50 things to know about CVS Health

Rylee Wilson - Friday, June 16th, 2023

CVS Health has grown from a single store to a healthcare giant, operating pharmacies, a major insurer and primary and home care clinics.

Here are 50 things to know about CVS Health and its subsidiaries.

The first CVS Health store, which sold health and beauty products, opened in Lowell, Mass., in 1963.
By 1988, the pharmacy chain had 750 stores.
In 2006, the company acquired MinuteClinic, an in-store health clinic.
The chain acquired Caremark, a pharmaceutical benefit manager, in 2007.
In 2015, the company acquired retail chain Target's pharmacies for $1.9 billion.
In 2018, CVS Health acquired Aetna in a $70 billion deal, the largest healthcare merger in U.S. history.
The company operates more than 9,000 retail stores and more than 1,100 in-store clinics.
After acquiring Aetna, the company said it would shift its focus from retail to healthcare, dedicating more in-store space to provider services.
In 2021, the company said it would close 900 stores over the next three years.
In October 2022, CVS Health CEO Karen Lynch said the company plans to be in charge of the "entire spectrum of someone's healthcare journey."

CVS Health is headquartered in Woonsocket, R.I.
The company has more than 300,000 employees, according to its 2022 year-end report.
CVS Health was ranked 6th in the Fortune 500 in 2023, behind UnitedHealth Group in fifth.
The company fell from its fourth place ranking on the Fortune 500 in 2022.
The company brought in $322.46 billion in revenue in 2022.
The company's health services segment, which includes its pharmaceutical benefit manager, made up around 50 percent of the company's $85 billion in revenue in the first quarter of 2023.
Health benefits, including Aetna, and pharmacy and consumer wellness each made up around 30 percent of the company's first quarter revenue.
The company reported $2.1 billion in profit in the first quarter of 2023.

Karen Lynch is CEO of CVS Health, a role she has held since 2021. She was previously president of Aetna.
Ms. Lynch was paid $21.3 million in total compensation in 2022.
Ms. Lynch, the highest-ranking female CEO on the Fortune 500, was named one of Time magazine's most influential people in 2022.
Shawn Geurtin is CVS Health's CFO, a role he has held since 2021. He previously spent eight years as Aetna's CFO.
Mr. Guertin was paid $14.6 million in total compensation in 2022.
The median employee-to-CEO pay ratio at the company was 380-to-1 in 2022.
CVS employees were paid a median salary of $56,129.
Roger Farah is the chair of CVS Health's board, a role he has held since 2022. He is the former co-chief executive officer and executive director of retailer Tory Burch. He also serves on the board of jewelry retailer Tiffany and Co. and auto insurer Progressive.

Aetna was first established as the Aetna Life Insurance company in 1819, headquartered in Hartford, Conn.
The company created its HMO subsidiary in 1975.
Aetna acquired Prudential Health in 1998 for $1 billion, creating the largest managed-care company at the time, with 22.4 million members.
Aetna had 25.5 million medical insurance members at the end of the first quarter of 2023.
The payer had nearly 18 million commercial members in the first quarter of 2023.
Aetna is the third-largest Medicare Advantage provider, behind UnitedHealthcare and Humana. The insurer had 3.4 million MA members at the end of the first quarter of 2021.
The company had 2.8 million Medicaid managed care members.
Daniel Finke is the current president of Aetna, a role he has held since February 2021. He joined Aetna in 2014 and previously served as COO of EmblemHealth.
Mr. Finke plans to step down for health reasons in September. Brian Kane, former CFO of Humana, will assume the role effective Sept. 1.

In May, CVS Health completed its acquisition of primary care company Oak Street Health in a $10.6 billion deal.
Oak Street Health operates more than 160 clinics in 21 states.
In March, the company closed its acquisition of Signify Health, which provides analytics and technology to payers, in a $8 billion deal.
Signify Health will still serve its 50 health plan clients, but Aetna will benefit from the home-health focused company's extensive value-based care network.
The acquisition will accelerate the company's value-based care strategy, Ms. Lynch said in March. Signify CEO Kyle Armbrester will continue to operate the company.
In May, Ms. Lynch said the company will slow down on mergers and acquistions to integrate the two multibillion dollar assets it purchased in the first months of 2023.
In October 2022, CVS Health sold benefits administration platform Bswift to tech investment firm Francisco Partners.
In May 2022, Millenium Trust Co. acquired health savings account company PayFlex Holdings from CVS Health for an undisclosed amount.

Cigna is seeking to block former executive Amy Bricker from becoming CVS' executive vice president and chief product officer-consumer, alleging the hiring violates a noncompete agreement. A federal judge has barred Ms. Bricker from working for CVS while a lawsuit is ongoing.
CVS Health is wrapping up its clinical trials unit that launched two years ago to focus on its core business long-term priorities. The company aims to wind down the clinical trials unit in phases, with a full exit expected by Dec. 31, 2024.
CVS Health is expecting Aetna's operating income to decrease by up to $1 billion next year because the number of its Medicare Advantage members in four star plans has dropped significantly since last year.
In March, Aetna was awarded a contract to provide Medicare Advantage plans to 250,000 New York City retirees. The plan is currently being challenged in court.
In March, the House Committee on Oversight and Accountability opened an investigation into the business practices of three PBMs, including CVS Caremark.
In January, CVS Health invested $100 million in hybrid healthcare company Carbon Health. The company will incorporate Carbon Health's operating model in some existing locations.
North Carolina cited cost savings and more price transparency as the reasons why the state ended a 40-year relationship with Blue Cross Blue Shield and chose Aetna to administer employee health benefits.