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

The Associated Press

November 6, 2012 at 4:06 PM

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.

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