NEW YORK (AP) Drugstore operator and pharmacy benefits manager CVS Caremark Corp. is scheduled to report its third-quarter results Thursday morning. The following is a summary of key developments and analyst commentary for the period.
OVERVIEW: The Woonsocket, R.I., company runs more than 7,000 drugstores, which puts it neck and neck with Walgreen Co. for the most locations in the country. Unlike its drugstore rivals, CVS also runs one of the largest U.S. pharmacy benefits management businesses in Caremark. By bringing the two operations together, the company hopes to save money for health plan members and drive up sales at CVS stores. The companies try to reduce health care costs for health plan sponsors and members by getting members to use low cost generic drugs or fill longer prescriptions. CVS has acknowledged that Caremark has lagged behind its competitors Medco Health Solutions and Express Scripts. Earlier this year, Express Scripts surpassed Caremark in size after it bought WellPoint's pharmacy benefits management business. The heavy flu season could bring more customers to CVS pharmacies, although that may be partly canceled out by the recession, which is hurting sales of discretionary items.- Loading Comments...
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