CVS Health Corporation
CVS Pharmacy is a subsidiary of the American retail and healthcare company CVS Health, headquartered in Woonsocket, Rhode Island. It was also known as, and originally named, the Consumer Value Store and was founded in Lowell, Massachusetts, in 1963.
CVS Health Corporation (previously CVS Corporation or CVS Caremark Corporation) (CVS Health) is an American retail pharmacy and healthcare company headquartered in Woonsocket, Rhode Island. The company began in 1964 with three partners who grew the venture from a parent company, Mark Steven, Inc., that helped retailers manage their health and beauty aid product lines. The business began as a chain of health and beauty aid stores, but within several years, pharmacies were added. To facilitate growth and expansion, the company joined The Melville Corporation, which managed a string of retail businesses.
Following a period of growth in the 1980s and 1990s, CVS Corporation spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Exchange as NYSE.
It later completed a merger with the pharmacy benefit management company Caremark Rx in 2007 And was renamed CVS Caremark Corporation. The company was renamed CVS Health in 2014 following its decision to remove tobacco products from CVS Pharmacy store shelves. CVS Health’s assets include CVS Pharmacy, CVS Caremark, CVS Specialty, and the retail clinic MinuteClinic.
In 2017, it ranked seventh on the Fortune 500 and 18th on the Fortune Global 500 list with $177B in annual revenue. In December 2017, CVS agreed to acquire Aetna for $69 billion.
CVS Specialty is the specialty pharmacy division that provides specialty pharmacy services for individuals with chronic or genetic diseases who require complex and expensive drug therapies. CVS Health operates 24 retail specialty pharmacy stores and 11 specialty mail order pharmacies, making them the largest specialty pharmacy in the United States.
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