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January 31, 2008

Fourth quarter profits almost double at CVS

Woonsocket-based CVS Caremark Corp. reported this morning that fourth quarter profits were $815 million, or 55 cents a share, almost double the $417.2 million, or 49 cents a share, in the year-earlier period.

Last year, CVS completed a $27 billion purchase of Caremark RX to gain the second largest U.S. drug benefits manager. CVS and the Caremark division also benefited from demand for generic drugs.

Sales at CVS stores open at least a year rose 3.4 percent, including a 3.6 percent increase in pharmacy revenue and a 2.9 percent advance in non-pharmacy goods.

-- John Kostrzewa, Business editor

Posted by Jack Perry  at 8:34 AM | Permalink

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