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CVS reports solid Q3 revenue

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CVS reports solid third-quarter revenue

CVS Caremark advanced during a losing week in the stock market after it reported solid third-quarter sales and revenue.

The Rhode Island-based drugstore chain closed Friday at $46.36, up marginally for the week.

CVS reported third-quarter earnings advanced 16 percent to $1.01 billion in the three months ended Sept. 30, up from $868 million in the same 2011 period.

Pharmacy services revenue jumped 22 percent to $18.1 billion. The company received a boost as millions of Walgreen Co. customers migrated to CVS during a nine-month split between Walgreen and Express Scripts Holding Co., which administers drug plans for employers and insurers.

A contract between the two companies expired at the end of 2011, but they resumed business in September.

CVS shares are up 12 percent this year. The Dow Jones industrial average, where the company's stock is traded, is up 5 percent.

CVS is the nation's second-largest drugstore chain, with 7,423 locations. The company's Caremark division has a facility in Hanover Twp. that ships prescriptions by mail.


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