CVS Caremark 3Q earnings up 142.6%

WOONSOCKET, R.I. CVS Caremark today reported that net earnings for the third quarter increased 142.6% to $689.5 million or 45 cents per diluted share, compared with net earnings of $284.2 million or 33 cents per diluted share in the comparable 2006 period. Net earnings for the nine months ended Sept. 29 increased 91.4% to $1.8 billion or $1.36 per diluted share, compared with net earnings of $951.7 million or $1.11 per diluted share in the comparable 2006 period.

Tom Ryan, president and ceo of CVS Caremark said, "I could not be more pleased with our progress, which is clearly enabled by our team's dedication to and enthusiasm for what our future holds. Our unique position to broadly reach consumers and improve care while helping payers lower health care costs is resonating strongly with clients, and should pave the way for market share gains and healthy long-term growth for our company."

Net revenues for the third quarter increased $9.3 billion to $20.5 billion, up from $11.2 billion during the comparable 2006 period. Same-store sales in its CVS/pharmacy division for the third quarter rose 5% over the prior year period. Pharmacy same-store sales rose 4.3%, while front-end same-store sales increased 6.5%.

For the month of October, the company announced that same-store sales increased 4.6% over the prior year period. Pharmacy same-store sales increased 4.5%. Front-end same store sales increased 4.8%.