CVS Q3 profit up 25%; raises outlook

Woonsocket, R.I. – CVS Caremark Corp. on Tuesday raised its profit forecast for the year on Tuesday, amid better-than-expected profit. Net income for the quarter ended Sept. 30, 3013, grew 25% to $1.25 billion, compared to $1 billion in the same quarter the prior year.

Net revenues rose 5.8% to $32 billion compared with the year-ago period.

CVS cited strong performance in the retail pharmacy and pharmacy services segments as helping drive net revenue growth.
“Our third quarter results reflect strong operating performance across the enterprise,” said Larry Merlo, president and CEO of CVS Caremark. “Adjusted earnings per share excluding the settlement gain exceeded the high end of our guidance by two cents per share, primarily reflecting better-than-expected third quarter performance in the PBM. We are well on track for another year of strong growth in 2013."

During the three months ended September 30, 2013, the company opened 49 new retail drugstores, and closed one retail drugstore. In addition, CVS relocated 22 retail drugstores. As of September 30, 2013, CVS operated 7,665 locations in 45 states, the District of Columbia, Puerto Rico and Brazil. These locations included 7,601 retail drug stores, 18 onsite pharmacies, 30 retail specialty pharmacy stores, 12 specialty mail order pharmacies and four mail service pharmacies.

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