On Dec. 9, CVS will hold its first investor day since the start of the pandemic, pitching to its investors how it plans to bring customers to its stores using other healthcare services, CNBC reported Dec 8.
Here's what to know ahead of the day:
- The retail giant has made several investments pushing its focus into healthcare. The company acquired health insurance company Aetna in 2018 and owns pharmacy benefit manager Caremark.
- CVS has been turning its eye to primary care, with CEO Karen Lynch saying on a third-quarter earnings call that she believes the commpany needs to push into primary care to influence the overall cost of care.
- It recently announced a digital health partnership with Microsoft to create personalized customer services.
- As of Dec. 7, the company's shares are up 36 percent this year, and its market value is $122.63 billion.
- It plans to shutter roughly 9 percent of its physical stores, or about 900 locations around the nation. Instead, it will create three different types of stores. One kind will be focused on primary care, and another will be called HealthHubs and will include services like sleep apnea screening and therapy. The last store format will follow its traditional retail model.
- Rival Walgreens is also ramping up its healthcare offerings with its partnership with VillageMD.