CVS Health will break itself into two separate publicly traded companies by the first half of 2028, unwinding the $78 billion Aetna takeover that created the healthcare giant in 2018. One company, keeping the CVS Health name and led by CEO David Joyner, will hold the Aetna insurance arm, the Caremark pharmacy benefit manager, Oak Street Health, Signify Health and the specialty drug unit. The other, called CVS Pharmacy, will run about 9,000 retail stores under group president Prem Shah. Current shareholders will receive stock in both. Investors reacted badly, sending shares down more than 12% on Wednesday, though Joyner said the split comes from a position of strength. Third-quarter sales rose to $108.40 billion, beating forecasts. Leerink Partners’ Michael Cherny said the plan reflects how much the pharmacy business has stabilised.

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