Drug Store Bulls Plod Along with CVS in Tow
CVS Caremark (NYSE:CVS) enjoyed a boost on Wednesday morning following its fourth-quarter and full-year 2012 results. For the quarter, the pharmacy and health-care services provider reported a 10.9 percent increase in net revenues to a record $31.4 billion, same-store sales growth of 4.0 percent, and a 22.8 percent increase in adjusted earnings to $0.97 per diluted share, which includes a $0.17 per share loss attributed to early extinguishment of debt.
The strong quarter was led by a 17.4 percent increase in Pharmacy Services revenues to $18.6 billion. CVS commented that “this increase was primarily associated with new 2012 client starts, drug cost inflation and the growth of our Medicare Part D program.”
|Quarter||Dec. 31, 2011||Mar. 31, 2012||Jun. 30, 2012||Sep. 30, 2012||Dec. 31, 2012|
|Revenue ($) in millions||28,320||30,800||30,710||30,230||31,400|
|Diluted EPS ($)||0.80||0.59||0.75||0.79||0.97|
The company’s fourth-quarter results rounded out a strong year, and CVS offered healthy guidance for 2013…