US-based CVS Health has formally confirmed plans to spin off its retail pharmacy business into a separate company in the first half of 2028, Bloomberg reports. The chain, which has about 9,000 locations, will be separated from the insurance division and Athena's Caremark service. Last year, the pharmacy sector brought in more than $139 billion in revenue for the corporation - about a third of the total. In the past, the media reported on the possible division of the CVS business with a current market value of $117 billion.