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CVS earnings increase 11% in 4Q
Woonsocket company sees profit jump
Updated: Monday, 08 Feb 2010, 10:20 AM EST
Published : Monday, 08 Feb 2010, 10:19 AM EST
WOONSOCKET, R.I. (WPRI/AP) - CVS Caremark has announced its profits rose 11% in the fourth quarter of 2009.
The Woonsocket-based company says its pharmacy management benefits business saw the biggest earnings, after a huge loss in contract changes. Its revenue grew by over 14%.
Overall, CVS says it has earned $1.05 billion in the last three months of the year. In November, the company reported a $4.8 billion loss in contracts for 2010, including about $2 billion over the previous three months.
A management shake-up followed, with Per Lofberg of Generation Health becoming the president of the PBM in January.
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