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The changes are a part of the health conglomerate’s strategic review of its retail business, as it seeks to diversify its sales channels.
CVS, best-known for its drugstore chain, also named Prem Shah, who would oversee the company’s omnichannel strategy, to the newly created role of chief pharmacy officer.
Rival Walgreens Boots Alliance (NASDAQ:WBA) also recently shifted focus beyond its drugstores, investing $5.2 billion in VillageMD and $330 million in post-acute and home care provider CareCentrix.
CVS cut its full-year 2021 profit per share forecast to between $5.46 and $5.67 from $6.13 to $6.23, but stuck to its adjusted profit view saying the impact from the store closures will be immaterial to adjusted EPS this year and the next.
