CVS Health Corporation

CVS Health Corporation

Category:
Pharmacy

COMPANY DETAILS

Company Name

CVS Health Corporation

Head Quarter

Woonsocket, Rhode Island, U.S.

Founders

Stanley Goldstein, Ralph Hoagland, Sidney Goldstein

CEO

Karen S. Lynch

Inception Date

1963

Total assets

US$232.99 billion

Company Related Blogs

History

CVS Health Corporation was previously known as CVS corporation. It is an American healthcare company that owns CVS pharmacy, CVS Caremark, pharmacy benefits, and Aetna, a health insurance provider. It ranked 4th on the Fortune 500 list & seventh on the Fortune Global 500 list. The Company was founded in 1963 by three partners, Stanley, Sidney, and Ralph Hoagland.

Mark Steven Inc. helped retailers manage their health and beauty aid product lines. For growth and expansion, the Company joined Melville Corporation, which worked a string of retail businesses. Three brothers, Stanley and Sidney Goldstein brothers. And Ralph Hoagland Bagan CVS in Lowell, Massachusetts. Mark Steven Inc helped retailers manage their health and beauty products lines.

The business started as a chain of health and beauty aid stores, but later, pharmacies were added. To facilitate growth and expansion, the Company joined Melville corporation, which managed a string of retail businesses. In 1996, CVS corporation separated from Melville 1996 and became a standalone company trading on the New York Stock exchange. By 1970 CVS was setting off 100 stores in New England and the Northeast countries.

By 1972, CVS acquired 84 Clinton Drug and Discount Stores, and this purchase introduced CVS to the Midwest with stores in Indiana. Further, in 1977, it acquired 36 New Jersey-based Mack Drug stores. This Company was begun by brothers Stanley and Sidney Goldstein and their partner Ralph Hoagland. ON Nov 18, 2021, CVS Health reported that the Company plans to shut down approximately 900 stores over the next three years, with closing beginning in the spring of 2022.

Also, on Sept 2022, this Company announced that it reached an agreement to buy an at-home health company signifying Health for around $8 billion. CVS is working with the mission to help target customers maintain their optimal Health.


Market share and Current Stage

The Company CVS has the largest market share in four industries: Pharmacies & Drug stores, health & medical insurance, and pharmacy benefit management. Its most significant market share is in the Pharmacy benefit management industry. Here, it accounts for an estimated 32.4% of total revenue and is considered an All-Star. CVS displays a stronger market share, profit, and revenue growth when compared to its peers.

In the year 2020, Chevron ranked 5th on the list of Fortune 500 Companies. It also ranked 40th on Forbes' list of Global 2000 Companies.

In the year 2021, the top U.S. pharmacy based on the prescription drug was CVS health corporation, followed by Walgreens Boots Alliance. At that time, the Company held nearly 25% of the prescription drug market revenue. In Aug 2018, a significant increase in market share was reported for Cigna, achieved through the acquisition of pharmacy benefit manager express scripts.

The Company CVS Health is the leading healthcare and retail pharmacy service provider. It offers pharmacy benefit management services, disease management, prescription drug plans, and more. As of now, this Company has estimated 300,000 employees. Moreover, CVS's revenue for the year 2022 is $292B.

Competitor Analysis

When CVS's results are compared to its competitors, the company reported a total revenue increase in the 3 quarter of 2022 by 9.98% year on year. At the same time, most of its competitors have found a contraction in revenues by -35.64%, a record in the same quarter.

Competitors of this CVS Health Company are Express Scripts, Avella Specialty Pharmacy, Rite Aid, and Walgreens. It is found that the Company CVS Health Corporation competes in both the Pharmacy Services segment as well as Retail/LTC segment.


FAQ'S

CVS Health supports professional, financial, and physical health. Users will also receive competitive benefits as a package or program for managing their overall well-being.
Upgrade your browser if you encounter any technical difficulties. You can log into the account via Internet Explorer, Firefox, Safari, and Google Chrome.
CVS offers many positions due to Covid 19 pandemic, and the aspirants will have to move forward for on-site operations. Some remote work profiles include CDC, city, state, and federal guidelines.
CVS Health Talent community is the connection between users and the company. You can join the community to get relevant job notifications and other packages.
The Virtual Job Tryout is a step in the CVS Health interview process. CVS Health screens examine experience, skills, and interview performance in hiring decisions. CVS evaluates applicants by placing applicants in many high-volume roles.

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