Fittest loser
Article updated: 5/1/2013 7:00 AM

CVS Caremark 1Q profit soars 23 percent

CVS Caremark Corp. with local operations in Northbrook, Lincolnshire and Bannonckburn, says first-quarter earnings jumped 23 percent and topped analyst expectations, as an influx of generic drugs helped the drugstore operator and pharmacy benefits managerís profitability.

CVS Caremark Corp. with local operations in Northbrook, Lincolnshire and Bannonckburn, says first-quarter earnings jumped 23 percent and topped analyst expectations, as an influx of generic drugs helped the drugstore operator and pharmacy benefits manager's profitability.

 

Associated Press

 1 of 1 
 
text size: AAA
By Associated Press

CVS Caremark Corp. with local operations in Northbrook, Lincolnshire and Bannonckburn, says first-quarter earnings jumped 23 percent and topped analyst expectations, as an influx of generic drugs helped the drugstore operator and pharmacy benefits manager's profitability.

The Woonsocket, R.I., company says it earned $956 million, or 77 cents per share, in the quarter. That compares with earnings of $776 million, or 59 cents per share, in last year's quarter. Adjusted earnings totaled 83 cents per share in the most recent quarter, and revenue fell slightly to $30.76 billion.

Advertisement

Analysts expected earnings of 79 cents per share on about $30.37 billion in revenue.

Generic drugs help drugstore profitability because they provide a wider margin between the cost for the pharmacy to purchase the drugs and the reimbursement received. But they hurt revenue because they cost less than brand-name products.

Comments ()
We are now using Facebook comments to offer a more inclusive, social and constructive discussion. Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.

This article filed under

Business Video
Area Business Calendar

BusinessDirectory

Connect with a business or service in your area fast. First select a town, then enter a search term or choose one of the listed popular searches:

Don't see your town listed? Visit our full directory to begin your search.

MostViewed

Today
Yesterday
Most Commented
Top Jobs

    View all Top Jobs Place a job ad

    DHExtras

       
    • Newspaper next section - Newspaper next section Report card checker - report card checker
    • Dh innovation award 2 - Dh innovation award 2 Zillow /real estate page
    • Discuss refer On Guard series
    • Newspaper archives -- Monday or anyday Mike North

    FacebookActivity