Investors dislike CVS outlook

Investor's Business Daily

The drugstore and pharmacy benefits manager topped Q2 earnings estimates on strong sales of generic drugs. CVS Caremark (CVS), No. 2 U.S. pharmacy chain after Walgreen (WAG), said EPS grew 20% to 97 cents, a penny above views. Revenue for the quarter rose 1.8% to $31.25 bil, besting projections of $31.14 bil. But shares slid 2.8% to close at 59.89 after it also cut the top end of its full-year earnings forecast to a penny below consensus on a delay in share buybacks. CVS now expects '13 EPS of $3.90-$3.96.

View Comments (0)