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Source: The Wall Street Journal
CVS Caremark 4Q Profit Rises 10% Amid Revenue Strength
NEW YORK (Dow Jones)--CVS Caremark Corp.'s (CVS) fourth-quarter earnings rose 10% amid stronger sales at its pharmacy businesses while the hybrid drug-store pharmacy benefit manager's chief executive expressed optimism about the 2011 pharmacy benefits management selling season.
At its pharmacy-benefits business, revenue rose 15% despite a 5.6% drop in claims processed, mostly owing to the termination of two big health-plan clients at the start of 2009 and three fewer reporting days in the period.
"We're seeing a positive response heading into the 2011 PBM selling season," said Chief Executive Thomas Ryan on the company's fourth-quarter conference call. The company has about $7.5 billion worth of business up for renewal in 2011.
Read more [http://online.wsj.com/article/BT-CO-20100208-710245.html?mod=WSJ_earnings_MIDDLETopHeadlines]
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CVS Caremark Corporation
Address: One CVS Drive Woonsocket, RI 02895 United States
Telephone: +1-401-7651500
Fax: +1-401-7622137
About CVS Caremark Corporation
CVS Caremark Corporation (CVS Caremark) is a provider of prescriptions and related healthcare services in the United States. It is a pharmacy services company and drives value for its customers through its approximately 6,900 CVS/pharmacy and Longs Drug retail stores; CVS Caremark’s pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; its retail-based health clinic subsidiary, MinuteClinic, and Its online pharmacy, CVS.com. The Company operates in two business segments: Pharmacy Services and Retail Pharmacy. October 20, 2008, CVS Caremark acquired Longs Drug Stores Corporation, which includes 529 retail drug stores (the Longs Drug Stores) and RxAmerica LLC (RxAmerica), which provides pharmacy benefit management services, and certain other related assets.