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News Summary: CVS Caremark 3Q profit up 16 pct.

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News Summary: CVS Caremark 3Q profit up 16 pct.
Submitted by Fox First at Ten on November 6th

By The Associated Press

HEALTHY QUARTER: Drugstore chain and pharmacy benefits manager CVS Caremark says third-quarter profit climbed 16 percent to $1.01 billion, or 79 cents per share. Revenue jumped 13 percent to $30.2 billion.

BOOSTER SHOT: Sales rose due to growth of its Medicare Part D prescription program, higher medication prices, an uptick in patient visits to doctors and millions of customers gained because rival Express Scripts' contract with Walgreen to fill its members' prescriptions lapsed for 8 1/2 months and many defected to CVS.

PROGNOSIS: CVS raised its 2012 profit forecast and says it's doing well signing service contracts for 2013.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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