{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","ticker":"CVS","updated_at":"2026-09-11T19:25:09.688589+00:00","canonical":"https://valuechain.wiki/cvs-health","citable":"밸류체인 그래프 기준 CVS 헬스의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 20곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 5건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, CVS Health is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 20 companies within two hops; the links are backed by 8 dated sources, 5 of them primary filings (as of 2026-09-11).","kicker":"통합 헬스케어 플랫폼","kicker_en":"Integrated health care platform","lead":"CVS 헬스는 애트나 보험료, CVS 케어마크의 약제비 관리 서비스, 약국과 진료 서비스에서 매출을 낸다. 의약품 유통사에 약값을 지급하고, 진료 거점과 의료 서비스 기업을 인수해 보험, 약제비 관리, 진료를 연결한다.","lead_en":"CVS Health earns revenue from Aetna premiums, CVS Caremark pharmacy benefit services, retail pharmacies, and care delivery. 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제한적이다.","analysis_en":"CVS Health operates across Integrated health care platform. It is +24.7% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. It pays pharmaceutical distributors for medicines and has acquired care-delivery businesses to connect insurance, pharmacy benefits, and clinical care.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"오크 스트리트 헬스","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-02-09","basis":"오크 스트리트 헬스 인수 발표 당시 현금 거래 금액","value":10600000000,"period":"2023 acquisition","basis_en":"Announced cash consideration for the acquisition of Oak Street Health","qualifier":null},"note":"CVS 헬스는 메디케어 가입자 중심의 1차 진료업체 오크 스트리트 헬스를 현금 106억 달러에 인수하기로 했고 2023년에 거래를 마쳤다. 2025년 10-K도 오크 스트리트 헬스가 CVS 헬스에 인수됐음을 확인한다.","note_en":"CVS Health agreed to acquire Medicare-focused primary care provider Oak Street Health for $10.6 billion in cash and completed the transaction in 2023. CVS Health's 2025 Form 10-K also confirms the acquisition.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/64803/000006480326000010/cvs-20251231.htm","title":"CVS 헬스 2025 회계연도 10-K","title_en":"CVS Health Corporation 2025 Form 10-K","excerpt":"오크 스트리트 헬스는 CVS 헬스에 인수됐다.","excerpt_en":"prior to their acquisition by CVS Health"},{"stance":"confirms","publisher":"연합뉴스","publisher_en":"Yonhap News Agency","kind":"news","lang":"ko","published_at":"2023-02-09","url":"https://www.yna.co.kr/view/AKR20230209008600009","title":"'CVS헬스 vs 월그린스'…美 헬스케어기업, 1차진료소 확보 경쟁","title_en":"CVS Health and Walgreens Compete to Secure Primary Care Clinics","excerpt":"CVS헬스는 오크스트리트헬스를 현금 106억 달러에 인수하기로 했다.","excerpt_en":"CVS Health agreed to acquire Oak Street Health for $10.6 billion in cash."}]},{"direction":"revenue","counterparty":"미국 메디케어·메디케이드 서비스센터(CMS)","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"members","as_of":"2026-02-10","basis":"CVS 헬스 메디케어 어드밴티지 의료 가입자 수","value":4267000,"period":"2025-12-31","basis_en":"CVS Health Medicare Advantage medical membership","qualifier":null},"note":"CVS 헬스는 CMS와 매년 계약해 메디케어 어드밴티지 HMO·PPO를 제공한다. 2025년 말 메디케어 어드밴티지 가입자는 426만7천 명이었다.","note_en":"CVS Health contracts annually with CMS to offer Medicare Advantage HMO and PPO products. Medicare Advantage medical membership was 4.267 million at year-end 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/64803/000006480326000010/cvs-20251231.htm","title":"CVS 헬스 2025 회계연도 10-K","title_en":"CVS Health Corporation 2025 Form 10-K","excerpt":"CVS 헬스는 미국 메디케어·메디케이드 서비스센터와 매년 계약한다.","excerpt_en":"Through annual contracts with the U.S. Centers for Medicare & Medicaid Services (CMS)"},{"stance":"confirms","publisher":"KFF","publisher_en":"KFF","kind":"analysis","lang":"en","published_at":"2025-07-16","url":"https://www.kff.org/medicare/key-facts-about-medicare-part-d-enrollment-premiums-and-cost-sharing-in-2025/","title":"2025년 메디케어 파트 D 가입·보험료·비용분담 핵심 사실","title_en":"Key Facts About Medicare Part D Enrollment, Premiums, and Cost Sharing in 2025","excerpt":"KFF는 CMS 자료를 분석해 CVS 헬스가 2025년 파트 D 가입자의 약 15%를 보유했다고 집계했다.","excerpt_en":"CVS, Humana, and Centene each have around 15% of the Part D market"}]},{"direction":"cost","counterparty":"카디널 헬스","counterparty_slug":"cardinal-health","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-08-12","basis":"카디널 헬스 매출 중 CVS 헬스 대상 매출 비중","value":30,"period":"FY2025","basis_en":"Share of Cardinal Health revenue from sales to CVS Health","qualifier":null},"note":"카디널 헬스는 제약·전문 의약품 유통 부문을 통해 CVS 헬스에 제품을 공급한다. CVS 헬스는 카디널 헬스 FY2025 매출의 30%를 차지한 최대 고객이다.","note_en":"Cardinal Health supplies CVS Health through its pharmaceutical and specialty distribution business. CVS was Cardinal Health's largest customer at 30% of fiscal 2025 revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-12","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000079/cah-20250630.htm","title":"카디널 헬스 2025 회계연도 10-K","title_en":"Cardinal Health, Inc. 2025 Form 10-K","excerpt":"CVS 헬스는 카디널 헬스 FY2025 매출의 30%를 차지한 최대 고객이다.","excerpt_en":"Our largest customer, CVS Health, accounted for 30 percent of our fiscal 2025 revenue"}]},{"direction":"cost","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-05-09","basis":"맥케슨 연결매출 중 CVS 헬스 대상 매출 비중","value":24,"period":"FY2025","basis_en":"Share of McKesson consolidated revenue from sales to CVS Health","qualifier":null},"note":"맥케슨은 CVS 헬스에 의약품을 유통한다. CVS 헬스는 맥케슨의 FY2025 연결매출 24%를 차지한 최대 고객이며 유통 파트너십은 2027년 6월까지 이어진다.","note_en":"McKesson distributes pharmaceuticals to CVS Health. CVS was McKesson's largest customer at 24% of fiscal 2025 consolidated revenue, and the distribution partnership runs through June 2027.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-05-09","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765325000036/mck-20250331.htm","title":"맥케슨 2025 회계연도 10-K","title_en":"McKesson Corporation 2025 Form 10-K","excerpt":"CVS 헬스는 맥케슨 FY2025 연결매출의 약 24%를 차지한 최대 고객이다.","excerpt_en":"Sales to our largest customer, CVS Health Corporation, accounted for approximately 24% of our total consolidated revenues"}]},{"direction":"revenue","counterparty":"엘레반스 헬스","counterparty_slug":"elevance-health","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-06","basis":"CVS 헬스 자회사 CaremarkPCS Health의 핵심 약국 서비스 계약 금액","value":null,"period":"contract_through_2027-12-31","basis_en":"Value of the core pharmacy services agreement with CVS Health subsidiary CaremarkPCS Health","qualifier":"confirmed_no_disclosed_value"},"note":"CVS 헬스는 자회사 CaremarkPCS Health를 통해 CarelonRx의 처방 청구심사와 약국 네트워크 등 핵심 약국급여관리 업무 일부를 수행하며, 현 계약기간은 2027년 12월까지이고 지급액은 공개되지 않았다.","note_en":"CVS Health, through its subsidiary CaremarkPCS Health, performs certain core pharmacy benefit functions for CarelonRx, including claims and network services, under a current term that runs through December 2027, with payments not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1156039/000115603926000013/elv-20251231.htm","title":"엘레반스 헬스 2025 회계연도 Form 10-K","title_en":"Elevance Health, Inc. 2025 Form 10-K","excerpt":"CarelonRx는 특정 핵심 약국 서비스를 CaremarkPCS에 위탁한다.","excerpt_en":"CarelonRx delegates certain core pharmacy services to CaremarkPCS Health, L.L.C."}]},{"direction":"cost","counterparty":"타깃","counterparty_slug":"target","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-11","basis":"CVS의 매장 내 약국·클리닉 점유에 따른 연간 수익","value":null,"period":"FY2025","basis_en":"Annual occupancy income from CVS pharmacies and clinics inside Target stores","qualifier":"confirmed_no_disclosed_value"},"note":"CVS 헬스는 타깃 매장 안에서 약국과 클리닉을 운영하고 타깃은 영구 운영계약에 따라 매년 점유 수익을 받지만, 상대별 금액은 공시되지 않았다.","note_en":"CVS Health operates pharmacies and clinics inside Target stores under a perpetual operating agreement through which Target receives annual occupancy income, but the counterparty-specific amount is not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-11","url":"https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm","title":"TARGET CORP 10-K (2026-03-11)","title_en":"TARGET CORP 10-K (2026-03-11)","excerpt":"공시는 CVS가 매장 내 약국과 클리닉을 운영하며 타깃이 매년 점유 수익을 얻는다고 밝힌다.","excerpt_en":"annual occupancy income"}]},{"direction":"revenue","counterparty":"캘리포니아 공무원연금(CalPERS)","counterparty_slug":null,"confidence":"mid","metric":{"type":"count","unit":"members","as_of":"2025-07-16","basis":"CalPERS의 CVS 케어마크 약제비 관리 계약 대상 가입자 수","value":587000,"period":"2026-2030","basis_en":"Members covered by the CalPERS pharmacy benefit contract with CVS Caremark","qualifier":null},"note":"CalPERS는 2026년부터 5년간 일부 건강보험 가입자의 약제비 관리를 CVS 케어마크에 맡겼다. 계약 대상은 약 58만7천 명이다.","note_en":"CalPERS selected CVS Caremark to manage pharmacy benefits for five years beginning in 2026. The contract covers approximately 587,000 members.","sources":[{"stance":"confirms","publisher":"헬스케어 다이브","publisher_en":"Healthcare Dive","kind":"news","lang":"en","published_at":"2025-07-16","url":"https://www.healthcaredive.com/news/cvs-caremark-calpers-pharmacy-benefits-contract-unitedhealth/753124/","title":"CVS, 유나이티드헬스를 제치고 CalPERS 약제비 관리 계약 수주","title_en":"CVS beats out UnitedHealth for CalPERS pharmacy benefits contract","excerpt":"5년 계약은 HMO·PPO 가입자 약 58만7천 명의 외래 처방약 혜택을 다룬다.","excerpt_en":"the five-year contract ... covers outpatient prescription drug benefits for roughly 587,000 members"}]}]}