CVS Health reportedly explores splitting retail pharmacy, insurance businesses
CVS•CVS Health is reportedly considering spinning off its retail pharmacy business, while Aetna and Caremark would remain together under one corporate entity. The discussions are at an early stage, with no final decision made.
1. Possible separation
CVS Health is considering a breakup that could separate its retail pharmacy chain from its insurance business, with a possible spin-off of the pharmacy business into a separately listed company. Aetna and pharmacy benefit manager Caremark would remain together under one corporate entity, the report said.
2. Early-stage discussions
The discussions are at an early stage, and no final decision has been made. A separation would reverse CVS Health’s strategy of building an integrated healthcare business through acquisitions, including its roughly $78 billion purchase of Aetna in 2018.
3. Industry scrutiny
The potential shakeup comes as pharmacy benefit managers face growing political and regulatory scrutiny over their role in the U.S. drug supply chain. CVS Health reported record revenue of $402.1 billion in 2025, up 7.8% from the prior year.
