WOONSOCKET, R.I. (AP) — CVS Caremark Corp.'s third-quarter net income climbed 7 percent as a long-term contract and an acquisition gave it more pharmacy network claims to process.
The Woonsocket, R.I., drugstore operator on Thursday also raised the low end of its full-year profit forecast, saying the Caremark pharmacy benefits business performed better than the company expected during the quarter. Competitor Walgreen Co. also said its sales are being hurt by a contract dispute with pharmacy benefits manager Express Scripts Inc., and CVS could be in position to pick up some of Walgreen's sales.
Shares of CVS Caremark rose $1.52, or 4.3 percent, to close Thursday at $37.29.
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