CVS Health announced that it will split into two companies to separate its retail pharmacy business from its insurance and drug benefits management business. The move will reverse one of the iconic deals that once defined the healthcare industry's “era of giants.” The spin-off is scheduled to be completed in the first half of 2028. Ten years ago, CVS integrated insurance giant Antai Insurance with CVS's namesake pharmacy chain, pharmaceutical benefits management company Caremark, and other assets through a transformative acquisition of nearly $70 billion. Both companies formed after the spin-off will be listed independently, and existing CVS shareholders will hold shares in both companies at the same time. Of the two newly formed companies, one will retain the CVS Health name and will continue to be headed by David Joyner, the current CEO of CVS.

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