NEW YORK: CVS Caremark Corp posted higher quarterly profit on Wednesday, as a more severe cold and flu season boosted sales and more new generic drugs hit the market.
CVS said net income rose to $956 million, or 77 cents per share, in the quarter ended March 31, from $776 million, or 59 cents, a year earlier.
Revenue in the pharmacy benefits management (PBM) unit, which administers drug benefits for employers and health plans and runs a large mail order pharmacy, rose 0.1 percent to $18.31 billion.
Revenue in the retail division rose 0.2 percent to $10.05 billion. Overall revenue slipped 0.1 percent to $30.76 billion in the quarter.
Comments
Comments are closed.