CVS Caremark: U.S.’ 12th Largest Company

There are more than 7,000 store locations in the United States that CVS Caremark operates. The company is listed as part of the Fortune Global 500 businesses and is ranked as the 40th largest company in the world with annual revenue of more than $126.7 billion.

The business is listed as a retailer and health care company that has its main office located in Woonsocket, Rhode Islands. Their pharmacy services are marketed under the brand names CVS Pharmacy and Longs Drugs stores. It further operates three major subsidiaries: MinuteClinic, a retail-based health clinic; CVS.com, their online pharmacy and Caremark Pharmacy Services, their mail order, specialty pharmacy and benefit management business arm. In the United States alone, the company is listed as the 12th largest business and is made part of the Fortune 500 companies. Overall, the business is known as the largest company listed in Fortune that has its operations focused within the United States.

The formation of the company is the result of the merger between CVS Pharmacy and Caremark Rx in 2007. The two businesses are considered as one of the largest in their respective niches. It was brothers, Stanley and Sidney Goldstein, who founded CVS in 1963 while Caremark was established by James M. Sweeney in 1979. The rapid growth of the company is also attributed to the various acquisitions it has made. Their MinuteClinic is now the largest walk-in medical clinic in the country and operates within the perimeter of their CVS Pharmacy stores.

Starting out as Melville Corporation, CVS once stood for Consumer Value Stores but is now re-profiled to stand for Convenience, Value and Service. It was their former CEO, Thomas Ryan, who initiated this change to further push the image of the business as a reliable source of valuable medicines, exceptional service and convenient locations.