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CVS Caremark Reports Second Quarter Results
Date:8/4/2011

WOONSOCKET, R.I., Aug. 4, 2011 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS), today announced revenues, operating profit, and net income for the three months ended June 30, 2011.

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

Second Quarter Year-Over-Year Highlights:

  • Net revenues increased 10.9% to a record $26.6 billion
  • Pharmacy Services segment revenues increased 23.2%
  • Retail Pharmacy segment revenues increased 3.6%, with same stores sales up 2.0%
  • Adjusted EPS from continuing operations of $0.65
  • GAAP diluted EPS from continuing operations of $0.60

  • Year-to-Date Highlights:

  • Generated free cash flow of $2.4 billion
  • Generated cash flow from operations of $3.1 billion

  • Guidance:

  • Company narrows 2011 EPS guidance range
  • Full-year adjusted EPS from continuing operations revised to $2.75 - $2.81
  • Full-year GAAP diluted EPS from continuing operations revised to $2.55 - $2.61

  • RevenuesNet revenues for the three months ended June 30, 2011 increased $2.6 billion to $26.6 billion, up from $24.0 billion during the three months ended June 30, 2010.

    Revenues in the Pharmacy Services segment increased 23.2% to $14.6 billion in the three months ended June 30, 2011. This increase was primarily associated with the addition of a previously-announced, long-term contract with Aetna, Inc., as well as new activity resulting from our acquisition of the Medicare prescription drug business of Universal American Corp. ("UAM Medicare Part D Business").  Pharmacy network claims processed during the three months ended June 30, 2011 increased 35.6% to 174.0 million, compared to 128.3 million in the prior year period. The increase in pharmacy network claims was
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    SOURCE CVS Caremark Corporation
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