CVS Caremark profit up, raises and narrows 2012 view

Tue Nov 6, 2012 7:10am EST

Nov 6 (Reuters) - CVS Caremark Corp posted a higher quarterly profit and raised its expectations for the year on Tuesday, as sales grew at its drugstore chain and it brought in new pharmacy benefit clients.

CVS, which operates the No. 2 U.S. drugstore chain and a major pharmacy benefits management business, earned $1.01 billion, or 79 cents per share in the third quarter, up from $868 million, or 65 cents per share, a year earlier.

CVS now expects to post adjusted earnings per share of $3.38 to $3.41 this year, versus its prior forecast of $3.32 to $3.38.

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