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CVS Caremark Reports First Quarter Results
Date:5/5/2011

WOONSOCKET, R.I., May 5, 2011 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS), today announced revenues, operating profit, and net income for the three months ended March 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO)

First Quarter Year-Over-Year Highlights:

  • Net revenues increased 8.9% to a record $25.9 billion
  • Pharmacy Services segment revenues increased 18.4%
  • Retail Pharmacy segment revenues increased 4.4%, with same stores sales up 2.6%
  • Adjusted diluted EPS from continuing operations of $0.57
  • GAAP diluted EPS from continuing operations of $0.52

    • Guidance:

  • Full-year Adjusted diluted EPS from continuing operations reaffirmed at $2.72 - $2.82
  • Full-year GAAP diluted EPS from continuing operations reaffirmed at $2.52 – $2.62

    • Revenues:Net revenues for the three months ended March 31, 2011 increased $2.1 billion to a record $25.9 billion, up from $23.8 billion during the three months ended March 31, 2010.

    Revenues in the Pharmacy Services segment increased 18.4% to $14.0 billion in the three months ended March 31, 2011. This increase was primarily associated with the addition of the previously announced long-term contract with Aetna. Retail network claims processed during the three months ended March 31, 2011 increased 19.5% to 157.7 million, compared to 132.0 million in the prior year period. The increase in retail network claims was primarily due to the Aetna contract as well as an increase in Medicare Part D prescription drug claims as a result of increases in covered lives. Mail choice claims processed during the three months ended March 31, 2011 increased approximately 13.0% to 17.5 million compared to 15.5 million in the prior year period. The increase in the mail choice claim v
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    SOURCE CVS Caremark Corporation
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