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CVS Caremark Reports Strong First Quarter Results

WOONSOCKET, R.I., May 1, 2013 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS) today announced operating results for the three months ended March 31, 2013.

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First Quarter Year-over-year Highlights:

  • Operating profit increased 21.0% to $1.7 billion
  • Adjusted EPS increased 28.1% to $0.83; GAAP diluted EPS from continuing operations increased 29.9% to $0.77
  • Retail pharmacy same store prescription volumes increased 2.0%; 4.7% on a 30-day equivalent basis
  • Retail pharmacy same store sales declined 2.3% due to new generic introductions; front store same store sales increased 1.4%
  • Generated free cash flow of $1.3 billion; cash flow from operations of $1.6 billion
  • 2013 Guidance:

  • Narrowed 2013 full year Adjusted EPS range to $3.89 to $4.00 and GAAP diluted EPS from continuing operations range narrowed to $3.64 to $3.75
  • Provided second quarter Adjusted EPS guidance of $0.94 to $0.97 and GAAP diluted EPS from continuing operations guidance of $0.88 to $0.91
  • Reconfirmed full year free cash flow of $4.8 to $5.1 billion and cash flow from operations of $6.4 to $6.6 billion
  • RevenuesNet revenues for the three months ended March 31, 2013, decreased 0.1%, or $35 million, compared to the three months ended March 31, 2012.

    Revenues in the Pharmacy Services Segment increased 0.1% in the three months ended March 31, 2013. The growth was primarily driven by volume increases across all channels and drug cost inflation in our specialty pharmacy business, mostly offset by the impact of new generic introductions. When substituted for brand equivalents, generic drugs lower revenue while increasing profit. Pharmacy network claims processed dur

    SOURCE CVS Caremark Corporation
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