CVS Health Corp (CVS) is a leading American retail pharmacy and healthcare company. Founded in 1963 by Stanley Goldstein and Ralph Hoagland, CVS originally stood for "Consumer Value Stores" promising to provide health and beauty products at affordable prices. With headquarters in Woonsocket, Rhode Island, the company operates over 9,900 pharmacies and drug stores in 49 states, the District of Columbia, and Puerto Rico, distinguishably rendering it as one of the largest pharmacy chains in the United States.
In addition to its storefront pharmacies, CVS Health Corp broadened its portfolio to encapsulate a wide range of health services. This includes CVS Caremark, a pharmacy benefits manager, CVS MinuteClinic, which provides convenient, affordable healthcare services in many of their stores, and CVS Specialty, offering specialty pharmacy services for individuals with chronic or genetic conditions who need special medications.
More than its extensive scope, CVS Health Corp is committed to building healthier communities. They do this by improving patient outcomes, controlling healthcare costs, and increasing access to quality care. In 2014, the company notably stopped selling tobacco products across all outlets and has been instrumental in establishing numerous public health initiatives.
CVS Health Corp is also a significant player in medical insurance, thanks to its acquisition of Aetna in 2018, a multi-billion-dollar deal that allowed CVS to dive into the insurance market. This combination aimed to provide an innovative new healthcare model that is easier to use, less expensive and puts consumers at the center of their care.
Financially, CVS Health Corp is a stable and promising investment. It is a part of the S&P 500 and Fortune 500, deeming it one of the biggest companies by total revenue in the United States. As per the 2020 Fortune 500 list, CVS ranked fifth, with an annual revenue of $256.78 billion.
Through years of dedicated service, CVS Health Corp consistently aims to improve the way healthcare is delivered to millions of people by developing new ways to improve access, lower costs and improve quality. With a vision to redefine the future of healthcare, CVS Health Corp believes in a world where high-quality care is affordable and accessible to all.