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CVS Caremark Reports Record First Quarter Results
Date:5/2/2012

WOONSOCKET, R.I., May 2, 2012 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS) today announced revenues, operating profit and net income for the three months ended March 31, 2012.

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

First Quarter and Year-Over-Year Highlights:

  • Net revenues increased 19.9% to a record $30.8 billion, with Pharmacy Services up 32.3% and Retail Pharmacy up 9.9%
  • Retail Pharmacy segment same stores sales increased 8.4%
  • Adjusted EPS of $0.65, up 14.7%; GAAP diluted EPS from continuing operations of $0.59
  • Generated free cash flow of $2.4 billion; cash flow from operations of $2.8 billion
  • 2012 Guidance:

  • Raised full-year Adjusted EPS guidance to $3.23 to $3.33 and GAAP diluted EPS from continuing operations guidance to $3.01 to $3.
  • Set second quarter Adjusted EPS guidance of $0.78 to $0.80 and GAAP diluted EPS from continuing operations guidance of $0.72 to $0.74
  • Reconfirmed full-year free cash flow guidance of $4.6 to $4.9 billion and cash flow from operations of $6.2 to $6.4 billion
  • RevenuesNet revenues for the three months ended March 31, 2012, increased 19.9% or $5.1 billion, to $30.8 billion, up from $25.7 billion in the three months ended March 31, 2011.

    Revenues in the Pharmacy Services segment increased 32.3% to $18.3 billion in the three months ended March 31, 2012. This increase was primarily associated with new activity resulting from our acquisition of the Medicare prescription drug plan of Universal American Corp. ("UAM Medicare PDP Business") in the second quarter of 2011, new client starts associated with our highly successful 2011 selling season, and drug cost inflation. Pharmacy netw
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    SOURCE CVS Caremark Corporation
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