CVS plans one of the largest corporate breakups in history; shares fall

CVS Health wants to undo the empire it built. The company plans to split into two separate public companies by the first half of 2028, in what would be one of the largest corporate breakups in history, CNBC reports. The plan separates its roughly 9,000 retail pharmacies from its insurance business and Caremark, one of the three biggest pharmacy benefit managers in the US — reversing the $78 billion acquisition of insurer Aetna in 2018. The decision follows a "comprehensive strategic review" by the board. Investors were not impressed: shares closed more than 12% lower on Wednesday. CEO David Joyner, whose turnaround includes $2 billion in cost cuts and store closures, told CNBC the split comes "out of a position of strength." A two-decade bet on a one-stop health giant ends with a divorce of business lines.