NEW YORK (AP) — CVS Caremark Corp. said Thursday that its first-quarter net income fell nearly 8 percent as its pharmacy benefits management business continued to report lower profits.

The Woonsocket, R.I., company said its profit fell to $713 million, or 52 cents per share, from $771 million, or 55 cents per share. Its revenue grew 9 percent to $25.88 billion from $23.76 billion.

Excluding acquisition and other charges, the company said it earned 57 cents per share. FactSet said analysts expected a profit of 55 cents per share and $25.76 billion in revenue.

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