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CVS Health to separate into two publicly traded companies
Nov 4, 2026
Illustration: Shoshana Gordon/Axios
CVS Health said Wednesday it will split its health and pharmacy services businesses into two public companies.
Why it matters: The two companies could become active acquirers.
Zoom in: The health care services company, CVS Health, will include its insurance company Aetna, value-based care focused Oak Street Health, pharmacy benefit manager CVS Caremark, CVS Specialty, and Signify Health, which supports in-home care and service coordination.
- CVS Pharmacy will consist of its physical retail pharmacies, mail pharmacy, urgent care clinic MinuteClinic, including its virtual care offering, and Health100, its health navigation and engagement platform, that launched in March.
Follow the money: The separation is intended to be tax-free to CVS Health and its shareholders.
- The move gives CVS greater agility, after making deals for numerous assets in recent years.
What's next: The company expects the transaction will be completed in the first half of 2028.
- Goldman Sachs is serving as lead financial advisor and strategic advisor to the company alongside Consello. Wachtell, Lipton, Rosen & Katz is legal counsel.
