THE QUARTER: CVS Caremark Corp.'s profit slipped in the second quarter as its pharmacy benefits management business negotiated lower prices to keep some business.
THE DEALS: Caremark's revenue grew about 11 percent, but its profit fell because of the reduced prices. The company said the main reason for the decline was a government contract that was renewed in the third quarter of 2010. Revenue from CVS drugstores rose about 4 percent.
THE NUMBERS: CVS' adjusted profit of 65 cents per share was a penny more than Wall Street had forecast. Its revenue of $26.63 billion was $130 million less than expected.