CVS Caremark 4Q profit grows 11 percent

[February 08, 2010]  NEW YORK (AP) -- CVS Caremark Corp. says its profit rose 11 percent in the fourth quarter as results improved for its pharmacy benefits management business, which has lost billions in contracts for the new year.

The Woonsocket, R.I., company, says it earned $1.05 billion, or 74 cents per share. That's up from $949 million, or 65 cents per share. Excluding one-time costs, CVS says it earned 79 cents per share. Revenue grew 7 percent to $25.82 billion from $24.14 billion.

Thomson Reuters says analysts were expecting a profit of 78 cents per share and $26.22 billion in revenue.

The company said revenue from CVS drugstores rose 4.5 percent, to $14.46 billion. At the Caremark pharmacy benefits management unit, revenue grew 14.5 percent to $13.49 billion.

[Associated Press]

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