CVS Caremark (CVS 1.25%) took in a record $30 billion in revenue and netted a profit of $1 billion in the third quarter, the company announced today. Those figures were 13% and 16% higher on a year-over-year basis, respectively. The revenue increase was helped by CVS' take from pharmacy services, which advanced 22% in the same time frame.
The company's retail pharmacy segment benefited in the quarter from a now-resolved contractual dispute between rival Walgreen (WBA -0.17%) and pharmacy benefits management concern Express Scripts Holding (ESRX) that pushed many Walgreen customers to other pharmacies.
Buoyed by the strong results, the anticipated benefit of an accelerated share repurchase program, and optimism about keeping customers snagged from Walgreen, CVS raised and narrowed its guidance for fiscal 2012. The company now expects per-share earnings of $3.38 to $3.41 for the full year, up from the $3.32-$3.38 it previously anticipated.