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CVS Caremark Reports Record Second Quarter Revenues, Operating Profit, and Earnings
Date:7/31/2008

ond quarter ended June 28, 2008, increased 2.7% to 136.3 million compared to 132.7 million in the prior year period. The increase in retail network claims was driven primarily by increased enrollment in the Medicare Part D business. Mail service claims processed during the second quarter ended June 28, 2008 decreased 18.9% to 15.0 million compared to 18.5 million in the prior year period primarily due to the termination of the Federal Employees Health Benefit Plan mail contract effective December 31, 2007.

Earnings from continuing operations:

Earnings from continuing operations for the second quarter ended June 28, 2008, increased 13.8% to $823.5 million or $0.56 per diluted share on a GAAP basis, compared with earnings from continuing operations of $723.6 million or $0.47 per diluted share in the comparable 2007 period. Adjusted earnings per share from continuing operations, which excludes $97.8 million in amortization of intangible assets primarily related to acquisition activity, for the second quarter were $0.60, compared with $0.51 per share in the comparable 2007 period. Earnings from continuing operations for the six months ended June 28, 2008, increased 38.8% to $1,572.0 million or $1.07 per diluted share on a GAAP basis, compared with earnings from continuing operations of $1,132.5 million or $0.91 per diluted share in the comparable 2007 period. Adjusted earnings per share from continuing operations, which excludes $195.7 million in amortization of intangible assets primarily related to acquisition activity, for the six months were $1.15, compared with $0.99 per share in the comparable 2007 period.

Tom Ryan, Chairman, President and Chief Executive Officer of CVS Caremark said, "This was another quarter of strong financial performance across our businesses. We delivered solid improvement in sales and gross margins and continued to exercise disciplined expense control. That enabled us to hit a record operating profit margin this quarter.
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SOURCE CVS Caremark Corporation
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