CVS Caremark Corporation
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Formerly called
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CVS Corporation CVS Caremark Corporation |
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| Public | |
| Traded as | |
| Industry | |
| Predecessor | Melville Corporation (1922–1996) |
| Founded | 1996 in Woonsocket, Rhode Island, U.S. |
| Headquarters | Woonsocket, Rhode Island, U.S. |
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Area served
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United States |
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Key people
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| Revenue |
 US$177.52 billion (2016) |
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US$9.695 billion (2016) |
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US$5.317 billion (2016) |
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| Total assets |
US$94.46 billion (2016) |
| Total equity |
 US$36.83 billion (2016) |
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Number of employees
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158,000 (2016) |
| Subsidiaries |
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| Website | cvshealth |
CVS Health (previously CVS Corporation and CVS Caremark Corporation) (stylized as 
CVSHealth) is an American retail pharmacy and health care company headquartered in Woonsocket, Rhode Island. The company began in 1964 with three partners who grew the venture from a parent company, Mark Steven, Inc., that helped retailers manage their health and beauty aid product lines. The business began as a chain of health and beauty aid stores, but within several years, pharmacies were added. To facilitate growth and expansion, the company joined The Melville Corporation, which managed a string of retail businesses. Following a period of growth in the 1980s and 1990s, CVS Corporation spun off from Melville in 1996, becoming a standalone company trading on the New York Stock Exchange as : CVS
It later completed a merger with the pharmacy benefit management company Caremark Rx in 2007 and was consequently renamed CVS Caremark Corporation. The company was renamed CVS Health in 2014 following its decision to remove tobacco products from CVS Pharmacy store shelves. CVS Health's assets include CVS Pharmacy, CVS Caremark, CVS Specialty, and the retail clinic MinuteClinic. In 2016, it ranked seventh on the Fortune 500 and 18th on the Fortune Global 500 list.
CVS began as Melville Corporation, formerly based in Rye, New York. The CVS name once stood for Consumer Value Stores; though Thomas Ryan, CVS Health's former CEO, has said he now considers it to stand for "Convenience, Value and Service".
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