CVS second-quarter profit rises

CHICAGO, July 31 (Reuters) - CVS Caremark Corp (CVS.N) posted higher second-quarter earnings on Thursday, helped by sales of more-profitable generic drugs and cost savings as the company absorbs acquisitions.

Net earnings available to common shareholders rose to $771.2 million, or 53 cents a share, from $720.1 million, or 47 cents a share, a year earlier, said the company, which was formed when drugstore operator CVS acquired pharmacy benefits manager Caremark in 2007.

In recent years, CVS and rival Walgreen Co (WAG.N) have looked to reap more of the increasing amount of money spent on health care by expanding beyond their traditional drugstore businesses.

That expansion into a wider array of health care operations has helped mitigate slowing growth of drugstore sales as the U.S. economy weakens. (Reporting by Ben Klayman; Editing by Lisa Von Ahn)