May 2 CVS Caremark Corp on Friday posted a higher quarterly profit as its pharmacy benefits business won new clients and the company benefited from the introduction of new generic drugs.
CVS, which operates the No. 2 U.S. drugstore chain and a major pharmacy benefits management business, earned $1.13 billion, or 95 cents per share, in its first quarter, up from $954 million, or 77 cents per share, a year earlier.
Revenue in the quarter ended March 31 rose 6.3 percent to $32.69 billion. Sales of general merchandise at stores open at least a year fell 3.8 percent as weather impeded shoppers. (Reporting by Phil Wahba in New York; Editing by Lisa Von Ahn)