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MENAFN - 07/11/2012

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(MENAFN) Rohde Island-based drug retailer CVS Caremark Corp. reported a 16 percent increase in quarterly profits on higher sales, AP reported.

The company said it made USD1.01 billion net profit during the third quarter, up from USD868 million achieved a year earlier.

CVS also reported a 13 percent increase in quarterly revenue to USD30.2 billion from a year ago.

The company said its drugstore and pharmacy benefits management business benefited from new customers.

CVS said revenue from pharmacy services climbed 22 percent to USD18.1 billion, mainly because of new client starts.

Revenue from drugstores rose 5.5 percent to USD15.5 billion, as revenue at stores open at least a year rose 4.3 percent from a year earlier.

The company has won millions of Walgreen Co. customers who migrated to CVS stores during a nearly nine-month split between Walgreen and Express Scripts Holding Co.

 






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