CVS Health Corporation (erstwhile CVS Caremark Corporation and CVS Corporation) is a US-based healthcare services provider that is the proprietor of CVS Pharmacy (a US-based retail pharmacy chain), Aetna (a health insurer), CVS Caremark (pharmacy benefits manager), among several other brand names.
The head office of CVS Health Corporation is situated in Woonsocket, RI. In terms of revenue, the company ranks 7th in the world and also holds the 7th rank on the Fortune Global 500 list.
In 1963, CVS or Consumer Value Stores was set up by three collaborators: Ralph Hoagland and brothers Sidney and Stanley Goldstein. They expanded the undertaking from Mark Steven, Inc., a holding company that assisted retail merchants to handle their wellness and beauty care product ranges.
Their commercial venture commenced in the form of beauty care and wellness retail chain. Nonetheless, after a considerable period, the inclusion of pharmacies took place.
To expedite development and extension, CVS Health became a part of the Melville Corporation, which handled a chain of retail trades. After a stint of development during the 80s and 90s, there was a spinoff of CVS Corporation from the Melville Corporation in 1996. As a consequence, CVS Health turned into a separate firm with its stocks being traded on the NYSE with the ticker symbol CVS.
In 2017 December, Consumer Value Stores approved the acquisition of Aetna at a valuation of US $69 billion. It accomplished the takeover in 2018 November. Court matters associated with the amalgamation were settled in 2019 September.
CVS Health declared alterations in its Board of Directors in February 2020. Directors Mark Bertolini, Richard Bracken, and Richard Dick Swift would no more be candidates for a re-poll at the Annual Meeting of the organization in 2020. Resultantly, the Board would be downsized to thirteen directors from sixteen.
What are the subsidiaries of CVS Health?
The subsidiaries of CVS Health are the following:
- CVS Pharmacy
- Longs Drugs
- CVS Caremark
- Navarro Discount Pharmacies
- Grupo DPSP
CVS Health Timeline
CVS Health Corporation has developed and transformed over a considerable period. However, the dedication to the consumers, society, and clientele has not faltered. It has been steadfastly assisting people on their course to improved healthcare for a period spanning five decades.
1963 — The oldest Consumer Value Stores outlet, marketing wellness and beauty goods, is set up in Lowell, MA by brothers Sidney and Stanley Goldstein and their collaborator Ralph Hoagland. Consumer Value Stores is also known through its acronym CVS.
1964 — The retail chain expands to seventeen outlets. The archetypal CVS emblem is designed (CVS streamer within an armor bearing the wordings “Consumer Value Stores” beneath) and exhibited on shop facades as an introductory move.
1967 — Consumer Value Stores starts functioning of its opening outlets with chemist’s divisions, launching sites in Cumberland and Warwick, RI.
1969 — Melville Corporation takes over CVS.
1970 — Consumer Value Stores runs one hundred outlets in the Northeast and New England.
1972 — Consumer Value Stores expands almost twice in volume with its takeover of eighty-four Clinton Drug and Discount Stores.
1974 — Consumer Value Stores attains $100 million as yearly gross revenue.
1977 — Consumer Value Stores takes over the New Jersey-oriented 36-shop Mack Drug chain.
1978 — CVS/pharmacy becomes prosperous and segregates itself from the contest through launching tiny wellness and beauty care shops in surrounded shopping plazas.
Baxter Healthcare Corporation introduces the oldest countrywide hemophilia home-based facility.
1981 — Consumer Value Stores performs preparatory work on the Woonsocket Store Support Center in Rhode Island.
1983 — The company introduces home health care facilities for hemophilia patients.
1984 — Harvey Rosenthal, Senior VP Marketing gets nominated as the Chief Executive Officer and President of Consumer Value Stores. Rosenthal becomes the successor of Stanley Goldstein who gets nominated as Melville Corporation Executive VP.
1985 — Consumer Value Stores attains the US $1 billion as yearly gross revenue.
Baxter Healthcare exploits its skills in healthcare expenses handling for resuming the provision of prescription benefit management facilities. As a segment of Baxter Healthcare Corporation, Caremark launches IGIV home care facilities, mail service drugstores, as well as growth hormone supply and facilities.
1986 — Stanley Goldstein, the co-founder of CVS gets nominated as the President and Chief Operating Officer of Melville Corporation.
1987 — Melville Corporation appoints Stanley Goldstein as CEO and chairman of the organization.
1988 — CVS/pharmacy observes its twenty-fifth birthday, completing the year with almost seven hundred fifty outlets and gross revenue of around US $1.6 billion.
1990 — Consumer Value Stores takes over five hundred outlets from People’s Drug. This move enables the firm to build its base in fresh mid-Atlantic marketplaces comprising Virginia, Maryland, Pennsylvania, and Washington, D.C.
1991 — Prescription Health Services (PHS) is acquired by Caremark.
1992 — Caremark separates from Baxter Healthcare. The Caremark pharmacopeia is formulated and medical intervention packages are launched.
1994 — Consumer Value Stores introduces a pharmacy benefit management firm named PharmaCare, offering a broad variety of facilities to insurance carriers and recruiters.
Tom Ryan gets nominated as the Chief Executive Officer and President of CVS/pharmacy. In 1974, he commenced his professional life with CVS/pharmacy as a drugstore trainee.
1995 — CarePatterns® disease management packages are introduced by Caremark.
1996 — CVS Corporation turns into an independent firm with the stocks being traded on the NYSE with the ticker symbol CVS after the reorganization of Melville Corporation. Stanley Goldstein gets appointed as the first chairman of the organization.
Caremark penetrates multiple sclerosis (MS) market.
1997 — Consumer Value Stores finishes its procurement of over two thousand five hundred outlets from Revco, and it is the biggest takeover in the chronicles of the American retail drugstore sector. The takeover of Revco renders Consumer Value Stores major pharmacy sites mostly in the Southeast and Midwest.
Caremark unites the biotechnology trade and prescription benefit supervision trade.
1998 — CVS takes over two hundred outlets from Michigan-based Arbor Drugs to raise its shop count to 4,100 throughout twenty-four states in the US.
Caremark fixes drugstore facilities as its fundamental functional division and sets up a countrywide drugstore network and pharmaceutical board.
1999 — Online prescription top-ups are introduced by Caremark.
Tom Ryan gets nominated as the Chairman of CVS Corporation, replacing the co-founder of the organization Stanley Goldstein.
Consumer Value Stores declares strategies to get into Florida, with shops primarily scheduled for the marketplaces in Tampa.
CVS/pharmacy introduces CVS.com, the oldest wholly inclusive online drugstore in the US.
2000 — Collaborators Kevin Smith, RN, FNP, Steve Pontius, Douglas Smith, M.D., and Rick Krieger set up QuickMedx, the small-scale health care hubs that turned into MinuteClinic.
CVS Corporation takes over Stadtlander drugstore, transforming CVS ProCare into the biggest specialized drugstore in the United States during that period.
CVS/pharmacy declares strategies to get into the Chicago marketplaces and keep on developing in Florida with shops scheduled for Orlando and Fort Lauderdale.
2001 — The ExtraCare Card is launched by CVS/pharmacy, turning it into the oldest countrywide drugstore retailer to introduce a loyalty card package.
2002 — CVS/pharmacy keeps on expanding, declaring strategies to penetrate Texas markets with outlets aimed at high-populace-development marketplaces like Houston and Dallas. The organization’s initial sites in Las Vegas and Phoenix are also publicized.
In 2002 December, the name of QuickMedx is changed to MinuteClinic.
2003 — AdvancePCS and Caremark Rx broadcast tactical amalgamation, producing a US $23 billion firms.
2004 — Consumer Value Stores concludes its takeover of 1,268 Eckerd Health Services, Eckerd Stores, pharmacy benefit management trade, and purchase order of Eckerd.
CVS ProCare turns into a unit of PharmaCare.
2005 — A collaboration of CVS/pharmacy takes place with MinuteClinic, declaring three health centers to inaugurate in CVS/pharmacy outlets.
2006 — MinuteClinic turns into the oldest small-scale health center to be approved by The Joint Commission.
Consumer Value Stores takes over seven hundred independent Osco and Sav-On pharmacies from Albertsons, strengthening its footprint in major Midwest marketplaces and South California.
MinuteClinic is taken over by CVS Corporation, the US’s eminent controller of in-shop health centers.
2007 — Caremark Rx, Inc. and CVS Corporation conclude their across-the-board unification, forming CVS Caremark, the top consolidated drugstore facilities provider.
2008 — CVS Caremark takes over five hundred and forty-one shops from Longs Drug in Hawaii, California, Arizona, and Nevada, rendering CVS/pharmacy instant market control in Central and Northern California.
2009 — MinuteClinic launches a sequence of memberships with key health setups throughout the country for boosting accessibility to top-notch, cheap healthcare facilities.
2011 — Larry Merlo replaces Tom Ryan as Chief Executive Officer and President of CVS Caremark in March 2011. In 1990, Larry became a part of CVS/pharmacy when it acquired People’s Drug.
2012 — CVS Caremark declares that in 2011 its revenues surpassed the US $100 billion.
2014 —CVS Caremark acquires Coram, a specialized enteral nourishment and infusion facilities commercial venture of Apria Healthcare Group Incorporated.
In February 2014, CVS Caremark declares it will cease vending tobacco goods and cigarettes in all its CVS/pharmacy shops.
In September 2014, CVS Caremark gets rid of all tobacco goods and cigarettes from the CVS/pharmacy outlets and inaugurates a countrywide quit smoking campaign.
CVS Caremark declares that the business name has been altered to CVS Health to additionally manifest its wider devotion to health care services.
CVS Health concludes the acquisition of Navarro Discount Pharmacy. It is the biggest Hispanic-held pharmacy chain in the United States.
2015 — CVS Health Corporation finishes its buying of Omnicare, the eminent supplier of drugstore facilities to long-standing care centers.
CVS Health concludes its takeover of over one thousand six hundred drugstores and health centers of Target.
2016 — CVS Health launches Be The First, a US $50 million, 5-year enterprise to assist in providing the 1st tobacco-free contemporaries in the country.
2017 — CVS Pharmacy keeps on growing availability of naloxone, an opioid overdose-turnaround drug in over forty states as an element of the organization’s many-sided tactic to fight the rising prescription drug mistreatment outbreak in the country.
CVS Health provides patients the minimum possible cash rate for epinephrine generic auto-injectors in the market for healing hypersensitivity to allergens.
2018 — CVS Health opposes expensive medications by introducing the sector’s most all-encompassing method to help consumers save money.
CVS Health finalizes the takeover of Aetna, symbolizing the beginning of switching the customer wellbeing experience.
CVS Health Stock Performance
CVS Health stocks are publicly traded with the NYSE with the ticker symbol CVS and they are also components of the S&P 100 and S&P 500 indices. The following data pertains to the trading performed on NYSE till 12:16 pm, September 24, 2021.
CVS Health Corporation Financial Performance
CVS Health – Consolidated three months ended quarterly financial performance (figures are in millions unless otherwise mentioned i.e. EPS etc.)
The gross revenues went up 11.1% for the quarter ending June 30, 2021, in comparison to the previous year triggered by all-encompassing expansion in all corporate divisions.
How many people work for CVS Health?
As of 2020, CVS Health features a robust workforce of 300,000 staff.
CVS Health Management
Karen S. Lynch
Karen S. Lynch is the current President and CEO of CVS Health Corporation. CVS Health is a Fortune 4 all-encompassing healthcare services provider. Ms. Lynch heads over 300,000 coworkers who are zealous about switching health services to be easier, additionally expedient, and customized.
Under Lynch’s guidance, the company positively influences the lives of over one hundred million customers every year via a novel blend of resources, comprising over 9,900 drugstores and more than one thousand HealthHUB and MinuteClinic sites.
Besides, CVS Health offers services to approximately thirty-four million individuals through its health coverage products and services. The company keeps on playing a crucial role in the countrywide combat against the COVID-19 pandemic with vaccine disposal and screening solutions throughout the nation.
Ms. Lynch has more than thirty years of experience in the wellness sector. Before being appointed as the Chief Executive Officer, Karen served as the President of Aetna and Executive VP of CVS Health. She had the charge for moving the plans ahead to provide customer-oriented, top-quality health services to countless customers served by Aetna.
Earlier than employment with CVS Health Corporation, Ms. Lynch occupied management-level berths with Magellan Health Services and Cigna. There she had the role of president. Karen commenced her professional life as a CPA (Certified Public Accountant) with Ernst & Young.
This year, Karen’s name was featured on the maiden “50 over 50” list published by Forbes magazine. In 2020, Ms. Lynch got the acknowledgment from Forbes magazine as one of The World’s 100 Most Powerful Women and in 2019 her name also found its place on the list of the Top Hundred People Transforming Business released by Business Insider. From 2016 to 2020, or the last 5 years, Karen was nominated on the list of the Fifty Most Powerful Women in Business published by Fortune magazine.
Karen is a part of the Board of Directors of U.S. Bancorp and she is also the Chair of U.S. Bancorp’s Audit Committee. Ms. Lynch is a legal guardian of The Bushnell Performing Arts Center. She is also an affiliate of the Women’s Council of Boston College and Global 50. Lynch acts as a fellow of the Business Roundtable as well.
Karen did his graduation from The Questrom School of Business and Boston College at Boston University. In 2015, Becker College felicitated her with an honorary Ph.D. of humane letters.
CVS Health Viewpoint
The objective of CVS Health is to accept many challenges related to the prevailing and urgent health care requirements of the nation by comprehending and functioning on what customers need – tailor-made, people-based healthcare facilities that cure them as an individual, not a digit.
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