CVS Caremark Reports Record Results in Fourth Quarter and... ( Fourth Quarter Year-Over-Year Highlig...)

CVS Caremark Reports Record Results in Fourth Quarter and Year 2008

Date:2/19/2009

Fourth Quarter Year-Over-Year Highlights:

- Adjusted EPS from continuing operations of $0.70, [excluding amortization], up 19.8%

- GAAP diluted EPS from continuing operations of $0.65, up 18.3%

- Net revenues of $24.1 billion

WOONSOCKET, R.I., Feb. 19 /PRNewswire-FirstCall/ -- CVS Caremark Corporation (NYSE: CVS), today announced record revenues, operating profit, and earnings for the fourth quarter and year ended December 31, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080731/NETH034LOGO )

Revenues:

Net revenues for the fourth quarter ended December 31, 2008, increased $2.2 billion to $24.1 billion, up from $21.9 billion during the fourth quarter ended December 29, 2007. For the full year, total revenue increased 14.6% to a record $87.5 billion, compared to $76.3 billion in 2007.

Revenues in the pharmacy services segment increased 1.5% to $11.8 billion in the fourth quarter ended December 31, 2008. Adjusting the growth rate for the impact of new generics, net revenues would have grown 7.8% in the pharmacy services segment. Retail network claims processed during the fourth quarter ended December 31, 2008, increased 18.0% to 160.3 million, compared to 135.8 million in the prior year period. Retail network claims processed increased during the fourth quarter ended December 31, 2008 primarily due to the acquisition of RxAmerica, organic growth in our existing business, increased enrollment in our Medicare Part D business, the inclusion of four additional days in fiscal 2008 and new client starts. Mail service claims processed during the fourth quarter ended December 31, 2008 decreased 14.5% to 15.9 million compared to 18.6 million in
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SOURCE CVS Caremark Corporation
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