CVS Health continues to grow through diversification and acquisitions. (A Brief History)
CVS health (NYSE: CVS), one of the most outstanding success stories in US healthcare, has seen rapid growth since its foundation. In these 50 years since its foundation, CVS health has achieved enormous presence and reach in US with its 7800 retail stores. Founded in 1964 by Stanley and Sidney Goldstein and Ralph Hoagland, the store was bought by Melville Corporation 5 years later. The company grew by acquiring other drug store chains and is there in nearly every state. In these 5 decades, CVS has grown at a very fast pace. It has opened its health stores in almost every state.
Particularly, its retail stores have proved to be the drivers of its growth. Today, CVS has become the nation’s biggest operator of health clinics and the largest dispenser of prescription drugs. It is also the second largest pharmacy benefits manager and drug store chain. CVS employs 199,000 employees. Its CEO is Larry J Merlo. Its 2015 revenue was $153,290 million and profits $5,237 million. By revenue, it is among the top ten brands in the Fortune 500 list at the seventh position.