Woonsocket, R.I. – CVS Caremark Inc. beat Wall Street estimates with net income of $1.2 billion in the second quarter of fiscal 2014, up 11% from $1.1 billion in year-ago period. CVS cited increased generic drug dispensing rates and favorable Medicaid reimbursement from the state of California as aiding net income results.
Net revenues also grew 11% to $34.6 billion, from $31.2 billion. Increased pharmacy services sales and revenue from the new Specialty Connect program for holders of specialty prescriptions boosted net revenue totals. Same-store sales grew 3.3%, negatively impacted by the elimination of tobacco sales but aided by a shift in the Easter holiday.