Summary Box: CVS Caremark 4Q profit rises

AP News
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Posted: Feb 08, 2012 1:53 PM
Summary Box: CVS Caremark 4Q profit rises

THE RESULTS: CVS Caremark Corp.'s fourth-quarter net income climbed nearly 4 percent. The company earned $1.06 billion, or 81 cents per share. Adjusted earnings were 89 cents per share, in line with the average analyst forecast.

Revenue rose 15 percent to $28.32 billion, beating expectations.

NEW FORECAST: The drugstore operator and pharmacy benefits manager raised its 2012 adjusted earnings guidance by 3 cents per share. It now expects $3.18 to $3.28 per share.

WHY: A contract squabble between competitor Walgreen Co. and Express Scripts Inc., a PBM, has driven more customers to CVS pharmacies.