CVS Caremark, the largest pharmacy in the United States, announced today that 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.

CVS pharmacy is the first national pharmacy chain to take this step.

"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."

With more than 480,000 deaths annually, smoking is the leading cause of premature disease and death in the United States.

CVS Caremark Chief Medical Officer Troyen A. Brennan, M.D., M.P.H. published an article in a Journal of the American Medical Association (JAMA) Viewpoint online, stating:

The paradox of cigarette sales in pharmacies has become even more relevant recently, in large part because of changes in the pharmacy industry. Most pharmacy chains are retooling themselves as an integral part of the health care system. They are offering more counseling by pharmacists, an array of wellness products and outreach to clinicians and health care centers. Perhaps more important, pharmacies are moving into the treatment arena, with the advent of retail health clinics. These retail clinics, originally designed to address common acute infections, are gearing up to work with primary care clinicians to assist in treating hypertension, hyperlipidemia and diabetes all conditions exacerbated by smoking.

CVS Caremark estimates that it will lose approximately $2 billion in revenues on an annual basis from the tobacco shopper, equating to approximately 17 cents per share. The company also estimates that the impact to 2014 earnings per share is expected to be in the range of 6 to 9 cents per share.

President Barack Obama praised the move today.

"As one of the largest retailers and pharmacies in America, CVS Caremark sets a powerful example, and today's decision will help advance my administration's efforts to reduce tobacco-related deaths, cancer, and heart disease, as well as bring down health care costs -- ultimately saving lives and protecting untold numbers of families from pain and heartbreak for years to come," Obama said in a statement.

It remained unclear whether other pharmacies will follow in the footsteps of CVS.

"We have been evaluating this product category for some time to balance the choices our customers expect from us with their ongoing health needs," Walgreens spokesman Jim Graham said in a statement.

On whether CVS would extend its ban to other products known to be unhealthy -- candy, potato chips or alcohol, for instance -- Merlo told reporters those items, in moderation, do not have the same adverse effects as the use of tobacco.