CVS Caremark 4Q Profit Climbs Nearly 4 Percent

Published February 8, 2012 12:09PM (EST)

WOONSOCKET, R.I. (AP) — CVS Caremark says its fourth-quarter earnings climbed nearly 4 percent, as the drugstore operator's pharmacy services revenue swelled because of a long-term contract and new business.

The Woonsocket, R.I., company also says it is increasing its 2012 earnings forecast by 3 cents per share to account for gains it expects because of a contract dispute between competitors Walgreen and Express Scripts.

CVS Caremark says it earned $1.06 billion, or 82 cents per share, in the three months that ended Dec. 31. That compares with $1.03 billion, or 75 cents per share, in the final quarter of 2010.

Adjusted earnings were 89 cents per share, in line with analyst forecasts.

Revenue rose 15 percent to $28.32 billion, above the $28.09 billion analysts expected.

By Salon Staff

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