WOONSOCKET – CVS Health Corp. earnings matched analysts’ estimates in the fourth quarter, after the August acquisition of nursing-home pharmacy Omnicare helped drive sales growth at its drugstores.
Earnings were $1.53 a share, excluding one-time items, the company said in a statement last week, reiterating its 2016 earnings forecast. Fourth-quarter sales in the retail-pharmacies division rose 12 percent, with about half of the increase coming from the long-term care business bought as part of Omnicare. That deal also boosted revenue at the pharmacy-benefit-management business, which contracts with health insurers and employers.
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Fourth-quarter profit rose to $1.5 billion, or $1.34 a share, from $1.32 billion, or $1.14, a year earlier. Revenue increased 11 percent to $41.1 billion.
CVS has been bulking up through acquisitions. Last year it bought Omnicare for $12.9 billion and the pharmacy locations inside Target Corp. stores for $1.9 billion. •
