History

Tracing back our history through our retail, pharmacy benefit management and retail clinic roots, today CVS Health is a pharmacy innovation company that is reinventing pharmacy.

Explore Key Moments in Our Story

Our company has grown and changed over the years, but our commitment to our customers, clients and communities has never wavered. Learn how we've been helping people on their path to better health for more than 50 years.

  • The 1960s were a time of learning and growth for CVS Pharmacy.

    1963

    The first CVS store, selling health and beauty products, is founded in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. CVS stands for Consumer Value Stores.

    1964

    The chain grows to 17 stores. The original CVS logo is developed (CVS banner inside a shield, with the words “Consumer Value Stores” below) and displayed on store exteriors for the first time.

    1967

    CVS begins operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island.

    1969

    CVS is sold to Melville Corporation.

  • The 1970s saw the addition of new CVS Pharmacy locations and health and beauty centers.

    1970

    CVS operates 100 stores in New England and the Northeast.

    1972

    CVS nearly doubles in size with its acquisition of 84 Clinton Drug and Discount Stores. 

    1974

    CVS achieves $100 million in annual sales.

    1977

    CVS acquires the 36-store New Jersey-based Mack Drug chain.

    1978

    CVS/pharmacy finds success and differentiates itself from the competition by opening small health and beauty aids stores in enclosed shopping malls.

    Baxter Healthcare Corporation launches the first national hemophilia home service.

  • In the 1980s CVS Pharmacy celebrated 25 years and Caremark launched mail service pharmacy.

    1981

    CVS breaks ground on the Store Support Center in Woonsocket, Rhode Island.

    1983

    Hemophilia patient home health care is launched.

    1984

    Senior Vice President of Marketing Harvey Rosenthal is named President and CEO of CVS. He succeeds Stan Goldstein, who is named Executive Vice President of Melville Corporation.

    1985

    CVS reaches $1 billion in annual sales.

    Baxter taps its expertise in health care cost management to begin providing prescription benefit management services. As a division of Baxter, Caremark launches mail service pharmacy, IGIV home care services, and growth hormone distribution and services.

    1986

    CVS co-founder Stanley Goldstein is named president and COO of Melville Corporation.

    1987

    Stanley Goldstein takes over as chairman and CEO of Melville Corporation. 

    1988

    CVS/pharmacy celebrates its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion. 

  • The 1990s saw a period of explosive growth for CVS Pharmacy and tremendous innovation at Caremark.

    1990

    CVS acquires 500 stores from People’s Drug, which establishes the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland and Virginia.

    1991

    Caremark purchases Prescription Health Services (PHS).

    1992

    Caremark spins off from Baxter. The Caremark formulary is developed and clinical intervention programs are introduced.

    1994

    CVS launches PharmaCare, a pharmacy benefit management company providing a wide range of services to employers and insurers.

    Tom Ryan is named President and CEO of CVS/pharmacy. Ryan began his career with CVS/pharmacy in 1974 as a pharmacy intern.

    1995

    Caremark launches CarePatterns® disease management programs. 

    1996

    Following the restructuring of Melville Corporation, CVS Corporation becomes a standalone company trading on the New York Stock Exchange under the CVS ticker. Stanley Goldstein is the company's first chairman.

    Caremark enters the multiple sclerosis marketplace.

    1997

    CVS completes its acquisition of more than 2,500 stores from Revco — the largest acquisition in the history of the U.S. retail pharmacy industry. The acquisition of Revco gives CVS key drugstore locations primarily in the Midwest and Southeast.

    Caremark merges the prescription benefit management business and the biotech business.

    1998

    CVS acquires 200 stores from Arbor Drugs of Michigan to bring its store total to 4,100 across 24 states. 

    Caremark defines pharmaceutical services as its core operating unit and establishes a national pharmacy and therapeutics committee.

    1999

    Caremark launches online prescription refills.

    Tom Ryan is named chairman of CVS Corporation, succeeding company co-founder Stanley Goldstein.

    CVS announces plans to enter Florida, with stores initially planned for the Tampa market.

    CVS/pharmacy launches CVS.com, the first fully integrated online pharmacy in the U.S. 

  • In the 2000s, CVS Pharmacy and Caremark completed their transformative merger and creating a one-of-a-kind company.

    2000

    Rick Krieger and partners Douglas Smith, M.D., Steve Pontius and Kevin Smith, RN, FNP found QuickMedx, the retail health care centers that became MinuteClinic.

    CVS Corporation acquires Stadtlander pharmacy, making CVS ProCare the largest specialty pharmacy in the U.S. at the time.

    CVS/pharmacy announces plans to enter the Chicago market and continue expansion in Florida with stores slated for Fort Lauderdale and Orlando.

    2001

    CVS/pharmacy introduces the ExtraCare Card, becoming the first national pharmacy retailer to launch a loyalty card program.

    2002

    CVS/pharmacy continues to grow, announcing plans to enter Texas with stores targeted for high-population-growth markets such as Dallas and Houston. The company’s first locations in Phoenix and Las Vegas are also announced.

    QuickMedx is renamed MinuteClinic in December 2002.

    2003

    Caremark Rx and AdvancePCS announce strategic combination, creating a $23 billion company.

    2004

    CVS completes its acquisition of 1,268 Eckerd Stores and Eckerd Health Services, Eckerd’s mail order and pharmacy benefit management business.

    CVS ProCare becomes part of PharmaCare. 

    2005

    CVS/pharmacy partners with MinuteClinic, announcing three clinics to open in CVS/pharmacy stores.

    2006

    MinuteClinic becomes the first retail clinic to be accredited by The Joint Commission.

    CVS acquires 700 stand-alone Sav-On and Osco drugstores from Albertsons, growing its presence in southern California and key Midwest markets.

    CVS Corporation acquires MinuteClinic, America’s leading operator of in-store health clinics.

    2007

    CVS Corporation and Caremark Rx, Inc. complete their transformative merger, creating CVS Caremark, the nation's premier integrated pharmacy services provider.

    2008

    CVS Caremark acquires 541 stores from Longs Drug in California, Hawaii, Nevada and Arizona, giving CVS/pharmacy immediate market leadership in Northern and Central California.

    2009

    MinuteClinic begins a series of affiliations with major health systems across the U.S. to enhance access to high-quality, affordable health care services.

  • Renamed CVS Health in 2014, the company is focused on health care innovation.

    2011

    In March, Larry Merlo succeeds Tom Ryan as President and CEO of CVS Caremark. Merlo joined CVS/pharmacy in 1990 through the acquisition of People's Drug.

    2012

    CVS Caremark announces that it exceeded $100 billion in revenues in 2011.

    2014

    CVS Caremark purchases Coram, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. 

    In February, CVS Caremark announces it will stop selling cigarettes and tobacco products in all of its CVS/pharmacy stores.

    In September, CVS Caremark removes all cigarettes and tobacco products from its CVS/pharmacy stores and launches a national smoking cessation program.

    CVS Caremark announces that its corporate name has changed to CVS Health to further reflect its broader commitment to health care.

    CVS Health completes the purchase of Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S.

    2015

    CVS Health completes its acquisition of Omnicare, the leading provider of pharmacy services to long-term care facilities.

    CVS Health completes its acquisition of Target's 1,600+ pharmacies and clinics.

    2016

    CVS Health announces Be The First, a five-year, $50 million initiative to help deliver the nation's first tobacco-free generation.

    2017

    CVS Pharmacy continues to expand access to the opioid overdose-reversal medication naloxone in more than 40 states as part of the company's multi-faceted approach to combating the nation's growing prescription drug abuse epidemic.

    CVS Health offers patients lowest cash price in the market for generic epinephrine auto-injector to treat allergic reactions.

    2018

    CVS Health fights back on high cost drugs by launching industry's most comprehensive approach to saving patients money.

    CVS Health completes acquisition of Aetna, marking the start of transforming the consumer health experience.

The 1960s were a time of learning and growth for CVS Pharmacy.

1963

The first CVS store, selling health and beauty products, is founded in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. CVS stands for Consumer Value Stores.

1964

The chain grows to 17 stores. The original CVS logo is developed (CVS banner inside a shield, with the words “Consumer Value Stores” below) and displayed on store exteriors for the first time.

1967

CVS begins operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island.

1969

CVS is sold to Melville Corporation.

The 1970s saw the addition of new CVS Pharmacy locations and health and beauty centers.

1970

CVS operates 100 stores in New England and the Northeast.

1972

CVS nearly doubles in size with its acquisition of 84 Clinton Drug and Discount Stores. 

1974

CVS achieves $100 million in annual sales.

1977

CVS acquires the 36-store New Jersey-based Mack Drug chain.

1978

CVS/pharmacy finds success and differentiates itself from the competition by opening small health and beauty aids stores in enclosed shopping malls.

Baxter Healthcare Corporation launches the first national hemophilia home service.

In the 1980s CVS Pharmacy celebrated 25 years and Caremark launched mail service pharmacy.

1981

CVS breaks ground on the Store Support Center in Woonsocket, Rhode Island.

1983

Hemophilia patient home health care is launched.

1984

Senior Vice President of Marketing Harvey Rosenthal is named President and CEO of CVS. He succeeds Stan Goldstein, who is named Executive Vice President of Melville Corporation.

1985

CVS reaches $1 billion in annual sales.

Baxter taps its expertise in health care cost management to begin providing prescription benefit management services. As a division of Baxter, Caremark launches mail service pharmacy, IGIV home care services, and growth hormone distribution and services.

1986

CVS co-founder Stanley Goldstein is named president and COO of Melville Corporation.

1987

Stanley Goldstein takes over as chairman and CEO of Melville Corporation. 

1988

CVS/pharmacy celebrates its 25th anniversary, finishing the year with nearly 750 stores and sales of about $1.6 billion. 

The 1990s saw a period of explosive growth for CVS Pharmacy and tremendous innovation at Caremark.

1990

CVS acquires 500 stores from People’s Drug, which establishes the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland and Virginia.

1991

Caremark purchases Prescription Health Services (PHS).

1992

Caremark spins off from Baxter. The Caremark formulary is developed and clinical intervention programs are introduced.

1994

CVS launches PharmaCare, a pharmacy benefit management company providing a wide range of services to employers and insurers.

Tom Ryan is named President and CEO of CVS/pharmacy. Ryan began his career with CVS/pharmacy in 1974 as a pharmacy intern.

1995

Caremark launches CarePatterns® disease management programs. 

1996

Following the restructuring of Melville Corporation, CVS Corporation becomes a standalone company trading on the New York Stock Exchange under the CVS ticker. Stanley Goldstein is the company's first chairman.

Caremark enters the multiple sclerosis marketplace.

1997

CVS completes its acquisition of more than 2,500 stores from Revco — the largest acquisition in the history of the U.S. retail pharmacy industry. The acquisition of Revco gives CVS key drugstore locations primarily in the Midwest and Southeast.

Caremark merges the prescription benefit management business and the biotech business.

1998

CVS acquires 200 stores from Arbor Drugs of Michigan to bring its store total to 4,100 across 24 states. 

Caremark defines pharmaceutical services as its core operating unit and establishes a national pharmacy and therapeutics committee.

1999

Caremark launches online prescription refills.

Tom Ryan is named chairman of CVS Corporation, succeeding company co-founder Stanley Goldstein.

CVS announces plans to enter Florida, with stores initially planned for the Tampa market.

CVS/pharmacy launches CVS.com, the first fully integrated online pharmacy in the U.S. 

In the 2000s, CVS Pharmacy and Caremark completed their transformative merger and creating a one-of-a-kind company.

2000

Rick Krieger and partners Douglas Smith, M.D., Steve Pontius and Kevin Smith, RN, FNP found QuickMedx, the retail health care centers that became MinuteClinic.

CVS Corporation acquires Stadtlander pharmacy, making CVS ProCare the largest specialty pharmacy in the U.S. at the time.

CVS/pharmacy announces plans to enter the Chicago market and continue expansion in Florida with stores slated for Fort Lauderdale and Orlando.

2001

CVS/pharmacy introduces the ExtraCare Card, becoming the first national pharmacy retailer to launch a loyalty card program.

2002

CVS/pharmacy continues to grow, announcing plans to enter Texas with stores targeted for high-population-growth markets such as Dallas and Houston. The company’s first locations in Phoenix and Las Vegas are also announced.

QuickMedx is renamed MinuteClinic in December 2002.

2003

Caremark Rx and AdvancePCS announce strategic combination, creating a $23 billion company.

2004

CVS completes its acquisition of 1,268 Eckerd Stores and Eckerd Health Services, Eckerd’s mail order and pharmacy benefit management business.

CVS ProCare becomes part of PharmaCare. 

2005

CVS/pharmacy partners with MinuteClinic, announcing three clinics to open in CVS/pharmacy stores.

2006

MinuteClinic becomes the first retail clinic to be accredited by The Joint Commission.

CVS acquires 700 stand-alone Sav-On and Osco drugstores from Albertsons, growing its presence in southern California and key Midwest markets.

CVS Corporation acquires MinuteClinic, America’s leading operator of in-store health clinics.

2007

CVS Corporation and Caremark Rx, Inc. complete their transformative merger, creating CVS Caremark, the nation's premier integrated pharmacy services provider.

2008

CVS Caremark acquires 541 stores from Longs Drug in California, Hawaii, Nevada and Arizona, giving CVS/pharmacy immediate market leadership in Northern and Central California.

2009

MinuteClinic begins a series of affiliations with major health systems across the U.S. to enhance access to high-quality, affordable health care services.

Renamed CVS Health in 2014, the company is focused on health care innovation.

2011

In March, Larry Merlo succeeds Tom Ryan as President and CEO of CVS Caremark. Merlo joined CVS/pharmacy in 1990 through the acquisition of People's Drug.

2012

CVS Caremark announces that it exceeded $100 billion in revenues in 2011.

2014

CVS Caremark purchases Coram, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. 

In February, CVS Caremark announces it will stop selling cigarettes and tobacco products in all of its CVS/pharmacy stores.

In September, CVS Caremark removes all cigarettes and tobacco products from its CVS/pharmacy stores and launches a national smoking cessation program.

CVS Caremark announces that its corporate name has changed to CVS Health to further reflect its broader commitment to health care.

CVS Health completes the purchase of Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S.

2015

CVS Health completes its acquisition of Omnicare, the leading provider of pharmacy services to long-term care facilities.

CVS Health completes its acquisition of Target's 1,600+ pharmacies and clinics.

2016

CVS Health announces Be The First, a five-year, $50 million initiative to help deliver the nation's first tobacco-free generation.

2017

CVS Pharmacy continues to expand access to the opioid overdose-reversal medication naloxone in more than 40 states as part of the company's multi-faceted approach to combating the nation's growing prescription drug abuse epidemic.

CVS Health offers patients lowest cash price in the market for generic epinephrine auto-injector to treat allergic reactions.

2018

CVS Health fights back on high cost drugs by launching industry's most comprehensive approach to saving patients money.

CVS Health completes acquisition of Aetna, marking the start of transforming the consumer health experience.