CVS Health to break up into two companies, WSJ reports

CVS Health is reportedly planning to split into two distinct companies, with one retaining the current CVS Health name and being led by CEO David Joyner, according to the Wall Street Journal. The separation would separate CVS Health's retail pharmacies from its insurance and pharmacy-benefit operations. The company, which recently reported a record revenue of $402.1 billion in 2025, marking a 7.8% increase from the previous year, has been considering this move since at least 2024.

The split comes as pharmacy benefit managers face increasing regulatory scrutiny over their role in the U.S. drug supply chain, highlighting the challenges of healthcare companies that integrate insurance, drug-benefit management, and pharmacy operations.