Content about Providence County, Rhode Island

April 8, 2014

CVS Caremark Corp. agreed to pay $20 million to settle U.S. Securities and Exchange Commission charges that it misled investors in 2009 during a debt offering and by accounting improperly for an acquisition.

Woonsocket, R.I. -- CVS Caremark Corp. agreed to pay $20 million to settle U.S. Securities and Exchange Commission charges that it misled investors in 2009 during a debt offering and by accounting improperly for an acquisition.

The SEC said CVS failed to disclose while marketing $1.5 billion of bonds in September 2009 having recently lost significant Medicare and contract revenue streams in its pharmacy benefits manager business.

March 12, 2014

The digital marketing initiative known as “My Weekly Ad” is helping CVS Caremark grow sales and deepen engagement with loyal customers by providing them with personalized versions of the retailer’s weekly ad.

Orlando, Fla. -- The digital marketing initiative known as “My Weekly Ad” is helping CVS Caremark grow sales and deepen engagement with loyal customers by providing them with personalized versions of the retailer’s weekly ad.

The My Weekly Ad program was launched last fall, and Wednesday morning during a presentation at the IRI Summit CVS Caremark senior VP of merchandising and retail pricing Judy Sansone shared additional details regarding the program.

February 11, 2014

CVS Caremark reported strong performance in both earnings and revenues for both the fourth quarter and fiscal year 2014.

Woonsocket, R.I. – CVS Caremark reported strong performance in both earnings and revenues for both the fourth quarter and fiscal year 2014. The chain also raised its guidance for the first quarter.

CVS said net income during the quarter ended Dec. 31,2014, rose 12.5% to $1.26 billion from $1.12 billion in the year-ago quarter. For the full year, income rose 19% to $4.59 billion, from $3.86 billion.

February 6, 2014

Responding to the announcement by CVS Caremark that its plans to stop selling tobacco products in its stores, Walgreens stated that the category has been under review at its stores, too.

Deerfield, Ill. -- Responding to the announcement by CVS Caremark that its plans to stop selling tobacco products in its stores, Walgreens stated that the category has been under review at its stores, too.

Walgreens has been evaluating its tobacco line for “some time,” and, according to spokesperson Michael Polzin, it “will continue to evaluate the choice of products our customers want, while also helping to educate them and providing smoking cessation products and alternatives that help reduce the demand for tobacco products.”

January 17, 2014

CVS Caremark has completed the acquisition of Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc.

Woonsocket, R.I. – CVS Caremark has completed the acquisition of Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. Coram cares for approximately 165,000 patients annually and has 4,600 employees, including 600 nurses, 350 pharmacists and 250 dietitians, operating primarily through 85 branch locations and six centers of excellence for patient intake.

December 10, 2013

CVS Caremark and Cardinal Health have entered into an agreement to form the largest generic sourcing entity in the United States.

Woonsocket, R.I. -- CVS Caremark and Cardinal Health have entered into an agreement to form the largest generic sourcing entity in the United States.

Both companies are contributing their sourcing and supply chain expertise to this 50/50 joint venture and are committing to source generic drugs through it. The companies separately announced a three-year extension through June 2019 of Cardinal Health's existing pharmaceutical distribution agreements with CVS Caremark.

November 27, 2013

CVS Caremark has entered into an agreement to acquire Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. for approximately $2.1 billion.

Woonsocket, R.I. - CVS Caremark has entered into an agreement to acquire Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. for approximately $2.1 billion. Coram provides infusion therapies and nutrition services to more than 20,000 patients each month, primarily through home infusion as well as a national network of more than 85 locations, including more than 65 ambulatory infusion suites.

November 25, 2013

CVS Caremark named Helena Foulkes as president of CVS/pharmacy, effective Jan. 1.

Woonsocket, R.I. -- CVS Caremark named Helena Foulkes as president of CVS/pharmacy, effective Jan. 1. She succeeds Mark Cosby, who is stepping down on Dec. 31.

Cosby has led the company’s retail business since October 2011, including its more than 7,600 retail stores, 19 distribution centers and retail merchandising, supply chain, marketing, real estate, front store and pharmacy operations.

November 5, 2013

CVS Caremark Corp. on Tuesday raised its profit forecast for the year on Tuesday, amid better-than-expected profit.

Woonsocket, R.I. – CVS Caremark Corp. on Tuesday raised its profit forecast for the year on Tuesday, amid better-than-expected profit. Net income for the quarter ended Sept. 30, 3013, grew 25% to $1.25 billion, compared to $1 billion in the same quarter the prior year.

Net revenues rose 5.8% to $32 billion compared with the year-ago period.

September 27, 2013

MinuteClinic, a division of CVS Caremark Corporation, will open today its first walk-in medical clinic in Hawaii at the Longs Drug store on South King Street in Honolulu near the University of Hawaii, Manoa.

Woonsocket, R.I. -- MinuteClinic, a division of CVS Caremark Corporation, will open today its first walk-in medical clinic in Hawaii at the Longs Drug store on South King Street in Honolulu near the University of Hawaii, Manoa. It is the first of seven MinuteClinic locations to open inside select Longs Drug stores on Oahu in the next two weeks.

Additional clinics will serve patients in Aiea, Hawaii Kai, Kailua, Kaneohe, Kapolei and Waialae.

August 28, 2013

CVS Caremark plans to shorten the length of in-store receipts members of its ExtraCare loyalty program receive by about 25%.

Woonsocket, R.I. -- CVS Caremark plans to shorten the length of in-store receipts members of its ExtraCare loyalty program receive by about 25%. In a recent Facebook posting, CVS announced that in response to customer complaints it had found a way to shorten the length of receipts without reducing the amount of ExtraCare rewards and savings offered on them.

In addition, next year CVS will allow ExtraCare members to receive all rewards and savings directly to their card. Currently only select offers can be stored paperlessly on ExtraCare cards.

August 26, 2013

CVS Caremark is evaluating data on prescriptions filled at CVS/pharmacy to identify providers with extreme patterns of prescribing high-risk drugs.

Woonsocket, R.I. – CVS Caremark is evaluating data on prescriptions filled at CVS/pharmacy to identify providers with extreme patterns of prescribing high-risk drugs. Providers who cannot offer a reasonable explanation for these patterns have their controlled substance dispensing operations suspended.

August 21, 2013

CVS Caremark has opened a 150,000-sq.-ft. fulfillment center in Mt. Prospect, Ill. It will support the CVS Caremark Pharmacy Benefit Management book of business.

Woonsocket, R.I. — CVS Caremark has opened a 150,000-sq.-ft. fulfillment center in Mt. Prospect, Ill. It will support the CVS Caremark Pharmacy Benefit Management book of business. The $67 million facility can fill 50 million prescriptions annually. Proprietary technology at the facility automates 90% of the dispensed prescriptions and 80% of the prescriptions packaged for mailing. On-site pharmacists visually check all of the prescriptions.

August 8, 2013

Accordant Health Services, a subsidiary of CVS Caremark, has launched an updated website and member portal, which provides new features and services for program members and is designed to help support and improve member engagement and participation for clients.

Woonsocket, R.I. - Accordant Health Services, a subsidiary of CVS Caremark, has launched an updated website and member portal, which provides new features and services for program members and is designed to help support and improve member engagement and participation for clients.

Accordant.com now provides eligible members with online access to educational materials, videos, communication tools and community resources that encompass 17 conditions such as rheumatoid arthritis, multiple sclerosis, Crohn's disease and sickle cell disease.

August 6, 2013

CVS Caremark Corp. reported a 16% profit jump for its fiscal second quarter, but the drug store operator has dropped the top end of its 2013 earnings forecast to just below Wall Street expectations.

Woonsocket, R.I. -- CVS Caremark Corp. reported a 16% profit jump for its fiscal second quarter, but the drug store operator has dropped the top end of its 2013 earnings forecast to just below Wall Street expectations.

CVS earned $1.12 billion in the second quarter, well above its year-ago profit of $966 million. Revenue rose 1.7% to $31.25 billion, surpassing the $31.14 billion forecast.

August 6, 2013

CVS Caremark is reportedly planning to re-enter the metro Toledo, Ohio, market by snapping up parcels of property, according to a local news report.

Woonsocket, R.I. — CVS Caremark is reportedly planning to re-enter the metro Toledo, Ohio, market by snapping up parcels of property, according to a local news report. The Blade is reporting that the pharmacy retailer bought land on Monroe Street near Douglas Road, where it plans to open its first drug store since exiting the market in 2001.

Citing Lucas County real estate records, the newspaper reports that the company bought eight parcels of property totaling 1.5 acres. The total price for the property was $2.2 million.

 

August 2, 2013

CVS Caremark Corporation has reached an agreement in principle to pay a fine of $20 million to resolve an investigation by the Securities and Exchange Commission into certain public disclosures, securities transactions and aspects of the purchase accounting adjustment related to the October 2008 Longs Drug Stores acquisition the company made during the third and fourth quarters of 2009.

Woonsocket, R.I. – CVS Caremark Corporation has reached an agreement in principle to pay a fine of  $20 million to resolve an investigation by the Securities and Exchange Commission (SEC) into certain public disclosures, securities transactions and aspects of the purchase accounting adjustment related to the October 2008 Longs Drug Stores acquisition the company made during the third and fourth quarters of 2009.

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 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.