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CVS Caremark's 1st-quarter profit climbs 9 pct; Walgreen contract dispute helps business
WOONSOCKET, R.I. (AP) ' CVS Caremark says its first-quarter earnings rose 9 percent, as the drugstore operator and pharmacy benefits manager gained customers from an acquisition and a competitor's contract dispute.
The Woonsocket, R.I., company earned $776 million, or 59 cents per share, in the three months that ended March 31. That compares with $713 million, or 52 cents per share, in last year's quarter. Revenue rose 20 percent to $30.8 billion.
Adjusted earnings were 65 cents per share. Analysts expected earnings of 62 cents per share on $30.3 billion in revenue for the first quarter.
CVS Caremark runs a pharmacy management benefits business and the second-largest chain of drugstores in the United States, after Walgreen. It gained customers because Walgreen ended a contract with another pharmacy benefits manager, Express Scripts.