CVS Caremark posts higher profit, helped by flu season, generics

NEW YORK Wed May 1, 2013 7:27am EDT

NEW YORK May 1 (Reuters) - CVS Caremark Corp posted higher quarterly profit on Wednesday, as a more severe cold and flu season boosted sales and more new generic drugs hit the market.

CVS said net income rose to $956 million, or 77 cents per share, in the quarter ended March 31, from $776 million, or 59 cents, a year earlier.

Revenue in the pharmacy benefits management (PBM) unit, which administers drug benefits for employers and health plans and runs a large mail order pharmacy, rose 0.1 percent to $18.31 billion. Revenue in the retail division rose 0.2 percent to $10.05 billion.

Overall revenue slipped 0.1 percent to $30.76 billion in the quarter, but was above the $30.36 billion that Wall Street expected, according to Thomson Reuters I/B/E/S.