Joined Nov 11, 2007
31,929 Blog Posts

$CVS Posts a 6% Increase in Profits


“CVS Caremark’s fourth-quarter earnings climbed 6 percent, as new customers and Medicare prescription drug plans helped its pharmacy benefits management business, and revenue from the chain’s established drugstores grew.

The Woonsocket, R.I., company said Wednesday it earned $1.13 billion, or 90 cents per share, in the three months that ended Dec. 31. That compares with earnings of $1.06 billion, or 81 cents per share, in the same period in 2011.

Adjusted earnings totaled $1.14 per share, while revenue climbed nearly 11 percent to $31.39 billion.

Analysts expected, on average, earnings of $1.10 per share on $31.14 billion in revenue, according to FactSet.

CVS Caremark Corp. runs the second-largest chain of drugstores in the United States, after Walgreen Co., and also is one of the nation’s largest pharmacy benefits managers.

Revenue grew more than 17 percent from its pharmacy benefits management side, as the number of pharmacy network claims processed in the quarter rose 6.5 percent to 205.5 million….”

Full report

If you enjoy the content at iBankCoin, please follow us on Twitter