CVS Caremark Q3 profit climbs 7.3%
Woonsocket, R.I. -- CVS Caremark Corp.’s third-quarter profit rose 7.3%, to $868 million, driven by strong performances in its pharmacy businesses. Its performance topped Wall Street expectations.
Revenue for the three-month period ended September 30, 2011, rose 12% to $26.67 billion, from $23.71 billion.
Revenue in its pharmacy-services segment increased 26% $14.8 billion, boosted by a contract with Aetna Inc. and added business from the acquisition of Universal American Corp.'s Medicare prescription drug business.
Revenues in the retail pharmacy segment increased 3.8% to $14.7 billion; same-store sales rose 2.3%.
“Our retail drugstore business continues to grow and gain share while our PBM continues to demonstrate success in the selling season, with strong client retention and significant new business,” said CVS CEO Larry Merlo.