CVS Caremark ups outlook, grabs Walgreen patrons

CVS Caremark Corp (CVS.N) raised its full-year forecast on Wednesday after reporting a sharp rise in first-quarter sales as the drugstore operator and pharmacy benefits manager continued to win over former patrons of Walgreen Co (WAG.N) stores.

CVS, which operates the CVS drugstore chain and the CVS Caremark pharmacy benefits management business, said net revenue rose 19.9 percent to $30.8 billion in the quarter, helped by an 8.4 percent increase in sales at drugstores open at least a year and more business from Medicare recipients.

Its shares rose 2.2 percent to $45.71 in morning trading.

Walgreen, the largest U.S. drugstore chain, stopped filling prescriptions for patients of Express Scripts (ESRX.O), a pharmacy benefits manager, at the end of 2011 after the companies were unable to agree on the terms of their contract.

Read Full Article from Reuters

- Posted: 2012-05-02 11:14:11

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