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CVS Ends Tobacco Sales, Changes Name to Emphasize Health

CVS Caremark Corp. halted sales of tobacco products almost a month ahead of schedule, started a smoking-cessation campaign, and changed its name to position itself as health-care provider in the growing U.S. market.

CVS Health, as the company now calls itself, will forgo $2 billion in annual revenue as it becomes the first national pharmacy chain to end tobacco sales. None of its rivals has followed suit, with Walgreen Co. saying a retail pharmacy ban on sales would have little impact on reducing tobacco use. Shares of CVS reached their highest value today in 34 years.