Fact Check: Is CVS and Walgreens owned by the same company?

Are CVS and Walgreens Owned by the Same Company?

The claim that CVS and Walgreens are owned by the same company raises questions about the ownership structures of these two major players in the retail pharmacy sector. Both companies operate as significant entities within the healthcare and retail landscape, but they are distinct corporations with different ownership structures.

What We Know

Ownership Structures: CVS Health Corporation is an independent entity that operates CVS pharmacies, while Walgreens is owned by Walgreens Boots Alliance (WBA), a publicly traded company formed from the merger of Walgreens and Alliance Boots in 2014 2 3. CVS Health and Walgreens Boots Alliance are competitors in the retail pharmacy market.
Recent Developments: As of March 2025, Walgreens Boots Alliance is set to become privately held following a $10 billion acquisition by Sycamore Partners, an investment firm 7 9. This transition indicates a significant change in the corporate structure of Walgreens but does not imply any ownership overlap with CVS.
Market Presence: CVS Health is a major player in the U.S. pharmacy market, generating over $322 billion in revenue in 2022, while Walgreens Boots Alliance reported $268 billion in the same year 10. Both companies have extensive networks of retail locations, with CVS operating around 9,900 stores and Walgreens approximately 9,000 6.
Corporate Strategies: CVS Health has been focusing on expanding its healthcare services, including the acquisition of Signify Health, which specializes in health risk assessments 1. In contrast, Walgreens has been adapting to market pressures by exploring new store formats and strategies to enhance profitability 4.

Analysis

The claim that CVS and Walgreens are owned by the same company is not supported by the available evidence. The two companies operate independently, each with its own corporate structure and ownership.

Source Evaluation: The Wikipedia page on Walgreens Boots Alliance provides a comprehensive overview of its formation and ownership structure, making it a reliable source for understanding the company's background 2. However, Wikipedia can be edited by anyone, so cross-referencing with more authoritative sources is advisable.
Conflicting Information: The article from Forbes discusses Walgreens' impending transition to private ownership, which may lead to confusion about its corporate status 7 9. However, this change does not affect CVS's independent status.
Potential Bias: Sources like CliffsNotes and FourWeekMBA provide educational content and analysis but may not delve deeply into the complexities of corporate ownership, potentially oversimplifying the situation 3 10.
Methodology Concerns: The claim lacks specific details regarding the nature of the ownership relationship, which is crucial for a thorough understanding. Additional information on the corporate governance structures of both companies would be beneficial to clarify their independence.

Conclusion

Verdict: False

The assertion that CVS and Walgreens are owned by the same company is false. Evidence indicates that CVS Health Corporation and Walgreens Boots Alliance are separate entities with distinct ownership structures. CVS operates independently, while Walgreens is part of Walgreens Boots Alliance, which is transitioning to private ownership.

While the claim may stem from confusion regarding Walgreens' upcoming acquisition, this does not imply any ownership relationship with CVS. It is important to recognize that both companies are competitors in the retail pharmacy market, each pursuing its own corporate strategies and objectives.

However, it is essential to acknowledge the limitations in the available evidence. The complexity of corporate ownership can lead to misunderstandings, and the evolving nature of business structures may introduce new developments that could affect this analysis in the future.

Readers are encouraged to critically evaluate information and consult multiple sources to gain a comprehensive understanding of corporate ownership and market dynamics.

Sources

CVS Health's Annual Report 2023. Retrieved from SEC
Walgreens Boots Alliance. Retrieved from Wikipedia
Are CVS and Walgreens the Same. Retrieved from CliffsNotes
As Walgreens Preps For New Owner, CVS Health Tries Smaller Drugstores. Retrieved from Forbes
CVS Health's Organizational Structure. Retrieved from Organimi
Walgreens Boots Alliance Investor Relations. Retrieved from Walgreens
Walgreens To Go Private In $10 Billion Sale To Sycamore Partners. Retrieved from Forbes
Who owns Walgreens and CVS? Retrieved from TinyGrab
Walgreens to go private in $10 billion deal with Sycamore. Retrieved from CNBC
Who Owns CVS? Retrieved from FourWeekMBA