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7.CVS Health


CVS Health Corporation


CVS Health Logo.svg


Formerly
CVS Corporation
CVS Caremark Corporation
Type
Public
Industry
·         Retail
·         health care
Predecessor
Melville Corporation (1922–1996)
Founded
1996; 22 years ago in Woonsocket, Rhode Island, U.S.
Headquarters
Woonsocket, Rhode Island, U.S.
Area served
United States
Key people
·         David W. Dorman (Non-Executive Chairman)
·         Larry Merlo (President and CEO)
Revenue
US$184.765 billion (2017)
Operating income
US$9.517 billion (2017)
Net income
US$6.622 billion (2017)
Total assets
US$95.131 billion (2017)
Total equity
US$37.695 billion (2017)
Number of employees
246,000 (2017)
Subsidiaries
·         CVS Pharmacy
·         MinuteClinic
·         CVS Caremark
·         CVS Specialty
·         Drogaria Onofre
·         Longs Drugs
·         Navarro Discount Pharmacies
·         Accordant
·         Coram
·         Omnicare
·         Wellpartner
·         Aetna (pending)



CVS Health Corporation (previously CVS Corporation or CVS Caremark Corporation) is an American retail pharmacy and health care 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: CVS. 
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 2018, it ranked seventh on the Fortune 500 and 17th on the Fortune Global 500 list with $184B in annual revenue. In December 2017, CVS agreed to acquire Aetna for $69 billion.

Company name

CVS began in Lowell, MA by the Goldstein brothers and their partner Ralph, later had to sell to the Melville Corporation, formerly based in Rye, New York. The CVS name once stood for Consumer Value Stores. 
Image result for CVS HealthCaremark was established by James M. Sweeney in 1979, as Home Health Care of America (HHCA), incorporated in Delaware, with corporate headquarters in Irvine, California. The first office was opened in Beachwood, Ohio, with four employees, in conjunction with Ezra Steiger, of the Cleveland Clinic Foundation. Steiger's Hyperalimentation Team worked closely to provide supplies at home for their parenteral therapy patients. Satellite offices were subsequently opened in Atlanta, Philadelphia, Houston, Chicago, and Irvine. HHCA changed its name to Caremark in 1985. In 1987, Caremark was acquired by Baxter International. In 1991 when Caremark was Baxter International's home infusion subsidiary, Caremark was accused by the United States government of "paying doctors to steer patients to its intravenous drug service". Caremark was fined $160 million for the "four-year-long federal mail-fraud and kickback" scheme in which the "home-infusion business unit made weekly payments to scores of doctors that averaged about $75 per patient for referring those patients to its services. Some doctors earned as much as $80,000 a year from the kickbacks, according to government documents." In 1992, Baxter spun off Caremark as a public company. Caremark sold its home infusion service and successfully branched out to four units, "a physician practice management unit, a prescription benefits management unit, a disease state management service aimed at treating high-cost, chronic diseases and an international division." In 1996, Caremark merged with Birmingham, Alabama, based MedPartners/Mullikin, Inc., with the combined company being called MedPartners, Inc. In 1998, MedPartners changed its name to Caremark Rx.
On September 3, 2014, it was announced that CVS as of midnight on Tuesday September 2, 2014 will no longer sell tobacco at all of its 7,700 locations nationwide, which is a month earlier than previously planned. The company also announced that it would change its corporate name to CVS Health, in order to reflect "its broader health care commitment", and also a desire to change the future health of Americans, although all retail stores will continue to be called "CVS/pharmacy".

History and timeline

1960s
  • 1963: The first Consumer Value Store (CVS), selling health and beauty products, was founded in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and Scandinavian American Ralph Hoagland.
  • 1964: CVS had 17 stores that sold primarily health and beauty products.
  • 1967: CVS began operation of its first stores with pharmacy departments, opening locations in Warwick, Rhode Island and Cumberland, Rhode Island.
  • 1969: CVS was sold to Melville Corporation.
1970s
  • 1970: CVS operated 100 stores in New England and the Northeast.
  • 1972: CVS acquired 84 Clinton Drug and Discount Stores. The purchase introduced CVS to the Midwest with stores in Indiana.
  • 1977: CVS acquired 36 New Jersey–based Mack Drug stores.
1980s
  • 1980: CVS became the 15th largest pharmacy chain in the U.S. with 408 stores and $414 million in sales.
  • 1983: Hemophilia patient home health care is launched.
  • 1988: CVS Pharmacy celebrated its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion.
  • 1988: CVS acquires Heartland Drug, a small pharmacy company in the Boston area giving it stores in the Boston metro including Watertown Square and Harvard Square.
1990s
    Image result for CVS Health
  • 1990: CVS acquired 500 Peoples Drug stores, establishing the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland and Virginia.
  • 1994: CVS launched PharmaCare, a pharmacy benefit management (PBM) company.
  • 1996: CVS Corporation became a standalone company trading on the New York Stock Exchange under the "CVS" ticker. Stanley Goldstein was the company’s first chairman.
  • 1997: CVS acquired over 2,500 Revco drug stores, establishing the company in additional Midwestern, Southeastern and Eastern states.
  • 1998: CVS acquired 207 stores from Arbor Drugs, giving CVS its first stores in Michigan.
  • 1999: CVS acquired Soma.com, the first online pharmacy, and renamed it CVS.com to become the first fully integrated online and brick-and-mortar pharmacy offering to consumers.
2000s
  • 2000: CVS acquired Stadtlander pharmacy from Bergen Brunswig Corporation, making CVS ProCare the largest specialty pharmacy in the U.S. at the time.
  • 2001: CVS/pharmacy launched the ExtraCare loyalty card program. Within a year, 30 million customers enrolled to earn rewards and receive discounts.
  • 2004: CVS purchased 1,268 Eckerd drug stores and Eckerd Health Services, Eckerd’s PBM/Mail-order pharmacy business, from JCPenney. The purchase expanded the company’s footprint in Texas, Florida and other southern states.
  • 2006: CVS acquired 700 freestanding drug store operations of supermarket chain Albertsons, including stores trading under the Osco Drug and Sav-On Drugsbanners.
  • 2006: CVS acquired Minneapolis-based MinuteClinic, as a wholly owned subsidiary of CVS Corporation.
  • 2007: CVS Corporation and Caremark Rx, Inc. complete their transformative merger, creating CVS Caremark, an integrated pharmacy services provider, and the corporate headquarters remained in Woonsocket, RI. Tom Ryan, the Chairman & CEO of CVS remained president and CEO of CVS Caremark Corporation, while Caremark's Edwin Crawford became the Chairman of the Board.
  • 2008: CVS Caremark acquired 541 stores from Longs Drugs Stores Corp in California, Hawaii, and Nevada.
2010s
  • 2011: Larry Merlo succeeds Tom Ryan as President and CEO of CVS Caremark. Merlo joined CVS/pharmacy in 1990 through the acquisition of People's Drug.
  • 2014: CVS Caremark acquired Coram, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc.
  • 2014: CVS Caremark announced it would stop selling cigarettes and tobacco products in all of its CVS/pharmacy stores.
  • 2014: CVS Caremark removed all cigarettes and tobacco products from its CVS/pharmacy stores and launched a national smoking cessation program. The company also changed its corporate name to CVS Health.
  • 2014: CVS Health acquired 33 Miami-based Navarro Discount Pharmacy stores, the largest Hispanic-owned drugstore chain the United States.
  • 2015: CVS Health acquired Omnicare, provider of pharmacy services to long-term care facilities.
  • 2015: CVS Health acquires Target Corporation's 1,600+ pharmacies and retail medical clinics inside Target stores. CVS has begun operating them through a store-within-a-store format.
  • 2017: CVS announced they would be installing 25 vending machines in high traffic areas like, bus terminals, airports, and college campuses. The first kiosks will be located in LaGuardia Airport and Boston's South Station Bus Terminal and will carry personal items such as toothpaste, deodorant, batteries, and healthy snack foods. CVS announced they agreed to buy health insurer Aetna for roughly about $207 per share, broken down into $145 in cash and the rest in stock, in December 2017. If approved, it would allow CVS to provide a broad range of health services to Aetna's 22 million medical members.
  • December 5, 2017: The Wall Street Journal reported that there was still a $69 billion deal pending between CVS and Aetna, so long as it received government approval. CVS CEO Larry Merlo had been named to run the combined company
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