Executive Briefings

CVS Extinguishes Tobacco Sales Earlier Than Expected, Rebrands as CVS Health

CVS, the nation's No. 2 drugstore operator finally kicked the habit.

CVS Extinguishes Tobacco Sales Earlier Than Expected, Rebrands as CVS Health

CVS has announced plans to pull all remaining cigarettes, cigars, smokeless tobacco and other tobacco products from each of its 7,700 pharmacies nationwide.

The company, long known as CVS Caremark Corp., unveiled plans to rebrand as CVS Health, a clear nod to the broader role it hopes to play in the healthcare market.

The move to go tobacco-free, which comes a month earlier than planned, carries a substantial risk to CVS's bottom line but also the potential for a long-term competitive advantage over its peers, particularly Walgreen Co., the nation's largest pharmacy retailer.

"We believe this reflects our broader healthcare commitment," said Larry Merlo, the company's chief executive officer.

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CVS has announced plans to pull all remaining cigarettes, cigars, smokeless tobacco and other tobacco products from each of its 7,700 pharmacies nationwide.

The company, long known as CVS Caremark Corp., unveiled plans to rebrand as CVS Health, a clear nod to the broader role it hopes to play in the healthcare market.

The move to go tobacco-free, which comes a month earlier than planned, carries a substantial risk to CVS's bottom line but also the potential for a long-term competitive advantage over its peers, particularly Walgreen Co., the nation's largest pharmacy retailer.

"We believe this reflects our broader healthcare commitment," said Larry Merlo, the company's chief executive officer.

Read Full Article

CVS Extinguishes Tobacco Sales Earlier Than Expected, Rebrands as CVS Health