CVS Health to split into two public companies, separating Aetna and Caremark from pharmacy
CVS Health announced on Nov. 4, 2026 that it will separate into two publicly traded companies, a tax-free split the company expects to finish in the first half of 2028. The company that keeps the CVS Health name, led by CEO David Joyner, would hold Aetna, Caremark, CVS Specialty, Oak Street Health and Signify Health. A second company, CVS Pharmacy, would hold the retail and mail pharmacies and MinuteClinic, with Prem Shah as CEO. CVS says the split is not driven by regulatory issues and that store operations and prescription costs will not change in the near term. Shares fell roughly 10-12% after the announcement.
Why it's notable: It would undo the Caremark and Aetna combinations and separate the insurer and PBM from the retail pharmacy and clinics. That affects how clinics deal with prior authorization, pharmacy benefits and primary care contracting. It also comes as lawmakers push to break up insurer and PBM ownership of providers.