CVS plans to split off its drugstore business, unwinding the Aetna-era conglomerate

CVS Health plans to separate its roughly 9,000 retail pharmacies from its Aetna insurance business and Caremark PBM, creating two public companies by the first half of 2028. The insurance and PBM company keeps the CVS Health name under CEO David Joyner; CVS Pharmacy will be led by Prem Shah. Shareholders will own shares in both.

Why it matters: The split would reverse CVS's $78 billion Aetna acquisition and rank among the largest corporate breakups in history, dismantling a vertically integrated healthcare model.