Business

Market Movers

CVS earnings climb more than 12 percent

Better pricing on generic drugs helped CVS raise its forecast for the near term.
Associated Press/File 2009
Better pricing on generic drugs helped CVS raise its forecast for the near term.
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CVS Caremark shares outpaced the market after the drugstore chain raised its earnings forecast and reassured investors its business can absorb the hit from last week’s decision to stop selling tobacco: a $2 billion annual revenue loss and earnings 6 to 9 cents lower per share this year. CVS said fourth-quarter earnings climbed more than 12 percent to $1.27 billion, or $1.05 per share. Revenue rose nearly 5 percent to $32.83 billion. CVS raised its forecast for first-quarter earnings to $1.03 to $1.06 per share, up from 96 to 99 cents.