CVS Pharmacy, the largest pharmacy chain in the United States, has announced that they will no longer sell tobacco products, a move that would cost the company billions in earnings.

On February 5, the company released a statement saying "it will stop selling cigarettes and other tobacco products at its more than 7,600 CVS/pharmacy stores across the U.S. by October 1, 2014." The main reason behind, as for the statement, is that they are now going to become a full health care company. According to the release:

"Ending the sale of cigarettes and tobacco products at CVS/pharmacy is the right thing for us to do for our customers and our company to help people on their path to better health," said Larry J. Merlo, President and CEO, CVS Caremark.

"Put simply, the sale of tobacco products is inconsistent with our purpose. As the delivery of health care evolves with an emphasis on better health outcomes, reducing chronic disease and controlling costs, CVS Caremark is playing an expanded role in providing care through our pharmacists and nurse practitioners. The significant action we're taking today by removing tobacco products from our retail shelves further distinguishes us in how we are serving our patients, clients and health care providers and better positions us for continued growth in the evolving health care marketplace."

On the same statement, the behemoth retailer said that they are willing to lose up to $2 billion in revenues on an annual basis, equating to approximately 17 cents per share.

Merlo said that aside from gearing up as better health care solution provider, the move is somehow 'personal to him. He told CBS that his father was a smoker and later on died of cancer at a young age.

"I myself am not a smoker. My father was a smoker and died of cancer at a young age. But as we've talked to people over the last 24 hours, I have been struck by how many individuals have a personal story about a loved one, or a friend, or a family member who suffered from the ills of smoking," he told Charlie Rose during the interview.