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.