# CVS Health to split in two by 2028, separating 9,000 pharmacies from Aetna and Caremark

Source: Searchable (https://searchable.pk/news/business/cvs-health-to-split-in-two-by-2028-separating-9000-pharmacies-from-aetna-and)
Type: News article
Author: Searchable Editorial
Published: 4 Nov 2026
Updated: 4 Nov 2026
Retrieved: 4 Nov 2026

> The breakup undoes the $78 billion Aetna deal of 2018 and would rank among the largest corporate splits ever.

**CVS Health, the biggest US drugstore chain, plans to split into two separately listed companies by the first half of 2028**, separating its roughly **9,000 retail pharmacies** from its Aetna insurance business and its pharmacy benefit manager, Caremark, the company announced on Wednesday 4 November, [CNBC reported](https://www.cnbc.com/2026/11/04/cvs-to-split-off-drugstore-business.html). The Financial Times first reported the plan on Tuesday.

## The two new companies

| | CVS Health (new) | CVS Pharmacy |
| --- | --- | --- |
| Business | Aetna insurance, Caremark PBM, Oak Street Health, Signify Health, specialty drugs | About 9,000 retail pharmacies |
| Chief executive | David Joyner | Prem Shah, now group president |
| 2025 revenue of main unit | Insurance $36.29bn; health services $51.24bn | Pharmacy $37.66bn |

Shareholders will own shares in both companies. More leadership and board names will follow.

## Why CVS is breaking up

CVS spent two decades building a one-stop health company and bought Aetna for **$78 billion** in 2018. The split reverses that. Joyner said the company was acting "from a position of strength" to create two focused businesses. Since he took over in October 2024 the shares have risen about 70%, giving CVS a market value of about **$117 billion**, roughly Rs 32 trillion at today's [dollar rate](/data/usd-pkr).

Leerink Partners analyst Michael Cherny called the move "a complete shock" but said the retail pharmacy business is winning market share and could stand on its own. He also suggested it may help CVS avoid state scrutiny of how much of the health chain it controls. Pharmacy benefit managers, which negotiate drug prices for insurers and employers, face pressure from both parties in Washington, and Congress passed PBM reforms in February.

## Results on the same day

CVS also reported third-quarter sales of **$108.40 billion**, up from $102.87 billion a year earlier, beating Wall Street estimates.

## Why readers in Pakistan should care

CVS does not operate in Pakistan, so nothing changes at pharmacies here. Pakistanis who hold US shares through an international broker will receive shares in both companies; any gain is taxable here, which our [capital gains tax calculator](/tools/tax/capital-gains-tax-calculator) can estimate.

## Sources

- CVS to split off drugstore business in major breakup of healthcare giant (CNBC): https://www.cnbc.com/2026/11/04/cvs-to-split-off-drugstore-business.html

How to cite: "CVS Health to split in two by 2028, separating 9,000 pharmacies from Aetna and Caremark", Searchable, 4 Nov 2026, https://searchable.pk/news/business/cvs-health-to-split-in-two-by-2028-separating-9000-pharmacies-from-aetna-and