Tobacco

CVS To Stop Selling Tobacco Products By Oct. 1

Will lose around $2 billion a year as a result

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CVS Caremark pharmacies will phase out tobacco in U.S. retail stores by Oct. 1, officials announced Wednesday, saying that selling cigarettes side-by-side with medicine undermines the mission of promoting good health.

The chain will lose about $2 billion in revenues annually from sales of tobacco in its 7,600 stores, but CVS Pharmacy president Helena Foulkes said it just makes sense for a firm now positioning itself as a health care company. 

"It was very important to us that, as we're working with doctors and hospital systems and health plans, that they see us as an extension of their services," Foulkes said. "It's virtually impossible to be in the tobacco business when you want to be a health care partner to the health care system."