CVS Health Corp (CVS) has announced to remove tobacco products from its 7,700 pharmacies across the US. The company made this announcement to preserve public health and earn goodwill. According to the Wall Street Journal, the company is expected to lose $2 billion in sales annually on the back of this move.
Now while that might mean a loss of revenue, it has certainly boosted its positive press. The move to ban the sale of tobacco products was part of a larger play to brand itself as a company focused on health care.