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CVS's results come in the same week that larger rival Walgreens
Boots Alliance Inc said it would buy Rite Aid Corp for $9.4
billion in a deal which would combine two of the three largest
U.S. drugstore operators.
CVS said pharmacy same-store sales grew 4.6 percent in the third
quarter ended Sept. 30.
The company processed 229 million claims in its pharmacy
benefits business, an increase of 9.3 percent. The business was
boosted by more specialty pharmacy claims.
CVS expanded its specialty pharmacy business, which provides
drugs for expensive chronic conditions, with its $10.1 billion
acquisition of Omnicare in August.
Omnicare also supplies prescription medicines to nursing and
other healthcare facilities.
Net income attributable to CVS rose to $1.25 billion, or $1.11
per share, from $948 million, or 81 cents per share.
Excluding items, it earned $1.28 per share.
Net revenue rose 10.3 percent to $38.64 billion.
Analysts on average had expected earnings of $1.29 per share on
revenue of $37.89 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio
D'Souza)
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