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Exclusive-CVS to exit core infusions services business, job cuts possible

2024.10.11 15:28

By Amina Niasse

NEW YORK (Reuters) – CVS Health (NYSE:) is exiting its core infusion services business and plans to either close or sell 29 related regional pharmacies in the coming months, a company spokesperson confirmed to Reuters on Friday.

Details of the strategic shift were announced in a CVS corporate memo dated Oct. 8 and seen by Reuters.

The company on Oct. 8 stopped taking new patients seeking antibiotics, drugs supporting muscular health, and intravenous nutrition services, Shelly Bandit, a senior manager of corporate communications, told Reuters.

CVS bought Coram LLC, a drug infusion services provider, for $2.1 billion in 2013.

“Providers of infused medications have continued to face a challenging environment for their most highly specialized, complex services, and Coram has not been immune to these challenges,” Bandit added.

It will continue to provide specialty medications and enteral nutrition, or tube feeding, at pharmacies in Minnesota, Pennsylvania and San Diego, and provide nursing services nationwide.

She said the company has not yet announced any workforce reductions and that any impacted employees would be notified in mid-November with the roles ending in January.

Patients still relying on the targeted therapies will be transferred to other infusion providers, Bandit said.

© Reuters. FILE PHOTO: A screen displays the logo and trading information for CVS Health on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 6, 2023.  REUTERS/Brendan McDermid/File Photo

The move is not related to the company’s plan to cut 2,900 corporate jobs.

“We plan to close 29 regional pharmacies over the coming months, but are also exploring a possible sale of these assets,” Bandit said.  



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