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

1, 2012, and were positively impacted by approximately 120 basis points from the one extra day due to leap year.

For the three months ended March 31, 2012, the generic dispensing rate increased approximately 270 basis points to 76.5% in our Pharmacy Services segment and 290 basis points to 78.1% in our Retail Pharmacy segment, compared to the prior year period.

Income from Continuing Operations Attributable to CVS CaremarkIncome from continuing operations attributable to CVS Caremark for the three months ended March 31, 2012, increased $67 million to $777 million, compared with $710 million during the three months ended March 31, 2011. The increase in income from continuing operations attributable to CVS Caremark was primarily driven by an 18.4% increase in operating profit in our Retail Pharmacy segment. Our retail business benefited significantly from the continuing contractual impasse between Walgreens and Express Scripts, the extra day due to leap year, and the continued growth of our popular Maintenance Choice program. Additionally, effective January 1, 2012, the Company changed its methods of accounting for prescription drug inventories in the Retail Pharmacy segment, which resulted in an after tax benefit of approximately $19 million, or approximately one cent per share, during the first quarter. Adjusted earnings per share from continuing operations attributable to CVS Caremark ("Adjusted EPS") for the three months ended March 31, 2012 and 2011 was $0.65 and $0.57, respectively. Adjusted EPS excludes $118 million and $106 million of intangible asset amortization related to acquisition activity in the three months ended March 31, 2012 and 2011, respectively. GAAP earnings per diluted share from continuing operations attributable to CVS Caremark for the three months ended March 31, 2012 and 2011 was $0.59 and $0.52, respectively.

Larry Merlo, president and CEO, stated: "We posted an outstanding first quarter with strong results across
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SOURCE CVS Caremark Corporation
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