CVS profit rises 18% in Q2, raises outlook
Woonsocket, R.I. -- CVS Caremark Corp. reported Tuesday that profit for the quarter ended June 30 leaped 18.4% to a record $966 million from $816 million last year, boosted by the contractual impasse between rival Walgreens and Express Scripts.
Revenue for the quarter climbed 16.3% to $30.7 billion from $26.4 billion, missing Wall Street’s estimated $31.02 billion in revenue. Front-end same-store sales increased 2.3% for the quarter.
CVS has raised its forecast for the full year based on the strength of its performance. “With our stable business and differentiated offerings, we remain very well positioned in the marketplace," said Larry Merlo, president and CEO.