Kroger ($KR) has announced the sale of its specialty pharmacy business to CarelonRx, a subsidiary of Elevance Health ($ELV). This move comes as part of Kroger's strategic business decisions. The sale was confirmed on Monday, with both companies reaching a definitive agreement. This transaction is notable within the industry, as Kroger's specialty pharmacy business was estimated to have generated $3.2 billion in prescription revenues in 2023, despite experiencing a 19% decline from the previous year. The acquisition by CarelonRx is seen as a step for Elevance Health to diversify its portfolio and reduce its reliance on CVS Health.