CVS 2nd Qtr. Results Up Thanks To Specialty Drugs, MinuteClinics
Second quarter financial results from the Woonsocket-based pharmacy chain CVS Caremark have beat analyst expectations. That’s due in part to new specialty pharmacy business and the opening of more in-store clinics.
CVS announced its second quarter earnings rose about 11 percent compared to the same time last year. The country’s biggest pharmacy company chalks that growth up in part to a big boost from specialty pharmaceutical sales. Those include drugs like Sovaldi, the new Hepatitis C treatment. CVS also attributes its positive results this quarter to growth in its MinuteClinic business. The company has opened more than 30 walk-in clinics over the past few months, including several in Rhode Island, and says it plans to open at least 150 more nationwide by the end of the year.
CVS says the enrollment of approximately eight million Americans in new health insurance plans and the expansion of Medicaid also boosted business a bit. The company estimates its front of store sales were down a bit over the past quarter because it’s no longer selling tobacco.