Led by Karen Lynch, the health retail, pharmacy and insurance group is one of the two largest healthcare companies in the country. It’s also the largest company ever led by a female CEO.
- CVS beat Wall Street’s revenue expectations in 2022 by $322 billion, but profits fell nearly 50% compared to 2021.
- The company has made progress expanding into primary care with two large acquisitions: the primary care network Oak Street Health, which was purchased for approximately $10.6 billion; and Signify Health for about $8 billion. The deals were completed earlier than expected, prompting the company to drop its earnings forecast for 2023.
- CVS has joined other healthcare companies in settling lawsuits that it alleged should have known it filled so many opioid prescriptions. Under a settlement announced in December, CVS will pay state and local governments up to $4.9 billion over 10 years. (The company has not admitted any wrongdoing.)