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CVS Caremark Reports First Quarter Results
Date:5/5/2011

olume was also driven by the Aetna contract.

Revenues in the Retail Pharmacy segment increased 4.4% to $14.6 billion in the three months ended March 31, 2011. Same store sales increased 2.6% over the prior year period. Pharmacy same store sales rose 3.7%, reflecting a strong flu season as well as a positive impact from Maintenance Choice™ of approximately 170 basis points on a net basis (i.e., a positive impact of approximately 220 basis points on a gross basis, net of approximately 50 basis points from the conversion of 30-day prescriptions at retail to 90-day prescriptions under the Maintenance Choice program).  Pharmacy same store sales were negatively impacted by approximately 260 basis points due to recent generic introductions. Front store same store sales increased 0.4% in the three months ended March 31, 2011. As expected front store sales were negatively impacted by approximately 45 basis points due to the shift of sales related to the Easter holiday into the second quarter, and by approximately 65 basis points due to the absence of sales associated with the grand reopening of the Longs stores in the prior year.

Income from continuing operations attributable to CVS Caremark:Income from continuing operations attributable to CVS Caremark for the three months ended March 31, 2011, decreased $59 million to $714 million, compared with $773 million during the three months ended March 31, 2010. The decline in our income from continuing operations was driven by lower gross profit in our Pharmacy Services segment primarily as a result of pricing compression relating to contract renewals, and in particular the renewal of a large government contract that took effect during the third quarter of 2010.  Additionally, as expected, our effective income tax rate improved during the quarter to 39.4% compared to 39.8% in the prior year period, primarily due to changes in the effective state tax rates.  Adjusted earnings per share from co
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SOURCE CVS Caremark Corporation
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