CVS Profit Tops Analysts’ Estimates as Flu Spurs Drug Sales
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CVS Caremark Corp., the largest provider of prescription drugs in the U.S., reported first-quarter profit that beat analysts’ estimates, helped by demand for flu medications and new generic drugs.
Net income increased 23 percent to $956 million, or 77 cents a share, from $776 million, or 59 cents, a year earlier, the Woonsocket, Rhode Island-based company said today in a statement. Excluding some items, profit totaled 83 cents a share. Analysts projected 79 cents, the average of 19 estimates compiled by Bloomberg.