WOONSOCKET, R.I. (AP) - CVS Health's fourth-quarter profit rose 13 percent, as gains from an acquisition helped the drugstore operator and pharmacy benefits manager meet Wall Street's earnings expectations.
WOONSOCKET, R.I. (AP) — CVS Health's fourth-quarter profit rose 13 percent, as gains from an acquisition helped the drugstore operator and pharmacy benefits manager meet Wall Street's earnings expectations.
The Woonsocket, Rhode Island, company said its $10-billion acquisition of pharmaceutical distributor Omnicare helped increase revenue in both its main businesses. That deal, which closed last summer, gave CVS Health national reach in dispensing prescription drugs to assisted living and skilled nursing homes, long-term care facilities, hospitals and other care providers.
CVS Health earned nearly $1.5 billion in the final quarter of 2015. That's up from $1.32 billion in the last quarter of 2014. Adjusted results totaled $1.53 in the most recent quarter. Revenue climbed 11 percent to $41.15 billion.
Analysts expected, on average, earnings of $1.53 per share on $41.02 billion in revenue, according to Zacks Investment Research.
CVS Health Corp. runs the nation's second-largest chain of drugstores and one of the biggest pharmacy benefits management operations.
The company also affirmed a forecast it laid out in December for 2016 adjusted earnings of between $5.73 and $5.88 per share.
CVS Health shares have dropped slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 9 percent. The stock has dropped 11 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVS at http://www.zacks.com/ap/CVS
Keywords: CVS Health, Earnings Report, Priority Earnings