Aug. 5 (Bloomberg) — CVS Caremark Corp., the biggest provider of prescription drugs in the United States, reported profit that beat analysts' estimates after adding new customers in its pharmacy services business.
Second-quarter net income rose 11 percent to $1.25 billion, or $1.06 a share, from $1.12 billion, or 91 cents, a year earlier, the Woonsocket, Rhode Island-based company said today in a statement. Excluding one-time items, earnings were $1.13 a share, 3 cents above the average of 21 estimates compiled by Bloomberg.
CVS operates retail pharmacies as well as a unit managing patients' prescription drug benefits. Pharmacy benefit managers have been facing increasing drug prices from expensive new treatments, even as they add more customers from an expansion of insurance under the Patient Protection and Affordable Care Act, also known as Obamacare.
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