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CVS Caremark 4th-Quarter Profit Rose 2.6% Amid Continued Sales Growth

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02/06/2013 | 01:52pm CEST
   By Tess Stynes 

CVS Caremark Corp.'s (>> CVS Caremark Corporation) fourth-quarter earnings rose 2.6% as the company reported revenue growth in its pharmacy-services and retail drugstore operations.

For the year, the company raised its forecast for per-share adjusted earnings from continuing operations by two cents and now expects $3.86 to $4.

CVS's retail pharmacy business gained customers last year in the wake of a contract dispute between rival Walgreen Co.'s (>> Walgreen Company) and pharmacy-benefits manager Express Scripts Holding Co. (>> Express Scripts Holding Co) that has since been resolved.

A wave of major generic drugs introductions is having a mixed effect on the industry. Though the copycat drugs carry higher margins than branded products, they command lower prices, hurting sales revenue.

CVS Caremark reported a profit of $1.13 billion, or 90 cents a share, up from $1.1 billion, or 81 cents a share, a year earlier. Excluding debt-extinguishment losses, acquisition-related charges and other items, adjusted earnings from continuing operations were $1.14. Revenue increased 11% to $31.39 billion.

Analysts polled by Thomson Reuters most recently projected earnings of $1.10 on revenue of $31.13 billion.

Revenue in the larger pharmacy-services business climbed 17% to $18.6 billion, reflecting new client starts, higher prices and growth of its Medicare Part D program. Pharmacy network claims processed rose 6.5%.

On the retail side, revenue increased 5.1% to $16.3 billion. Same-store sales were up 4% from a year earlier, as pharmacy same-store sales also improved by 4%. Same-store sales in the front end of the store grew 3.9%.

Shares closed Tuesday at $51.72 and were inactive premarket.

Write to Tess Stynes at tess.stynes@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2016 179 801 M
EBIT 2016 10 816 M
Net income 2016 5 730 M
Debt 2016 24 813 M
Yield 2016 1,86%
P/E ratio 2016 16,87
P/E ratio 2017 14,18
EV / Sales 2016 0,66x
EV / Sales 2017 0,61x
Capitalization 93 827 M
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CVS Health Corp Technical Analysis Chart | CVS | US1266501006 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 108 $
Spread / Average Target 22%
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Larry J. Merlo President, CEO & Non-Independent Director
David Wyatt Dorman Non-Executive Chairman
David M. Denton Chief Financial Officer & Executive Vice President
Troyen A. Brennan Chief Medical Officer & Executive Vice President
Stephen J. Gold Chief Information Officer & Executive Vice Preside
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CVS HEALTH CORP-9.99%93 827
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