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CVS buyout of Longs Drug Stores closes
By Associated Press
POSTED: 01:44 p.m. HST, Oct 30, 2008
WOONSOCKET, R.I. >> Drugstore operator and pharmacy benefits manager CVS Caremark Corp., whose $2.7 billion buyout of California-based Longs Drug Stores Corp. closed yesterday, said its profit grew 7 percent in the third quarter as retail pharmacy revenue improved.
CVS said today it earned $732.5 million, or 50 cents a share, up from $686.1 million, or 45 cents a share a year ago.
Revenue grew 2 percent, to $20.86 billion from $20.5 billion, with retail pharmacy revenue up 5 percent to $11.54 billion.
CVS reported a profit of 60 cents a share excluding one-time items, such as amortization costs. Analysts expected 60 cents a share and greater revenue of $21.06 billion, according to Thomson Reuters.
Better pharmacy sales and front-end revenue lifted CVS’s retail pharmacy profit, and CVS said sales at older stores grew 3.7 percent.
Front-store revenue grew 5.7 percent, pharmacy revenue grew 5.1 percent.
Growth was slower than a year ago, however.
Pharmacy services revenue fell about 1 percent to $10.56 billion. CVS lost a mail services contract with the Federal Employees Health Benefit Plan at the end of 2007, and as a result, mail service revenue fell 13 percent to $3.62 billion.
That canceled out an increase in revenue from the retail network business.
CVS’s generic drug dispensing rate increased to 68 percent from 63.7 percent a year ago.
WOONSOCKET, R.I. >> Drugstore operator and pharmacy benefits manager CVS Caremark Corp., whose $2.7 billion buyout of California-based Longs Drug Stores Corp. closed yesterday, said its profit grew 7 percent in the third quarter as retail pharmacy revenue improved.
CVS said today it earned $732.5 million, or 50 cents a share, up from $686.1 million, or 45 cents a share a year ago.
Revenue grew 2 percent, to $20.86 billion from $20.5 billion, with retail pharmacy revenue up 5 percent to $11.54 billion.
CVS reported a profit of 60 cents a share excluding one-time items, such as amortization costs. Analysts expected 60 cents a share and greater revenue of $21.06 billion, according to Thomson Reuters.
Better pharmacy sales and front-end revenue lifted CVS’s retail pharmacy profit, and CVS said sales at older stores grew 3.7 percent.
Front-store revenue grew 5.7 percent, pharmacy revenue grew 5.1 percent.
Growth was slower than a year ago, however.
Pharmacy services revenue fell about 1 percent to $10.56 billion. CVS lost a mail services contract with the Federal Employees Health Benefit Plan at the end of 2007, and as a result, mail service revenue fell 13 percent to $3.62 billion.
That canceled out an increase in revenue from the retail network business.
CVS’s generic drug dispensing rate increased to 68 percent from 63.7 percent a year ago.
Today’s Edition
- Damien celebrations draw to a close
- Calls for tax hike piling on reluctant lawmaker
- Retailers on guard as crooks ram vehicles into properties
- County pandemic plans to apply to overall state response strategy
- State welfare payouts drop as numbers of needy grow
- Earlier primary voting considered
- Whatever Happened To: Case of baby who died in Customs heads to trial after failure to settle
- Newswatch
- Police and Fire
- Shining Stars
- Vital Statistics
- What's open and closed on Veterans Day
- Trouble in Paradise
- Windfall is seen as bank bonuses are paid in stock
- Overweight Americans push back in the health care debate
- Handmade: Make your presence felt with 'Felties'
- Drawing attention
- Da Kine
- Scrivener's Sudoku: Army Community Hawaii
- Murakami's Calabash
- Warriors find winning formula
- Feeding frenzy for UH backs
- Porous run defense deflates Utah State
- Short snaps: UH vs. Utah State
- Further Review: Old-school running game keyed UH's feel-good win
- Amis out indefinitely with foot injury
- UH's Lee lifts Hawaii's spirit
- Farrington finds a way
- 'Iolani rolls Damien to prepare for states
- Hawaii Beat
- Scoreboard
- Television & Radio
- New kite business takes off
- Business briefs
- It's not too late to cut tax liability
- Hawaii Real Estate Sales
- Tracking Hawaii's student stock pickers
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