On November 4, 2026, CVS Health announced that it intends to separate into 2 independent, publicly traded companies: a health care solutions company built around health benefits, pharmacy benefit management, and care delivery; and a stand-alone retail pharmacy and community health care company that will operate as CVS Pharmacy.1
The decision follows a comprehensive strategic review by the CVS Health board of directors, and the separation is expected to be completed in the first half of 2028.1
How the Businesses Will Divide
The health care solutions company—which will keep the CVS Health name in the interim—will include Aetna, CVS Caremark, CVS Specialty, Oak Street Health, and Signify Health.1 The second company, CVS Pharmacy, will comprise around 9000 CVS retail pharmacies, mail pharmacy, MinuteClinic (including virtual care), and the Health100 technology services business.1
David Joyner, who currently serves as the chairman and CEO of CVS Health, will shift to instead oversee the health care solutions company. Prem Shah, who is currently group president of CVS Health, will become the CEO of CVS Pharmacy. Additional leadership positions and board members will be named at a later date.1
Joyner said the company is making the move “from a position of strength, and a focus on the long term,” pointing to leadership, financial, and operational improvements over the past 2 years. He described the goal as 2 focused companies better positioned to improve consumer engagement, affordability, and care coordination.1
