BusinessWednesday, November 4
CVS Health reportedly plans to split into two companies by early 2028
The 5AM Pawtucket team
If you work for CVS, fill a prescription there or carry an Aetna card, this one's for you. Go Local Prov reports, citing the Wall Street Journal, that CVS Health has decided to split in two. CEO David Joyner said, “We’re basically taking what I believe is one great company and making it two.”
The picture was less settled Tuesday evening. The Providence Journal carried a Reuters report that the Financial Times said CVS was considering a breakup, citing people familiar with the matter. The discussions were at an early stage, the FT said, and no final decision had been made.
CVS's breakup follows a 2018 deal and is planned for early 2028
- 2018CVS makes its roughly $78 billion purchase of insurer Aetna.
- Nov. 3The Financial Times reports CVS is considering a breakup.
- Nov. 4CVS is set to report third-quarter results.
- Early 2028The breakup is planned, according to the Wall Street Journal.
Sources: Go Local Prov, The Providence Journal
- Split: Aetna and Caremark in one company, retail pharmacies in the other
- Timing: breakup planned for early 2028, per the Wall Street Journal
- Rhode Island: no announcement yet on the company's future here
- Shares: up 1.2% in extended trading Tuesday
Go Local Prov says CVS reportedly employs more than 5,400 people in Rhode Island. The news landed almost as Rhode Island elected former CVS president Helena Foulkes governor.
CVS by the numbers
- 5,400
- or more CVS employees reportedly in Rhode Island
- 9,000
- retail pharmacies in the planned pharmacy company
- $402.1 billion
- in record revenue in 2025
Sources: Go Local Prov, The Providence Journal
Sources: Go Local Prov, The Providence Journal