CVS profit rises in 4th quarter as revenue from Caremark pharmacy benefits unit increases

The Associated Press ~ staff The News
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NEW YORK - CVS Caremark Corp. says its profit rose 11 per cent in the fourth quarter as results improved for its pharmacy benefits management business, which has lost billions in contracts for the new year.
The Woonsocket, R.I., company, says it earned $1.05 billion, or 74 cents per share. That's up from $949 million, or 65 cents per share. Excluding one-time costs, CVS says it earned 79 cents per share. Revenue grew 7 per cent to $25.82 billion from $24.14 billion.
Thomson Reuters says analysts were expecting a profit of 78 cents per share and $26.22 billion in revenue.
The company said revenue from CVS drugstores rose 4.5 per cent, to $14.46 billion. At the Caremark pharmacy benefits management unit, revenue grew 14.5 per cent to $13.49 billion.

Organizations: Caremark, CVS Caremark

Geographic location: NEW YORK, Woonsocket, R.I.

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