Content about Caremark Rx

May 1, 2013

CVS Caremark Corp.’s first-quarter earnings rose a better-than-expected 23% as new generic drugs and demand for flu medications helped the company’s profitability.

Woonsocket, R.I. -- CVS Caremark Corp.’s first-quarter earnings rose a better-than-expected 23% as new generic drugs and demand for flu medications helped the company’s profitability. The chain narrowed its 2013 guidance to reflect higher-than-expected performance.

For the first quarter, CVS earned $956 million, up from $776 million in last year's quarter.   

Companywide revenue slipped 0.1% to $30.76 billion, but exceeded the $30.36 billion that Wall Street expected.

April 3, 2013

CVS Caremark Corp. will pay $11 million to settle federal claims that the company’s pharmacies in the state violated record-keeping requirements of the Controlled Substances Act.

Oklahoma City -- CVS Caremark Corp. will pay $11 million to settle federal claims that the company’s pharmacies in the state violated record-keeping requirements of the Controlled Substances Act.

Federal prosecutor Sanford Coats said Wednesday that CVS has agreed to the settlement to resolve all allegations. However, while CVS said that its stores must comply with the record-keeping requirements, it does not admit liability.

March 29, 2013

An SEC filing revealed that the total compensation for CVS Caremark Corp. CEO Larry Merlo jumped 44% last year to $20.3 million.

New York -- An SEC filing on Friday revealed that the total compensation for CVS Caremark Corp. CEO Larry Merlo jumped 44% last year to $20.3 million.

Merlo’s base salary rose slightly but the major increases came from stock and option awards and nonequity incentive-plan compensation.

March 19, 2013

CVS Caremark has donated $250,000 to the Chicago State University’s College of Pharmacy for the development of the CVS Caremark Student Center and Technology Laboratory.

New York -- CVS Caremark has donated $250,000 to the Chicago State University’s College of Pharmacy for the development of the CVS Caremark Student Center and Technology Laboratory.

“This donation will help to improve the College’s physical space and technological resources, which greatly enhances student success within the College of Pharmacy. To say thank you is an understatement,” stated Dean Miriam Mobley Smith with the College of Pharmacy.

February 11, 2013

CVS Caremark said it has named Brian Tilzer as SVP, chief digital officer for the drugstore chain.

Woonsocket, R.I. -- CVS Caremark said Monday it has named Brian Tilzer as SVP, chief digital officer for the drugstore chain.

Tilzer, previously SVP global e-commerce for Staples, is charged with developing and leading CVS digital innovation efforts and connecting current and future digital initiatives.

 

February 6, 2013

CVS Caremark executives expressed optimism Wednesday morning as the company posted record fourth-quarter results and raised its 2013 guidance.

Woonsocket, R.I. -- CVS Caremark executives expressed optimism Wednesday morning as the company posted record fourth-quarter results and raised its 2013 guidance. The company also disclosed on a conference with analysts that late last week it closed on the acquisition of the privately held Brazilian drugstore chain Onofre.

CVS earned $1.13 billion in the three months that ended Dec. 31. For the full year, CVS earned $3.88 billion, on $123.13 billion in revenue.

December 13, 2012

CVS Caremark executives expressed optimism going into 2013 and outlined its strategic growth framework during its annual Analyst Day held on Thursday in New York City.

Woonsocket, R.I. -- CVS Caremark executives expressed optimism going into 2013 and outlined its strategic growth framework during its annual Analyst Day held on Thursday in New York City.

December 10, 2012

CVS Caremark has upped the size of its previously announced tender offers to refinance a portion of its debt.

Woonsocket, R.I. -- CVS Caremark has upped the size of its previously announced tender offers to refinance a portion of its debt. The company announced that it will buy back up to $1.33 billion in notes, up from the previously announced $1 billion.

"Through this transaction as well as our recent debt issuance, we are taking advantage of the current favorable interest rate environment. This debt refinancing will enhance our long-term debt structure and decrease our interest expense going forward,” stated Dave Denton, EVP and CFO of CVS Caremark.

December 7, 2012

CVS Caremark is reportedly looking to expand outside of the United States by acquiring Onofre, the eighth-largest pharmacy chain in Brazil, according to published reports.

New York -- CVS Caremark is reportedly looking to expand outside of the United States by acquiring Onofre, the eighth-largest pharmacy chain in Brazil, according to published reports.

The Valor Economico newspaper reported that CVS Caremark plans to pay $313 million to acquire an 80% stake in Onofre and will also assume the company's debt.

“We don’t comment on market rumors,” CVS Caremark spokesman Mike DeAngelis told Drug Store News.

November 6, 2012

CVS Caremark Corp. reported that net income for the quarter ended Sept. 30 jumped 16% to $1.01 billion, compared with $868 million in the year-ago period.

Woonsocket, R.I. -- CVS Caremark Corp. reported Tuesday that net income for the quarter ended Sept. 30 jumped 16% to $1.01 billion, compared with $868 million in the year-ago period. Results were boosted by a 13.3% increase in revenue to $30.2 billion, which edged Wall Street’s forecast of $30.09 billion in revenue.

Drugstore revenue rose 5.5% to $15.5 billion, and same-store sales climbed 4.3%, helped by the influx of Walgreens customer who switched to CVS during the split between Walgreen Co and Express Scripts Holding Co.

September 17, 2012

CVS Caremark said it has named Thomas M. Moriarty as executive VP and general counsel for the company.

Woonsocket, R.I. -- CVS Caremark said Monday it has named Thomas M. Moriarty as executive VP and general counsel for the company.  

Moriarty most recently served as general counsel at the Celgene Corp., a biopharmaceutical company.

Moriarty succeeds Douglas Sgarro who retired in May after more than 14 years with the company.

 

August 7, 2012

CVS Caremark Corp. reported 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.

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.

June 27, 2012

CVS Caremark has announced the appointment of Stephen Gold as chief information officer.

Woonsocket, R.I. -- CVS Caremark has announced the appointment of Stephen Gold as chief information officer.

Gold, who joins CVS Caremark on July 9, will focus on bringing new and differentiating technology solutions to the company's retail and pharmacy benefit management businesses.

Gold joins CVS Caremark from Avaya, where he held the position of CIO. Prior to that, he served as the CIO and chief technology officer for the e-commerce solutions provider GSI Commerce.
 

May 10, 2012

CVS Caremark held its annual meeting of stockholders at its headquarters on Thursday, and the tone attendees heard was a positive one.

Woonsocket, R.I. -- CVS Caremark held its annual meeting of stockholders at its headquarters on Thursday, and the tone attendees heard was a positive one.

According to president and CEO Larry Merlo, the company is well-positioned for growth in an evolving healthcare market.

Merlo made note in the meeting of Walgreens’ battle with Express Scripts, which has created opportunity for CVS to pick up significant prescription business.

May 2, 2012

CVS Caremark reported that profit for the quarter ended March 31 rose 9% to $776 million, compared with $713 million in the year-ago period.

Woonsocket, R.I. -- CVS Caremark reported Wednesday that profit for the quarter ended March 31 rose 9% to $776 million, compared with $713 million in the year-ago period.

Revenues surged 20% to a record $30.8 billion boosted by rival Walgreen’s termination of its Express Scripts program, which moved Walgreen customers over to CVS. The results beat Wall Street’s expected $30.3 billion in revenue for the quarter.

Same-store sales climbed more than 8%.

April 19, 2012

A Ventura, Calif., judge on Wednesday approved a settlement that forces CVS Caremark Corp. to pay $13.75 million to settle California claims that it illegally disposed of hazardous waste at California stores.

Ventura, Calif. -- A Ventura, Calif., judge on Wednesday approved a settlement that forces CVS Caremark Corp. to pay $13.75 million to settle California claims that it illegally disposed of hazardous waste at California stores.

CVS came under investigation in 2010 after allegations were made that the drugstore chain had mishandled medical, pharmaceutical and photographic waste at California stores over a seven-year period.

April 6, 2012

A report by the Wall Street Journal said that CVS Caremark CIO Stuart McGuigan has left the drugstore retailer, and will be holding the same position at Johnson & Johnson.

Woonsocket, R.I. -- A report on Friday by the Wall Street Journal said that CVS Caremark CIO Stuart McGuigan has left the drugstore retailer, and will be holding the same position at Johnson & Johnson.

According to the report, originally published in CIO Journal, McGuigan will begin work later this month at J&J.

McGuigan joined CVS Caremark in 2008, and oversaw the post-merger IT integration of CVS and Caremark following their deal, which was completed in early 2007.
 

February 22, 2012

After 30 years in the drug store sector, Michael Bloom left CVS Caremark in September 2011 to become president and COO of Family Dollar Stores. The extreme-value chain has adopted an aggressive growth strategy in recent years, and plans to open 450 to 500 stores in 2012.

Family Dollar is equally committed to improving existing locations. Under its ambitious store-reinvention program, an estimated 1,000 locations are scheduled to be renovated, relocated or expanded this year.

February 14, 2012

CVS Caremark released an economic impact study of its contribution to the economy of its headquarters state of Rhode Island.

Woonsocket, R.I. -- CVS Caremark on Tuesday released an economic impact study of its contribution to the economy of its headquarters state of Rhode Island.

The Pricewaterhouse Coopers-conducted study showed that the company's Rhode Island operations contributed more than $1.2 billion to Rhode Island's GDP in 2010, approximately 12,000 jobs, $831 million in labor income, and $116 million in state and local taxes.

February 8, 2012

CVS Caremark Corp.'s fourth-quarter earnings rose nearly 4% to $ 1.06 billion, amid increased pharmacy services revenue because of a long-term contract and new business.

Woonsocket, R.I. -- CVS Caremark Corp.'s fourth-quarter earnings rose nearly 4% to $1.06 billion, amid increased pharmacy services revenue because of a long-term contract and new business. The company raised its 2012 earnings forecast by 3 cents per share to account for gains it expects because of a contract dispute between Walgreens and Express Scripts Inc.

Net revenues for the quarter increased 15.2% to a record $28.3 billion. Drugstore revenue increased 4%. Same-store sales were up 2.5%.

January 9, 2012

Managed care company Health Net Inc. announced it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million.

New York City -- Managed care company Health Net Inc. announced it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million.

The business has about 400,000 members in 49 states and Washington, D.C., with annual revenue of approximately $490 million.

The deal is scheduled to close during the second quarter, pending approval from antitrust regulators.
 

December 20, 2011

CVS Caremark executives shared plans to address the challenges facing health care during the company's annual Analyst Day in New York City.

New York City -- CVS Caremark executives shared plans to address the challenges facing health care during the company's annual Analyst Day in New York City. The company also said Tuesday it also expects to buy back the $3 billion left in its share repurchase program.

November 3, 2011

CVS Caremark Corp.’s third-quarter profit rose 7.3%, to $868 million, driven by strong performances in its pharmacy businesses.

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.

October 24, 2011

CVS Caremark announced the promotion of three senior executives within its retail organization.

Woonsocket, R.I. -- CVS Caremark announced the promotion of three senior executives within its retail organization.

October 13, 2011

CVS Caremark announced the release of the Caremark.com Droid application.

Woonsocket, R.I. -- CVS Caremark announced the release of the Caremark.com Droid application. Available at no cost at the Android Market, this new application provides Android users with the ability to access the Drug Information Database to learn more about various prescription drugs and allows CVS Caremark plan members to log in and securely manage their prescriptions online.