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CVS Health plans to split into two companies, separating its pharmacies from Aetna

CVS Health plans to separate its roughly 9,000 drugstores from Aetna and Caremark, the Wall Street Journal reported, with the split planned for the first half of 2028.

By Marcus Rodriguez · Nov 4, 2026, 10:30 AM EST

Why it matters: CVS's roughly 9,000-store drugstore chain would be split from the insurer and drug-benefits business it built through deals.

For information only, not investment advice. Prices delayed.

Tickers: CVS

CVS Health, which owns the insurer Aetna, the pharmacy benefit manager Caremark and the CVS drugstore chain, has decided to split into two companies, the Wall Street Journal reported Tuesday evening, according to RINewsToday. The separation is planned for the first half of 2028. The Financial Times first reported the plan, according to Managed Healthcare Executive.

Under the reported structure, one company would keep the CVS Health name and remain under CEO David Joyner, housing Aetna, Caremark, Oak Street Health, Signify Health and the specialty-drug business. A separate company, CVS Pharmacy, would include approximately 9,000 retail pharmacies, mail-order pharmacy operations and MinuteClinic, RINewsToday reported.

"We're basically taking what I believe is one great company and making it two," Joyner told the Journal, according to RINewsToday. He also told the paper that regulatory issues were not driving the decision. The FT cautioned that the structure and timeline of the breakup were still in flux and could change, Managed Healthcare Executive reported.

The plan would partly reverse CVS's 2018 acquisition of Aetna, Forbes noted. It comes as lawmakers call for breakups of large healthcare conglomerates, Forbes reported. CVS scheduled its third-quarter earnings call for Nov. 4, according to RINewsToday.

Tags: healthcare-pharma · retail-consumer · regulation