CVS Caremark 3Q profit rises 7 percent

By the Associated Press | November 3, 2011 | 7:35 AM EDT

WOONSOCKET, R.I. (AP) — CVS Caremark says its third-quarter earnings climbed 7 percent, as a long-term contract and acquisition boosted its pharmacy services revenue.

The Woonsocket, R.I., company says its net income came to $868 million, or 65 cents per share in the three months that ended Sept. 30. That compares with $808 million, or 59 cents per share, a year ago. Revenue grew 12 percent to $26.67 billion.

FactSet says analysts expected a profit of 67 cents per share and $26.76 billion in revenue.

CVS Caremark Corp. says revenue from pharmacy services climbed 25 percent, while revenue from drugstores rose 4 percent.

CVS Caremark runs the second-largest chain of drugstores in the U.S., after Walgreen Co. CVS had 7,384 locations at the end of the quarter, up from 7,152 a year ago.