CVS Plans to Spin Off Its Retail Pharmacy Business
CVS Health said on Wednesday, 4 November that it plans to separate its retail pharmacy business into a standalone listed company, keeping insurance and pharmacy-benefit operations in the parent. A split of this kind is rarely about focus: it lets two businesses with diverging economics be valued on different multiples. Structure, timing, valuation and regulatory approvals were not disclosed, and a separation adds cost before it adds value.