US-based drugstore chain CVS Caremark has reported a double-digit growth in net revenues for the third quarter (Q3) of 2012.
The chain’s net revenue grew 13.3% to 30.2bn, when compared to $26.7bn in the same period previous year.
The company’s revenues in the retail pharmacy segment increased 5.5% to $15.5bn in the latest quarter, with pharmacy same store sales increasing 5.3% over the prior year period.
Revenues in the pharmacy services segment grew 22.2% to $18.1bn in the third quarter due to addition of new client starts associated with its 2012 selling season, drug cost inflation, and the growth of their Medicare Part D program.
CVS Caremark has posted net income of $1,006 m, compared with $867m during the same quarter and operating profit amounted to $1,814m.
Gross profit during the quarter ending 30 September 2012 grew 9% to $5,647m, compared to $5,178m in the same quarter a year ago.
Net revenues for nine months ending 30 Spetmeber grew 16.4% to $91,739m, compared to $78,783m in the same period a year ago.
Gross profit during nine months rise 8.01% to $16,209m, compared to $15,006m in the same period a year ago.
CVS Caremark president and CEO Larry Merlo said the company posted strong results across the enterprise, with the Pharmacy Services Segment significantly outpacing our growth expectations.
"Given what we have seen to date, we are optimistic that we will exceed our initial retention goal for the fourth quarter and now expect to retain at least 60% of the prescriptions gained during the impasse," Merlo added.
CVS Caremark’s operating profit climed 12.6% to $4,925m, while net income totalled $2,746m.
The company said it is expected to deliver adjusted EPS of $3.38 to $3.41 for the full year 2012, up from its previous guidance of $3.32 to $3.38.
CVS pharmacy, the retail division of CVS Caremark, curently operates more than 7,400 retail stores in the US.