What is CVS Health?

Pharmacy chain owner is a Fortune 500 company

CVS Health is the parent company behind the CVS Pharmacy chain and a variety of other health-related subsidiaries.

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The Woonsocket, Rhode Island-based business is No. 5 on the Fortune 500 list and had $256.8 billion in revenue during its last fiscal year. It’s the largest pharmacy health care provider in the United States.

TickerSecurityLastChangeChange %
CVSCVS HEALTH CORPORATION67.87+0.24+0.35%

CVS TO MAKE CORONAVIRUS FACE COVERINGS MANDATORY

CVS has about 300,000 employees in the U.S., according to the company. It has more than 9,900 retail locations and another 68,000 retail network pharmacies, as well as about 1,100 MinuteClinic walk-in clinic locations. According to the company, about 70 percent of the U.S. population lives within 3 miles of a CVS Pharmacy.

The company acquired Aetna in a $69 billion deal in 2018. Its assets also include benefits administration service bswift, HSA and FSA service PayFlex, medical pharmacy management system NovoLogix and other business units.

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CVS WILL TEST SELF-DRIVING CARS TO DELIVER PRESCRIPTIONS

CVS says it serves 4.5 million retail customers daily, has managed or filled 2.8 billion prescriptions and has about 23 million medical benefits members.

The company reported an 8.3 percent revenue increase in the first quarter of 2020 with $66.8 billion. Despite the economic uncertainty caused by the coronavirus pandemic, the company’s leadership didn’t change its expectations for the year as of early May.

Logos of CVS and Aetna are displayed on a monitor above the floor of the New York Stock Exchange (REUTERS/Lucas Jackson) (REUTERS)

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Larry J. Merlo is president and CEO of CVS Health. He joined the company in 1990 when CVS acquired Peoples Drug. He held a variety of positions in the company, including president of CVS Pharmacy, before he took over and president and CEO of the company in 2011.

In 2014, CVS became the first retail pharmacy chain to stop selling tobacco.

The company has an eye toward the future. In May, CVS announced that it was working with robotics company Nuro to test autonomous prescription delivery vehicles in the Bellaire, Texas area.

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