About CVS Revco D.S., Inc.

CVS Health Corp. is a leading pharmacy benefits manager with nearly 90 million plan members as well as the nation's largest drugstore chain (pipping Walgreens). It runs more than 9,700 retail and specialty drugstores under the CVS, Navarro, and Longs Drug banners. In addition to its stand alone pharmacy operations, the company operates CVS locations inside Target stores, and runs a prescription management company, Caremark Pharmacy Services. The company also offers specialty pharmainfusion services business, as well as walk-in health services through its retail network of MinuteClinics that are located in around 1,000 CVS stores. In late 2017 CVS agreed to acquire health insurer Aetna in a $70 billion megadeal..

Operations

CVS Health operates through two main segments: Pharmacy Services and Retail/LTC (long-term care).

Pharmacy Services, which accounts for around 60% of sales, is the company's pharmacy benefits management (PBM) division. It dispenses drugs through nearly 25 retail specialty pharmacy stores, more than 13 specialty mail order pharmacies, and four mail order dispensing pharmacies. It also operates around 85 medical branches, most of which are ambulatory infusion sites, but also include specialist infusion and enteral service facilities. Its other offerings include plan design and administration, formulary management, discounted drug purchase arrangements, and a slew of other services. All told, the division fills more than 1.2 billion prescriptions per year.

CVS's Retail/LTC segment (40% of sales) operates around 9,700 pharmacies (including 1,675 pharmacies located in Target stores), as well as 1,140 MinuteClinic locations, long-term care pharmacy operations, and online operations (CVS.com, Onofre.com.brTM, and Navarro.com). The pharmacy accounts for more than two-thirds of sales in this segment, while "front store" retail merchandise accounts for the rest. CVS' MinuteClinics, which are primarily located in CVS stores, are staffed by nurse practitioners and physician assistants who treat minor conditions, perform health screenings, and deliver vaccinations; some locations also treat chronic conditions.

Geographic Reach

CVS retail locations, drugstores, and clinics are located in 50 US states, the District of Columbia, Brazil, and Puerto Rico. The company also operates pharmacies under the Longs Drugs banner in California, Hawaii, Nevada, and Arizona. MinuteClinics are located in around 1,000 store locations across 31 states and Washington, DC. The company is present in all the top 100 drugstore markets in the US.

Sales and Marketing

Pharmacy Services' clients include employers, insurance companies, unions, and other health care plan sponsors. The segment makes direct sales of its prescription drugs through its mail service dispensing pharmacies. It also sells indirectly through its retail pharmacy network.

Financial Performance

CVS Health's annual revenues and profits have risen sharply since 2011, surpassing that of competitor Walgreens, thanks to aggressive store openings/acquisitions and expansion into new business lines.

In fiscal 2016 revenue increased a further 16% to $177.5 billion on the back of the acquisition of Omnicare in mid-2015 and the pharmacies and clinics of Target at the end of 2015. It also recorded net new business in the Pharmacy Services Segment.

Net income grew 2% to $5.3 billion as acquisition-related costs put a dent in profits relative to the strident revenue growth. Cash from operations grew 20% to $10.1 billion due to revenue growth and timing of payments for its Medicare Part D operations.

Strategy

In December 2017, CVS struck a deal to acquire health insurer Aetna in what might be a move to fend off potential competitor Amazon. The deal will allow CVS to further expand the health care services it offers, as well as providing it with more leverage in negotiations for drug prices.

The planned acquisition of Aetna continues CVS' efforts to expand beyond retail pharmacy into health care provision. Its mid-2015 acquisition of Omnicare moved it into nursing home pharmacy, while its acquisition of Coram the previous year brought the company into the specialty pharmainfusion services business for the first time. Its infusion business offers ambulatory infusion suites, which offer patients an alternative to a hospital environment with IV infusions and other infusion therapy services in a safe, monitored area.

The company's Retail Pharmacy Store Development plan -- focused on entering new markets, adding stores in existing markets, and relocating stores to more convenient sites -- has been a key growth driver. The acquisition of Target's pharmacies in late 2015 carried CVS past Walgreens in terms of annual revenue.

In addition to opening new stores, CVS has made efforts to increase sales at existing ones. Prescription drugs account for more than two-thirds of its sales, and the retailer is attempting to grow revenues from over-the-counter medications and general merchandise through its growing private-label product offering. CVS and Cardinal Health have a 50:50 generic sourcing joint venture to provide generic drugs in the US; they also extended their existing pharmaceutical distribution agreement through mid-2019.

Mergers and Acquisitions

At the end of 2017 CVS agreed to acquire healthcare insurer Aetna for $70 billion. The deal will create a new giant in the prescription drugs industry and is seen as a defensive move with players such as Amazon eyeing up a move into the prescription drug space.

In late 2015, CVS acquired Target's pharmacy and clinic operations for $1.9 billion. As part of the deal, CVS acquired more than 1,600 pharmacies from Target in 47 states and is operating them under the CVS name in Target stores. CVS will also operate branded pharmacies in new Target stores that offer pharmacy services.

In a significant deal for the pharmacy sector, CVS in mid-2015 purchased Omnicare, one of the country's largest nursing home pharmacies, for $12.7 billion. The milestone deal strengthened CVS' specialty pharmaceuticals business (particularly in the areas of cancer and multiple sclerosis) and placed it in a more optimal position to renegotiate supply contracts.

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Company News and Press Releases

CVS Revco D.S., Inc.

1 Cvs Dr
Woonsocket, RI 02895-6195
Phone: 1 (401) 765-1500
Fax: 1 (401) 766-2917

Stats

  • Employer Type: Public
  • LP Safety Supervisor: Robert Dacanay
  • Treas: Carol Danele
  • V Pres-treas: Phillip Galbo
  • Employees: 28,000

Major Office Locations

  • Woonsocket, RI

Other Locations

  • Albertville, AL
  • Aliceville, AL
  • Anniston, AL
  • Arab, AL
  • Bay Minette, AL
  • Bessemer, AL
  • Birmingham, AL
  • Centre, AL
  • Centreville, AL
  • Childersburg, AL
  • Clanton, AL
  • Columbiana, AL
  • Cullman, AL
  • Decatur, AL
  • Demopolis, AL
  • Dothan, AL
  • Fairhope, AL
  • Florence, AL
  • Fultondale, AL
  • Gadsden, AL
  • Greensboro, AL
  • Greenville, AL
  • Guntersville, AL
  • Hanceville, AL
  • Homewood, AL
  • Hoover, AL
  • Huntsville, AL
  • Irondale, AL
  • Jacksonville, AL
  • Mobile, AL
  • Montgomery, AL
  • Moody, AL
  • Oneonta, AL
  • Ozark, AL
  • Phenix City, AL
  • Piedmont, AL
  • Prattville, AL
  • Rainbow City, AL
  • Selma, AL
  • Semmes, AL
  • Sylacauga, AL
  • Talladega, AL
  • Troy, AL
  • Trussville, AL
  • Tuscaloosa, AL
  • Tuskegee, AL
  • Vestavia, AL
  • Vestavia Hills, AL
  • Wetumpka, AL
  • San Diego, CA
  • Gulf Breeze, FL
  • Monticello, FL
  • Albany, GA
  • Americus, GA
  • Athens, GA
  • Atlanta, GA
  • Auburn, GA
  • Augusta, GA
  • Barnesville, GA
  • Baxley, GA
  • Bremen, GA
  • Brunswick, GA
  • Carrollton, GA
  • Columbus, GA
  • Commerce, GA
  • Cordele, GA
  • Cornelia, GA
  • Cumming, GA
  • Cuthbert, GA
  • Dallas, GA
  • Decatur, GA
  • Douglas, GA
  • Dublin, GA
  • Duluth, GA
  • East Ellijay, GA
  • Forest Park, GA
  • Fort Valley, GA
  • Griffin, GA
  • Hartwell, GA
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  • Lilburn, GA
  • Lithonia, GA
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  • Nashville, IN
  • New Carlisle, IN
  • New Castle, IN
  • New Haven, IN
  • New Palestine, IN
  • Newburgh, IN
  • Noblesville, IN
  • North Judson, IN
  • North Manchester, IN
  • North Vernon, IN
  • North Webster, IN
  • Paoli, IN
  • Pendleton, IN
  • Plymouth, IN
  • Portland, IN
  • Princeton, IN
  • Rensselaer, IN
  • Richmond, IN
  • Rochester, IN
  • Rockville, IN
  • Rossville, IN
  • Rushville, IN
  • Scottsburg, IN
  • Shelbyville, IN
  • South Bend, IN
  • Spencer, IN
  • Sullivan, IN
  • Syracuse, IN
  • Terre Haute, IN
  • Tipton, IN
  • Valparaiso, IN
  • Vevay, IN
  • Wabash, IN
  • Walkerton, IN
  • Washington, IN
  • West Lafayette, IN
  • Whiteland, IN
  • Winamac, IN
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  • Ashland, KY
  • Bowling Green, KY
  • Campbellsville, KY
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  • Danville, KY
  • Florence, KY
  • Harlan, KY
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  • London, KY
  • Louisville, KY
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  • Marion, KY
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  • Mount Sterling, KY
  • Owensboro, KY
  • Paducah, KY
  • Richmond, KY
  • Somerset, KY
  • South Williamson, KY
  • Winchester, KY
  • Annapolis, MD
  • Baltimore, MD
  • Cumberland, MD
  • Edgewood, MD
  • Millersville, MD
  • Oakland, MD
  • Ocean City, MD
  • Pasadena, MD
  • Sykesville, MD
  • Saint Paul, MN
  • Archdale, NC
  • Arden, NC
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  • Black Mountain, NC
  • Burlington, NC
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  • Charlotte, NC
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  • Jacksonville, NC
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  • Lumberton, NC
  • Madison, NC
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  • Marion, NC
  • Mars Hill, NC
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  • Mint Hill, NC
  • Monroe, NC
  • Mooresville, NC
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  • Newton, NC
  • North Wilkesboro, NC
  • Oxford, NC
  • Raleigh, NC
  • Reidsville, NC
  • Roanoke Rapids, NC
  • Rockingham, NC
  • Rockwell, NC
  • Rocky Mount, NC
  • Rolesville, NC
  • Roxboro, NC
  • Rutherfordton, NC
  • Salisbury, NC
  • Sanford, NC
  • Shelby, NC
  • Siler City, NC
  • Sneads Ferry, NC
  • Southport, NC
  • Spring Lake, NC
  • Spruce Pine, NC
  • Stanley, NC
  • Statesville, NC
  • Summerfield, NC
  • Tarboro, NC
  • Thomasville, NC
  • Wadesboro, NC
  • Wake Forest, NC
  • Wallace, NC
  • Washington, NC
  • Weaverville, NC
  • West Jefferson, NC
  • Whiteville, NC
  • Wilmington, NC
  • Wilson, NC
  • Winston Salem, NC
  • Yadkinville, NC
  • Ewing, NJ
  • Jackson, NJ
  • Livingston, NJ
  • Millburn, NJ
  • Summit, NJ
  • Trenton, NJ
  • Union City, NJ
  • Wood Ridge, NJ
  • Albany, NY
  • Baldwin, NY
  • Bath, NY
  • Cairo, NY
  • Clinton, NY
  • Commack, NY
  • Cooperstown, NY
  • Cornwall, NY
  • Croton On Hudson, NY
  • East Hampton, NY
  • Falconer, NY
  • Halfmoon, NY
  • Little Falls, NY
  • Manlius, NY
  • Schenectady, NY
  • Smithtown, NY
  • Staten Island, NY
  • Troy, NY
  • Valley Stream, NY
  • Waterville, NY
  • Watkins Glen, NY
  • Wayland, NY
  • White Plains, NY
  • Whitehall, NY
  • Akron, OH
  • Ashland, OH
  • Ashtabula, OH
  • Athens, OH
  • Aurora, OH
  • Bedford, OH
  • Bellefontaine, OH
  • Bellevue, OH
  • Berea, OH
  • Blue Ash, OH
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  • Bucyrus, OH
  • Cambridge, OH
  • Chagrin Falls, OH
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  • Chillicothe, OH
  • Cincinnati, OH
  • Circleville, OH
  • Cleveland, OH
  • Columbus, OH
  • Conneaut, OH
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  • Dayton, OH
  • Delaware, OH
  • Dover, OH
  • Dublin, OH
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  • Fairfield, OH
  • Franklin, OH
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  • Gallipolis, OH
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  • Grove City, OH
  • Hamilton, OH
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  • Hilliard, OH
  • Hillsboro, OH
  • Hudson, OH
  • Independence, OH
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  • Kent, OH
  • Kenton, OH
  • Lakewood, OH
  • Lancaster, OH
  • Lebanon, OH
  • Lodi, OH
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  • Mansfield, OH
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  • Saint Clairsville, OH
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  • Pittsburgh, PA
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  • Brentwood, TN
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  • Clinton, TN
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  • Elizabethton, TN
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  • Franklin, TN
  • Gallatin, TN
  • Greeneville, TN
  • Harriman, TN
  • Hermitage, TN
  • Jasper, TN
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  • Johnson City, TN
  • Kingsport, TN
  • Knoxville, TN
  • La Follette, TN
  • La Vergne, TN
  • Lawrenceburg, TN
  • Lebanon, TN
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  • Madisonville, TN
  • Murfreesboro, TN
  • Nashville, TN
  • Newport, TN
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  • Sevierville, TN
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  • Springfield, TN
  • Trenton, TN
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  • Romney, WV
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  • Wheeling, WV
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