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CVS Health Corporate Profile
CVS Health (NYSE:CVS) is a pharmacy innovation company helping people on their path to better health. At the forefront of a changing health care landscape, we have an unmatched suite of capabilities and the expertise needed to drive innovations that will help shape the future of health.
We are the only integrated pharmacy health care company with the ability to impact consumers, payors, and providers with innovative, channel-agnostic solutions to the complex challenges of managing costs and care.
Through our retail pharmacies, walk-in medical clinics, a leading pharmacy benefits manager, a dedicated senior pharmacy care business, and expanding specialty pharmacy services, we enable people, businesses, and communities to manage health in more affordable, effective ways.
Our Operations and Supply Chain
CVS Health is headquartered in Woonsocket, Rhode Island. We employ 243,000 colleagues in 50 U.S. states, the District of Columbia, Puerto Rico and Brazil. As of December 31, 2015, we operated approximately 9,600 retail pharmacies (CVS Pharmacy, including locations within Target stores); more than 1,100 walk-in medical clinics (MinuteClinic™); 24 retail specialty pharmacy stores and 11 specialty mail order pharmacies (CVS Specialty); five mail service dispensing pharmacies; 32 onsite pharmacy stores; 83 locations for infusion and enteral services, including 73 ambulatory infusion suites and six centers of excellence; and our proprietary websites to support these businesses. More detailed information on our business model may be found here.
During 2015, we opened 161 new retail pharmacy stores and added 85 new MinuteClinic locations. We also acquired the pharmacy and clinic businesses of Target, which include Target’s more than 1,670 pharmacies and nearly 80 clinic locations, and Omnicare, the nation’s leading provider of pharmacy services to the long-term care market. The newly acquired Target and Omnicare entities are not included in the boundaries of this CSR report, unless otherwise noted.
We work with vendors and manufacturing suppliers inside and outside the United States to supply our store and proprietary brands, which comprise approximately 21.3% of our front-of-store revenue. The remaining 78.7% of front-of-store revenue is derived from the sale of national brands, which are manufactured by third-party suppliers and sold at our retail pharmacies and online.
Financial Results and Economic Impact
In 2015, CVS Health’s net revenues were approximately $153 billion, operating profit was nearly $9.5 billion, and diluted earnings per share from continuing operations were $4.62.
Our employees earned $8.7 billion in employee wages and $1.2 billion in benefits. We made payments to providers of capital of $2.2 billion and paid $4.4 billion in income, property and employer taxes in the United States. Our charitable contributions, employee giving, in-store fundraising, and in-kind donations totaled $84 million.
When you start with heart, everything comes together.
Our extensive suite of assets positions CVS Health to play an important role in solving the cost, quality, and access issues of an evolving health care market.
When it comes to tackling health care’s ongoing challenges, more innovative offerings are definitely needed. That’s why CVS Health has assembled the most comprehensive suite of assets in the business. Think of us as a “category of one.”
You may know the CVS name best for our convenient CVS Pharmacy® locations, but we are also a leader in pharmacy benefits, specialty pharmacy, infusion, retail clinics, and now long-term pharmacy care. This combination has allowed us to partner more broadly across the health care landscape than our competitors, forging strong connections with patients, payors, and providers alike. And it has led to integrated and groundbreaking adherence solutions such as Maintenance Choice®, Specialty Connect™, and Pharmacy Advisor®. Across our enterprise, deep clinical expertise and insights enable us to deliver superior outcomes at a lower cost. Moreover, no one possesses the business-to-business and business-to-consumer capabilities of CVS Health. That gives us an edge in an increasingly consumer-directed health care environment.