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Company History

Choose a decade to explore and then navigate through each year.

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Our History

Our History

  • Tracing back our history through our retail, pharmacy benefit management and retail clinic roots, today CVS Health is a pharmacy innovation company that is reinventing pharmacy. Our businesses may have had different beginnings, but we are now bound by the common purpose of helping people on their path to better health and shaping the future of health care. 

1960s

1963

  • The first CVS store, selling health and beauty products, is founded in Lowell, Mass. by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. CVS stands for Consumer Value Stores.

1964

  • The chain grows to 17 stores. The original CVS logo is developed (CVS banner inside a shield, with the words “Consumer Value Stores” below) and displayed on store exteriors for the first time.

1967

  • CVS begins operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island.

1969

  • CVS is sold to Melville Corporation.

1970s

1970

  • CVS operates 100 stores in New England and the Northeast.

1972

  • CVS nearly doubles in size with its acquisition of 84 Clinton Drug and Discount Stores. 

1974

  • CVS achieves $100 million in annual sales.

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Company History

Explore the Our History

Our History

  • Tracing back our history through our retail, pharmacy benefit management and retail clinic roots, today CVS Health is a pharmacy innovation company that is reinventing pharmacy. Our businesses may have had different beginnings, but we are now bound by the common purpose of helping people on their path to better health and shaping the future of health care. 

Explore the 1960s

1963

  • The first CVS store, selling health and beauty products, is founded in Lowell, Mass. by brothers Stanley and Sidney Goldstein and partner Ralph Hoagland. CVS stands for Consumer Value Stores.

1964

  • The chain grows to 17 stores. The original CVS logo is developed (CVS banner inside a shield, with the words “Consumer Value Stores” below) and displayed on store exteriors for the first time.

1967

  • CVS begins operation of its first stores with pharmacy departments, opening locations in Warwick and Cumberland, Rhode Island.

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Explore the 1970s

1970

  • CVS operates 100 stores in New England and the Northeast.

1972

  • CVS nearly doubles in size with its acquisition of 84 Clinton Drug and Discount Stores. 

1974

  • CVS achieves $100 million in annual sales.

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Explore the 1980s

1981

  • CVS breaks ground on the Store Support Center in Woonsocket, RI.

1983

  • Hemophilia Patient Home Health Care is launched.

1984

  • Senior Vice President of Marketing Harvey Rosenthal is named President and CEO of CVS. He succeeds Stan Goldstein, who is named Executive Vice President of Melville Corporation.

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Explore the 1990s

1990

  • CVS acquires 500 stores from People’s Drug, which establishes the company in new mid-Atlantic markets including Washington, D.C., Pennsylvania, Maryland and Virginia.

1991

  • Caremark purchases Prescription Health Services (PHS).

1992

  • Caremark spins off from Baxter. The Caremark Formulary is developed and Clinical Intervention Programs are introduced.

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Explore the 2000s

2000

  • Rick Krieger and partners Douglas Smith, M.D., Steve Pontius and Kevin Smith, RN, FNP founded QuickMedx, the retail health care centers that became MinuteClinic.

    CVS Corporation acquires Stadtlander pharmacy, making CVS ProCare the largest specialty pharmacy in the U.S. at the time.

    CVS/pharmacy announces plans to enter the Chicago market and continue expansion in Florida with stores slated for Fort Lauderdale and Orlando

2001

  • CVS/pharmacy introduces the ExtraCare Card, becoming the first national pharmacy retailer to launch a loyalty card program.

2002

  • CVS/pharmacy continues to grow, announcing its plans to enter the Texas market with stores targeted for high-population-growth markets such as Dallas and Houston. Also in the plans — the company’s first locations in Phoenix and Las Vegas

    The demand for walk-in convenience led to quick growth, with several large employers asking their health plans to include QuickMedx in their networks. QuickMedx is renamed MinuteClinic in December 2002.

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Explore the 2010s

2011

  • In March, Larry Merlo succeeds Tom Ryan as President and CEO of CVS Caremark. Merlo joined CVS/pharmacy in 1990 through the acquisition of People's Drug.

2012

  • CVS Caremark announces that it exceeded $100 billion in revenues in 2011.

2013

  • CVS Caremark announces that it will purchase Coram, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. 

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