Who Owns Caremark?
Caremark is owned by CVS Health Corporation (NYSE: CVS), a publicly traded healthcare company headquartered in Woonsocket, Rhode Island. Caremark is one of the three largest pharmacy benefit managers in the United States, administering prescription drug benefits for over 100 million members. In July 2026, Caremark reached a settlement with the FTC requiring changes to its rebate and formulary practices. The FTC estimates the settlement will save consumers up to $8.5 billion over the next decade.
Parent Company
Acquired
2007
Status
Publicly Traded
Headquarters
Caremark Timeline
United StatesOfficial Website
Who Owns Caremark?
- Parent Company: CVS Health Corporation
- Ownership Type: Subsidiary
- Acquisition Year: 2007
- Company Type: Publicly Traded
- Stock Ticker: NYSE: CVS
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Caremark | CVS Health Corporation | Subsidiary |
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Caremark on AmazonHistory of Caremark
- Founded: 1993
- Founders: Caremark Rx
- Acquired by CVS Health Corporation: 2007
Caremark's origins date to 1993, when the company was founded as a spin-off from Baxter International. Baxter had established a home intravenous therapy business in the 1970s, and Caremark was created to focus on this growing market. The company initially provided home infusion services and specialized pharmacy care for patients with complex conditions.
In the late 1990s, Caremark expanded into pharmacy benefit management. The company acquired several smaller PBMs and began negotiating drug prices with manufacturers on behalf of employers and health plans. This shift from clinical services to benefit management reflected the growing demand for cost control in prescription drug spending.
In 2004, Caremark Rx merged with AdvancePCS, one of the largest PBMs in the United States at the time. The $6 billion merger created a company with over $20 billion in annual revenue and a PBM client base of approximately 75 million members. The merger positioned Caremark as one of the top three PBMs nationally.
The CVS acquisition in 2007 was a transformative moment. The merger created a company that combined the largest retail pharmacy chain in the United States with one of the largest PBMs. This vertical integration gave CVS Health the ability to steer PBM members to its own retail pharmacies, manage drug formularies, and negotiate with drug manufacturers from a position of significant market power.
Over the following years, Caremark continued to grow. The division added clients, expanded its specialty pharmacy operations, and developed new clinical programs. In 2018, CVS Health acquired Aetna, one of the largest health insurers in the United States, for $69 billion. This acquisition further deepened the vertical integration, combining a PBM, a retail pharmacy chain, and a health insurer under one corporate parent.
Caremark's business model has been the subject of increasing scrutiny. PBMs negotiate rebates with drug manufacturers in exchange for placing drugs on their formularies. Critics argue that this rebate system incentivizes PBMs to prefer higher-priced drugs, since rebates are typically calculated as a percentage of the drug's list price. The rebate system has been blamed for contributing to rising drug costs, particularly for insulin.
In 2024, the FTC filed an administrative lawsuit against Caremark, Express Scripts, and OptumRx, accusing the three PBMs of driving up the price of insulin. The FTC alleged that the PBMs used their formulary power to extract higher rebates from insulin manufacturers, leading to higher list prices and out-of-pocket costs for patients.
Express Scripts settled with the FTC earlier in 2026. On July 14, 2026, CVS Caremark announced its own settlement with the FTC. The settlement resolves all outstanding FTC litigation and investigations related to CVS Health's pharmacy benefits management and affiliated pharmacy businesses.
About CVS Health Corporation
What does CVS Health own?
CVS Health owns CVS Pharmacy (nearly 10,000 retail locations), CVS Caremark (pharmacy benefits management), Aetna (health insurance), MinuteClinic (retail health clinics), Oak Street Health (Medicare primary care), Omnicare (long-term care pharmacy), Navarro Discount Pharmacies, Longs Drugs, and Coram (infusion and home health services). These brands operate across three segments: Health Care Benefits, Health Services, and Pharmacy and Consumer Wellness.
Is CVS Health publicly traded?
Yes. CVS Health Corporation is publicly traded on the New York Stock Exchange under the ticker symbol CVS. The company is a component of the S&P 500 and is owned by institutional investors, mutual funds, and individual shareholders. There is no parent company or controlling shareholder.
Who founded CVS Health?
The original Consumer Value Store was founded in 1963 in Lowell, Massachusetts by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland. The company began as a health and beauty products retailer and added pharmacy departments in 1967. It was acquired by Melville Corporation in 1969 and spun off as an independent public company in 1996.
Where is CVS Health headquartered?
CVS Health is headquartered in Woonsocket, Rhode Island, USA. The company's corporate offices, including executive leadership, finance, and strategic operations, are based in Woonsocket, with additional operational offices across the United States.
How many brands does CVS Health own?
CVS Health owns approximately 9 brands across its three operating segments. The most prominent are CVS Pharmacy, CVS Caremark, Aetna, MinuteClinic, Oak Street Health, and Omnicare. The company also operates smaller regional brands including Navarro Discount Pharmacies and Longs Drugs.
Who owns CVS Health?
CVS Health is an independent publicly traded corporation with no parent company. The company is owned by institutional investors, mutual funds, and individual shareholders who hold its NYSE-listed common stock. Major institutional holders include Vanguard Group, BlackRock, and State Street Corporation. There is no founder control or dual-class share structure.
What were CVS Health's recent financial results?
For FY2025, CVS Health reported record revenue of $402.1 billion, up 7.8% year over year, and adjusted EPS of $6.75. In Q2 2026, revenue was $106.1 billion, up 7.3%, with adjusted EPS of $2.58, beating analyst estimates of $1.85. Net income nearly tripled to $3 billion. The company raised its 2026 guidance to at least $414 billion in revenue and adjusted EPS of $7.90 to $8.10.
Has CVS Health made major acquisitions recently?
The most recent major acquisitions were Oak Street Health for approximately $10.6 billion and Signify Health for approximately $8 billion, both in 2023. The largest acquisition in company history was Aetna for approximately $69 billion in 2018. CEO David Joyner has indicated the company has the capital and leadership bandwidth to pursue additional deals across its three business areas.
- Founded: 1963
- Headquarters: Woonsocket, Rhode Island, USA
- Company Type: Publicly Traded
- Stock: NYSE: CVS
- Revenue: $402.1 billion (FY2025); $206.5 billion (H1 2026)
- Employees: Approximately 300,000
Where Is Caremark Made / Based?
- Headquarters: Woonsocket, Rhode Island, USA
Caremark Categories & Tags
Caremark Sustainability & Ethics
Caremark does not hold independently verified sustainability certifications from recognized third-party organizations. Standard certifications such as cruelty-free, vegan, or B Corp do not apply to a B2B pharmacy benefit management business.
CVS Health publishes corporate responsibility reports covering environmental, social, and governance practices. The company has set targets for reducing greenhouse gas emissions and has invested in sustainable pharmacy design. These corporate-level commitments apply to Caremark as a subsidiary.
In terms of social impact, Caremark's practices directly affect drug affordability for millions of Americans. The rebate system, formulary design, and pharmacy network decisions made by Caremark influence how much patients pay for their prescriptions. The FTC settlement is intended to make drug pricing more transparent and reduce out-of-pocket costs.
Awards & Recognition
Caremark as a brand has not been the subject of major independent industry awards as of August 2026. CVS Health as a parent company has received recognition for its pharmacy operations and corporate responsibility practices. The company has been named to the Dow Jones Sustainability Index and has received recognition for its opioid response programs.
Caremark Recalls & Controversies
The FTC settlement in July 2026 is the most significant regulatory action against Caremark. The settlement resolves allegations that Caremark used its formulary power to extract higher rebates from insulin manufacturers, driving up prices for patients. The FTC estimated that the settlement will save consumers up to $8.5 billion over the next decade, with an additional $4.5 billion from passing through rebates at the point of sale.
The settlement does not include monetary penalties, which has drawn criticism from some consumer advocates. However, the business practice changes required by the settlement are significant. Caremark must offer a rebate-free standard plan, stop favoring higher-priced drugs, and spend $10 million per year marketing the standard plan to clients.
A separate investigation by the House Judiciary Committee, reported in January 2026, accused CVS of shutting out rival pharmacy hubs. The FTC settlement addresses this issue by prohibiting Caremark from interfering with hub service provider relationships.
Caremark has also faced litigation from independent pharmacies over reimbursement rates. The National Community Pharmacists Association has been a vocal critic of PBM practices, arguing that PBMs reimburse independent pharmacies below their cost of acquiring drugs. The FTC settlement includes a provision requiring Caremark to offer independent pharmacies reimbursement based on the actual cost of drugs plus a fee.
At the parent company level, CVS Health has faced challenges related to its Aetna insurance business, including Medicare Advantage star ratings declines and regulatory scrutiny of claims denial practices.
Brands Owned by CVS Health Corporation
Healthcare PharmaceuticalsAetna
Owned by CVS Health Corporation
American managed care and health insurance company offering medical, dental, pharmacy, and behavioral health plans, operating as a subsidiary of CVS Health Corporation.
health-insurancemanaged-carehealthcare
Healthcare PharmaceuticalsCVS Pharmacy
Owned by CVS Health Corporation
American pharmacy retail chain and one of the largest pharmacy networks in the United States, owned by CVS Health.
pharmacyretailhealthcare
Healthcare PharmaceuticalsLongs Drugs
Owned by CVS Health Corporation
American pharmacy retail chain operating in Hawaii, owned by CVS Health. Approximately 70 stores serving Hawaiian communities.
pharmacyretailhealthcare
Healthcare PharmaceuticalsMinuteClinic
Owned by CVS Health Corporation
American retail healthcare clinic chain operating over 1,100 locations within CVS Pharmacy stores, owned by CVS Health. Provides urgent care, vaccinations, chronic disease management, and virtual care services.
urgent-careretail-clinichealthcare
Healthcare PharmaceuticalsNavarro Discount Pharmacies
Owned by CVS Health Corporation
Retail pharmacy chain serving Hispanic and Latino communities in South Florida. Owned by CVS Health since 2014. 33 stores across Miami-Dade, Broward, Tampa, and Orlando.
pharmacyretailhealthcare
Healthcare PharmaceuticalsOmnicare
Owned by CVS Health Corporation
Long-term care pharmacy services provider, formerly owned by CVS Health. Filed for Chapter 11 bankruptcy in September 2025 after $949 million False Claims Act judgment.
long-term-carepharmacysenior-living
Sources & Further Reading
- [CVS Caremark Announces Agreement with FTC, July 2026](
- [CVS Caremark Reaches Settlement with FTC, Healthcare Dive](
- [FTC Settles With CVS Caremark Over Antitrust Claims, Bloomberg Law](
- [FTC's Caremark Settlement Brings Future of PBMs into Sharper Focus, Law.com](
- [CVS Health Investor Relations](
- [CVS Settles with FTC, SRN News](
- [Federal Trade Commission](
Competitors to Caremark
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Cigna | USA | 1986 | Mass market | United states | All-ages | |
| Unitedhealth Group | USA | 2011 | Premium | United states | All-ages |
Learn More About Competitors
Healthcare PharmaceuticalsExpress Scripts
Owned by The Cigna Group
One of the largest pharmacy benefit managers in the United States, owned by The Cigna Group and operating within its Evernorth Health Services division.
pharmacy-benefitsmail-order-pharmacyprescription-drugs
Healthcare PharmaceuticalsOptum Rx
Owned by UnitedHealth Group
UnitedHealth Group's pharmacy benefits management division, one of the three largest PBMs in the United States, processing 1.66 billion adjusted scripts and generating $154.7 billion in 2025 revenues.
pharmacy-benefitsprescription-drugspbm
Competitive Analysis
Market Positioning: Caremark competes with 2 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Independent Alternatives to Caremark
Looking for brands with different ownership structures? These similar brands are not owned by CVS Health Corporation, giving you alternative choices that support different corporate structures.
Healthcare PharmaceuticalsPharmacy Direct
Owned by Chempro Chemists
Australian online pharmacy operated by Chempro Chemists from Molendinar, Queensland. Offers prescription medications, health products, and wellness items through digital platforms and mail-order delivery.
online-pharmacymail-orderdigital-health
Privately Owned
Pharmacy Direct is privately owned, unlike Caremark which is under a publicly traded parent company.
Healthcare PharmaceuticalsRetavase
Owned by EKR Therapeutics, Inc.
Retavase (reteplase) is a prescription thrombolytic medication indicated for acute ST-elevation myocardial infarction. Administered as two 10-unit intravenous bolus injections 30 minutes apart. Currently marketed by Chiesi USA.
pharmaceuticalthrombolyticreteplase
Privately Owned
Retavase is privately owned, unlike Caremark which is under a publicly traded parent company.
Healthcare PharmaceuticalsTirosint
Owned by IBSA Institut Biochimique S.A.
IBSA Institut Biochimique SA's branded levothyroxine softgel capsule (Tirosint) and liquid solution (Tirosint-SOL), FDA approved for hypothyroidism, formulated without dyes, gluten, lactose, alcohol, or sugar, providing an excipient-free alternative to conventional levothyroxine tablets for patients with sensitivities or absorption issues.
levothyroxinehypothyroidismthyroid
Privately Owned
Tirosint is privately owned, unlike Caremark which is under a publicly traded parent company.
Healthcare PharmaceuticalsAlcon
Owned by Alcon Inc.
Independent publicly traded global eye care company headquartered in Geneva, Switzerland, specializing in surgical equipment, contact lenses, and ophthalmic products. Spun off from Novartis in April 2019.
eye-carecontact-lensesophthalmic
Publicly Traded
Alcon operates independently without a large parent corporation.
Healthcare PharmaceuticalsBausch + Lomb
Owned by Bausch + Lomb Corporation
Global eye health company and contact lens manufacturer founded in 1853, known for ULTRA, Biotrue One Day, and INFUSE lens lines. Public on NYSE and TSX under BLCO.
contact-lensesvision-carebausch-lomb
Publicly Traded
Bausch + Lomb operates independently without a large parent corporation.
Healthcare PharmaceuticalsGE HealthCare
Owned by GE HealthCare Technologies Inc.
Independent publicly traded healthcare technology company spun off from General Electric in January 2023, providing medical imaging, diagnostics, and healthcare IT solutions globally.
healthcare-technologymedical-imagingdiagnostics
Publicly Traded
GE HealthCare operates independently without a large parent corporation.
CVS Health Corporation Stock Information
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