CVS Caremark Corporation is one of the largest pharmacy health care providers in the United States. The company is headquartered in Woonsocket, Rhode Island.
The first CVS store was founded by Stanley and Sidney Goldstein in Lowell, Mass., in 1963.
CVS Caremark is comprised of three main operating segments: CVS/pharmacy (with over 7,458 stores in 45 states), Caremark Pharmacy Services (prescription benefit management services to over 2,000 health plans), and MinuteClinic (one of America’s main walk-in medical clinics).
According to the 2012-13 Economic Report on Retail, Mail and Specialty Pharmacies, CVS Caremark’s retail pharmacy and pharmacy services businesses accounted for 22.8% of America’s total prescription revenues in 2012.
The company was formed in 2007 through a merger of CVS Pharmacy and Caremark Rx (CVS Pharmacy essentially acquired Caremark Rx).
According to CVS Caremark, the company is “focused on enhancing access to care, lowering overall health care costs for plan members and payors, and improving health outcomes.”
Overview
- President and CEO: Larry J. Merlo
- Company headquarters: CVS Caremark Corporation, One CVS Drive, Woonsocket, Rhode Island
- Employees: 200,000 (approximately) across 45 states, the District of Columbia and Puerto Rico.
- Type: Public
- Industry: Retail/Pharmacies
- Listed on NYSE as: CVS
- S&P 500 Component
- Net revenue: $126.761 billion USD (FY 2013)
- Net income: $4.592 billion USD (FY 2013)
- Founded: 2007 (following a merger of CVS Pharmacy and Caremark Rx)
- One of the largest companies with operations only in the United States.
- Website: info.cvscaremark.com
- Telephone: 1-401-765-1500
- Investor relations contact: 1-800-201-0938
| Key figures (in millions of USD except for share data) | 2013 | 2012 |
| Net revenues | $126,761 | $123,120 |
| Gross profit | $23,783 | $22,488 |
| Operating profit | $8,037 | $7,210 |
| Net income attributable to CVS Caremark | $4,592 | $3,864 |
| Total assets | $71,526 | $66,221 |
| Cash and cash equivalents at the end of the year | $4,089 | $1,375 |
| Earnings (loss) per share in USD – basic | $3.77 | $3.04 |
| Earnings (loss) per share in USD – diluted | $3.74 | $3.02 |
Source: CVS Caremark Corporation Q4 2013 Earnings Release
President and Chief Executive Officer, Larry Merlo, commented on the results:
“I am very pleased with our fourth quarter results, which came in at the high end of our expectations and helped produce a record year. As expected, the quarter was somewhat atypical, largely due to the timing of Medicare Part D profits within the PBM and the timing of break-open generics across the enterprise. Overall, the year 2013 produced strong growth in revenues, gross margin, operating margin and earnings across the enterprise.”