CVS Caremark 3Q profit jumps 39 percent

[November 05, 2009]  NEW YORK (AP) -- CVS Caremark Corp. says its third-quarter profit jumped 39 percent on a boost from pharmacy benefits services and drugstore sales.

The Woonsocket, R.I., company says profit jumped to $1.02 billion, or 71 cents per share, from $732.5 million, or 50 cents per share, a year prior. Net revenue rose 18 percent to $24.64 billion.

Adjusted quarterly profit totaled 76 cents per share, including a tax benefit of 11 cents per share.

Analysts expected 64 cents per share in profit and $24.61 billion in revenue.

Revenue at CVS drugstores rose 17.9 percent while revenue from the Caremark pharmacy benefits management business rose 23.4 percent.

[Associated Press]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.