July 26, 2016 5:53 AM ET

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Company Overview of CVS Pharmacy, Inc.

Company Overview

CVS Pharmacy, Inc., a retail pharmacy, operates a chain of CVS/pharmacy and Longs Drug stores in the United States. Its stores provide new/refill prescriptions; and information on drugs and health. The company offers vitamins, as well as products in the areas of baby and child beauty, diet and nutrition, health and medicine, home health care, household, personal care, sexual health, and skin care. It serves customers through its retail and online stores. CVS Pharmacy, Inc. was formerly known as CVS, Inc. and changed its name to CVS Pharmacy, Inc. in February 1997. The company was incorporated in 1969 and is based in Woonsocket, Rhode Island. CVS Pharmacy, Inc. operates as a subsidiary of CVS...

One CVS Drive

Woonsocket, RI 02895

United States

Founded in 1969





Key Executives for CVS Pharmacy, Inc.

President and Executive Vice President of CVS Caremark
Age: 52
Chief Executive Officer of CVS Caremark and President of CVS Caremark
Age: 60
Executive Vice President of Internal Operations, Real Estate and Supply Chain
Vice President of Store Brands
Compensation as of Fiscal Year 2016.

CVS Pharmacy, Inc. Key Developments

CVS Pharmacy Opens Target Stores in Washington

CVS Health announced that the first CVS Pharmacy locations in Target stores are now open in Washington. The pharmacies, located in several metropolitan areas, including Olympia, Seattle, Spokane and Tacoma, are being operated through a store-within-a-store format and are branded CVS Pharmacy. In addition to the CVS Pharmacy locations in Target, CVS Pharmacy currently operates seven free-standing stores in Washington. With the addition of the 30 rebranded CVS Pharmacy in Target locations, the company is expanding its reach in the state and is introducing Target guests to its suite of innovative pharmacy care services. The CVS Pharmacy in Target locations in Washington will soon offer the complete suite of services available at traditional CVS Pharmacy stores. Maintenance Choice, a program that lets CVS Caremark plan members choose to fill 90-day supplies of medications for chronic conditions either through mail service or at any CVS Pharmacy location, is now available in all pharmacies in Target. Pharmacy Advisor, a program in which CVS Caremark plan members diagnosed with chronic conditions receive face-to-face counseling when they choose to fill prescriptions at CVS Pharmacy or by phone when they choose mail service pharmacy, will be available by the end of 2016. Specialty Connect, a feature of CVS Specialty which gives patients the option to pick up their specialty prescriptions at any CVS Pharmacy, will be available to patients as Target pharmacies convert to CVS Pharmacy.

CVS Pharmacy Opens its New Orleans Lower Ninth Ward Location

CVS Pharmacy announced the grand opening of its New Orleans Lower Ninth Ward location, becoming the first major retailer to build in the neighborhood since Hurricane Katrina. The company's new store will serve as a building block in the revitalization of the Lower Nine Ward. The new CVS Pharmacy location is more than 13,000 square feet and will feature drive thru pharmacy window service and a wide range of high quality health, beauty, personal care products and healthy snack options. In addition, twenty new jobs have been added within the community as staff at this new location.

Drug Enforcement Administration Reaches $8 Million Settlement Agreement with CVS Pharmacy, Inc. for Unlawful Distribution of Controlled Substances

CVS Pharmacy, Inc. (CVS) has agreed to pay $8 million to The U.S. Justice Department's Drug Enforcement Administration's to resolve allegations that its Maryland pharmacies violated the Controlled Substances Act (CSA) by dispensing controlled substances pursuant to prescriptions that were not issued for a legitimate medical purpose. The settlement agreement was announced by Special Agent in Charge Karl C. Colder of the Drug Enforcement Administration - Washington Division and United States Attorney for the District of Maryland Rod J. Rosenstein. The CSA authorizes the United States to seek civil penalties for a pharmacy's failure to fulfill its corresponding responsibility to dispense only those prescriptions that have been issued for a legitimate medical purpose by a health care provider acting in the usual course of professional practice. Knowingly filling an illegitimate prescription subjects a pharmacy to civil penalties under the CSA. According to the settlement agreement, CVS acknowledged that between 2008 and 2012 certain CVS pharmacy stores in Maryland dispensed controlled substances, including oxycodone, fentanyl and hydrocodone, in a manner not fully consistent with their compliance obligations under the CSA and related regulations. This included failing to comply with a pharmacist's liability to ensure the controlled substance prescriptions were issued for a legitimate medical purpose. This settlement caps off an investigation that began as part of the DEA's crackdown on prescription drug abuse in Maryland.

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