CVS Health announced on Wednesday that it plans to split into two independent publicly traded companies by early 2028, marking one of the largest corporate breakups in history. The move will reverse the company’s massive $78 billion acquisition of insurer Aetna and dismantle the vertically integrated healthcare conglomerate it created in 2018. Specifically, the plan separates CVS's roughly 9,000 retail pharmacies from its core insurance business and pharmacy benefit manager (PBM) Caremark, which is one of the top three PBMs in the United States. Both resulting entities will be publicly traded—one retaining the CVS Health name and led by current CEO David Joyner—and existing CVS shareholders will hold shares in both companies after the separation. Financial results show that the company's pharmacy business generated $37.66 billion in sales in 2025, while the insurance business brought in $36.29 billion in revenue, and the healthcare services division produced $51.24 billion in revenue.