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CVS Caremark Issues Disappointing Forecast


New York City CVS Caremark Corp. on Friday forecast a smaller 2009 profit than Wall Street expected, pointing to uncertainty in the U.S. economy.

On a conference call, CVS CEO Tom Ryan said the company expects a profit of $2.53 to $2.61 per share in 2009, which includes costs of 6 cents to 7 cents per share for the buyout and integration of Longs Drugs Stores.

Ryan said the company is doing "extremely well" but noted fewer people are visiting their doctors due to the recession, and the use of prescription drugs has decreased.

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