (CVS) is an American health service provider headquartered in Woonsocket, Rhode Island.
In 1963, brothers Stanley and Sidney Goldstein, and Ralph Hoagland founded the company in Lowell, Massachusetts. The first CVS store sold health and beauty products. CVS stands for Consumer Value Stores.
CVS Health has four business segments: Health Care Benefits, Pharmacy Services, Retail/LTC and Corporate/Other.
The Health Care Benefits segment offers traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, MedicareAdvantage and health information. The segment serves around 35 million customers, including employer groups, individuals, college students, part-time and hourly workers, health care providers, government-sponsored plans, labour groups and expatriates.
The Pharmacy Services segment provides pharmacy benefit management (PBM) solutions, including, plan design offerings and administration, formulary management, retail pharmacy network management services, mail order pharmacy, clinical services and disease management services. The segment’s customers include employers, insurance companies, unions, government employee groups, health plans, plans offered on insurance exchanges and other sponsors of health benefit plans.
The Retail/LTC segment sells prescription drugs, health and wellness products, and general merchandise. It also provides health care services through its MinuteClinic walk-in medical clinics, medical diagnostic testing, and administers vaccinations for illnesses such as influenza and Covid-19.
Long-term care pharmacy operations are also part of the segment. They distribute prescription pharmaceuticals as well as provide pharmacy consulting and other ancillary services to care homes and other care settings.
As of 31 December 2021, the Retail/LTC segment operated more than 9,900 locations, nearly 1,200 MinuteClinic locations, online services, LTC pharmacies and on-site pharmacies. CVS Health announced in November 2021 that it plans to close 900 stores in the next three years as part of its strategy to overhaul its retail business. The closures will start in spring 2022.
The company dispensed about 26.4% of all retail pharmacy prescriptions in the US in 2021.
The Corporate/Other segment provides management and administrative expenses to support the Company’s overall operations. It also offers products for which the company no longer solicits or accepts new customers such as large case pensions and long-term care insurance products.
The company’s shares are traded on the New York Stock Exchange under the ticker symbol CVS.
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