CVS Caremark profit jumps 18 pct, boosts outlook
CVS Caremark says its second-quarter net income jumped more than 18 percent, as new business and an expansion of its pharmacy benefits management business pushed revenue higher.
WOONSOCKET, R.I. — CVS Caremark says its second-quarter net income jumped more than 18 percent, as new business and an expansion of its pharmacy benefits management business pushed revenue higher.
The Woonsocket, R.I., company says it earned $966 million, or 75 cents per share, in the three months that ended June 30. That's up from $816 million, or 60 cents per share, a year ago.
Its adjusted earnings came to 81 cents a share. Analysts expected 79 cents per share.
Revenue grew 16 percent to $30.71 billion. Analysts expected $31.02 billion.
CVS Caremark says it expects 2012 adjusted earnings to range between $3.32 and $3.38 per share, up from its previous forecast. Analysts expected $3.33 per share.
CVS Caremark also runs the second-largest chain of drugstores in the U.S. It had 7,381 retail locations at the end of the quarter.
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