The Woonsocket, R.I.-based hybrid drug-store chain and pharmacy benefits manager, meanwhile, said that it expects profits at its Caremark pharmacy benefits management unit to decline further this year in part because of costs related to a new multiyear contract with Aetna Inc.
CVS Caremarks fourth-quarter income from continuing operations declined 2.3 percent to $1 billion.
Net revenues fell 4.1 percent to $24.8 billion, reflecting a 10 percent decline in Caremarks revenue due to client losses and fewer Medicare prescription drug program members.
CVS Caremark resulted from the CVS drug store chains acquisition of Nashville-based Caremark nearly four years ago.Comments | Share your thoughts »Related StoriesMore Business headlinesLayoffs rarer even as jobless still struggleAOL buying Huffington Post for $315MObama, businesses try to ease tensionMissing out on a tax refund? Many low-income Tennesseans areSelected for you by a sponsor:ADVERTISEMENT
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