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CVS Health slips 4.56% premarket after unveiling plan to split into two companies

The breakup would separate Aetna and Caremark from roughly 9,000 drugstores by the first half of 2028, as CVS also beat forecasts and lifted guidance.

· AP's Morning Brief

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CVS Health shares were down $4.17, or 4.56%, at $87.24 in premarket trading as of 9:20 a.m. ET on Wednesday, compared with Tuesday's regular-session price of $91.41, after the company said it plans to break itself into two publicly traded companies.

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Under the plan, a healthcare solutions company made up of Aetna, the CVS Caremark pharmacy benefit manager, CVS Specialty, Oak Street Health and Signify Health would keep the CVS Health name and be led by chief executive David Joyner. A second company, CVS Pharmacy, would hold roughly 9,000 retail pharmacies, mail pharmacy, MinuteClinic and the Health100 technology business, led by group president Prem Shah. The separation is expected to be completed in the first half of 2028 and is intended to be tax-free to shareholders, who would own shares in both companies.

CNBC noted the move would reverse the $78 billion acquisition of Aetna that CVS completed in 2018.

The quarter itself was strong. Revenue rose 5.4% to $108.4 billion, ahead of a $104.75 billion consensus cited by Investing.com, and adjusted earnings of $2.09 a share topped the $1.65 estimate. CVS raised its full-year adjusted earnings guidance to at least $8.20 a share from a range of $7.90 to $8.10, and lifted its cash flow from operations forecast to at least $15.5 billion from at least $11.5 billion, while keeping what it called a cautious view on elevated cost trends.

"From a position of strength, and a focus on the long term, we plan to create two focused companies," Joyner said. CNBC reported that the shares have risen roughly 70% since he took the helm in October 2024.

Sources

  1. Nasdaq.com quote (CVS) — CVS premarket $87.24, net change -4.17, -4.56% as of Nov 4, 2026 9:20 AM ET; prior regular-session price $91.41 at 4:00 PM ET Nov 3 (+2.90, +3.28%).
  2. Yahoo Finance chart data (CVS) — CVS regular-market price Nov 3, 2026 $91.41; Nov 2 $88.51.
  3. CVS Health news release (separation) — Healthcare solutions company: Aetna, CVS Caremark, CVS Specialty, Oak Street Health, Signify Health (interim name CVS Health); CVS Pharmacy: approximately 9,000 CVS pharmacies, mail pharmacy, MinuteClinic, Health100; completion expected first half of 2028; intended tax-free; shareholders own shares in both.
  4. CVS Health news release (Q3 2026) — Q3 revenue $108.4 billion, up 5.4%; adjusted EPS $2.09; adjusted EPS guidance at least $8.20 from $7.90 to $8.10; cash flow from operations guidance at least $15.5 billion from at least $11.5 billion; cautious view given elevated cost trends.
  5. CNBC — Split would reverse $78 billion acquisition of Aetna from 2018; roughly 9,000 retail pharmacies; Joyner to run CVS Health, Prem Shah (group president) to lead CVS Pharmacy; Joyner: 'From a position of strength, and a focus on the long term, we plan to create two focused companies'; shares up roughly 70% since Joyner took the helm in October 2024.
  6. Investing.com — Adjusted EPS $2.09 vs estimate $1.65; revenue $108.4 billion vs consensus $104.75 billion; FY adjusted EPS guidance at least $8.20 vs consensus $8.04.