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

claims. Adjusted pharmacy claims are calculated by multiplying 90-day claims (the majority of total mail claims) by 3 and adding the 30-day claims. EBITDA can be reconciled to operating profit, which we believe to be the most directly comparable GAAP financial measure.

The following is a reconciliation of operating profit to EBITDA for the Pharmacy Services segment:

 Three Months EndedMarch 31,In millions, except per adjusted claim amounts

20122011(1)Operating profit

$
349$
391Depreciation and amortization

12298EBITDA

471489  Adjusted claims

257.0207.6EBITDA per adjusted claim

$
.83$
2.36 

(1)
The results of the Pharmacy Services segment for the three months ended March  31, 2011 have been revised to reflect the results of TheraCom as discontinued operations.  

Supplemental Information
(Unaudited)Retail Pharmacy SegmentThe following table summarizes the Retail Pharmacy segment's performance for the respective periods:

 Three Months EndedMarch 31,In millions

20122011Net revenues

$
,024$   14,587Gross profit

4,5724,147Gross profit % of net revenues

28.5%28.4%Operating expenses

3,2753,051Operating expense % of net revenues

20.4%20.9%Operating profit

1,2981,096Operating profit % of net revenues

8.1%7.5%Net revenue increase:Total

9.9%4.4%Pharmacy

11.1%5.1%Front store

7.1%2.8%Same store sales increase: Total

8.4%2.6%Pharmacy

9.8%3.7%Front store

5.3%0.4%Generic dispensing rate

78.1%75.2%Pharmacy % of total revenues

69.9%69.1%Third party % of pharmacy revenue

97.7%97.5%Retail prescriptions filled

179.5165.6 

Adjusted Earnings Per Share Guidance
(Unaudited)The following reconciliation of estimated income befor
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SOURCE CVS Caremark Corporation
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