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CVS Caremark Raises 2012 View After Profit Jumps 16%

Tuesday, 06 Nov 2012 07:24 AM








"We posted strong results across the enterprise, with the pharmacy services segment significantly outpacing our growth expectations. The retail pharmacy business continued to capitalize on the market disruption resulting from the impasse between two of our competitors," CVS Caremark CEO Larry Merlo said in a statement.

He said CVS now anticipates retaining at least 60 percent of the prescriptions gained during the impasse.

CVS Caremark runs the second-largest chain of drugstores in the U.S., after Walgreen's, with more than 7,400 pharmacies.


The company said it now expects adjusted earnings of $3.38 to $3.41, up from its previous forecast of $3.32 to $3.38 per share.

In premarket trading, sales rose $1.11, or 2.4 percent, to $47.74.


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CVS Caremark Corp. posted a higher quarterly profit and raised its expectations for the year on Tuesday, as sales grew at its drugstore chain and it brought in new pharmacy benefit clients.CVS, which operates the No. 2 U.S. drugstore chain and a major pharmacy benefits...
Tuesday, 06 Nov 2012 07:24 AM
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