Projo Biz Blog

Woonsocket-based CVS Caremark Corp. raised its 2009 profit forecast Tuesday as it expects greater revenue from its pharmacy benefits management business and the outlets it acquired from Longs Drug Stores Corp. in August.

In a conference call Tuesday morning, CVS executives said the company will record profits of $2.55 to $2.63 per share this year, up from $2.53 to $2.61 previously forecast for 2009. If those revenue projections hold true, the company will bring in nearly $100 billion in revenue. CVS also said its pharmacy benefits management unit will grow 15 percent to 17 percent this year, up from the 10 percent to 12 percent it projected in January.

The integration of Longs, acquired for $2.9 billion, is going better than expected, the company told analysts.

 Tags  CVS Caremark drugstores earnings pharmacy benefit management

Leave a comment

Name:

Email:

URL:  

Remember personal info?

Captcha:

Type the characters you see in the picture above.