Originally published at www.seclive.com
Filing in Focus: CVS Caremark 10-Q, August 6, 2013
CVS Caremark Corporation (NYSE:CVS) announced its second quarter financial results, reporting a 16% increase in earnings for the quarter. The pharmacy giant reported earnings of $1.12B, an increase from last year this quarter with $966M while earnings per share increased from $0.75 to $0.91 per share. CVS revenue increased 2% to $31.25B, exceeding analyst predictions of $31.14B, which the company attributes to its new generic drug sales. Despite the strong performance, the company's stock fell nearly 3% after CVS concurrently tightened its annual earnings forecast, from the original $3.89 to $4.00 per share to now $3.90 to $3.96 per share. CVS executives also told analysts that it expects enrollment in its SilverScript Medicare prescription drug program to drop following sanctions imposed by the Centers for Medicaid and Medicare Services. Additionally, the company reported it will pay $20M to resolve an SEC investigation involving public disclosures and securities deals with employees.
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