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CVS Caremark Reports Record Second Quarter Results
Date:8/6/2013

ed with $967 million during the three months ended June 30, 2012. The increase in income from continuing operations was primarily driven by the positive impact from new generics, which significantly improved operating profit in both our Pharmacy Services and Retail Pharmacy segments. Adjusted earnings per share from continuing operations attributable to CVS Caremark (Adjusted EPS) for the three months ended June 30, 2013 and 2012, was $0.97 and $0.81, respectively, an increase of 19.6%. Adjusted EPS excludes $124 million and $123 million of intangible asset amortization related to acquisition activity in the three months ended June 30, 2013, and 2012, respectively. GAAP earnings per diluted share from continuing operations attributable to CVS Caremark for the three months ended June 30, 2013, and 2012, was $0.91 and $0.75, respectively, an increase of 20.8%.

President and Chief Executive Officer Larry Merlo said, "Our second quarter results reflect very strong operating performance, with operating profit increasing 15% enterprise-wide, with 32% growth in the PBM and 9% growth in the retail business. As expected, new generic drug introductions continued to be a significant growth driver across the enterprise, resulting in healthy margin expansion and earnings growth. We achieved Adjusted EPS for the quarter at the high end of our guidance range despite a higher-than-anticipated share count."

Mr. Merlo continued, "A primary reason for our higher-than-anticipated share count is that we suspended share repurchases during part of the second quarter while we were engaged in negotiations with the SEC concerning the agreement in principle we announced last week. However, we remain committed to returning significant value to our shareholders through both dividends and share repurchases. We have delivered $1.7 billion in free cash flow year-to-date and we expect to complete our planned $4 billion in share repurchases during 2013."

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SOURCE CVS Caremark Corporation
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