CVS Caremark Raises 2012 Estimate of Impact From Walgreens / Express Scripts Stalemate by 5 Cents
WOONSOCKET, R.I., July 19, 2012 /PRNewswire/ -- In light of this morning's news that Walgreens will re-enter Express Scripts broadest network on September 15th, 2012, CVS Caremark is now better able to clarify what we believe will be the overall estimate of the impact from the impasse for the remainder of 2012. The Company's existing guidance only reflects the estimated benefit from the stalemate continuing through the end of the second quarter. Given that the impasse is expected to last for nearly nine months and that the Company expects to retain at least 50% of the business gained from the impasse in the fourth quarter, the Company now expects an additional benefit from the impasse in the third and fourth quarters combined of approximately 5 cents per share.
About CVS Caremark
CVS Caremark is dedicated to helping people on their path to better health as the largest integrated pharmacy company in the United States. Through the company's more than 7,300 CVS/pharmacy stores; its leading pharmacy benefit manager serving more than 60 million plan members; and its retail health clinic system, the largest in the nation with approximately 600 MinuteClinic locations, it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans. As a pharmacy innovation company with an unmatched breadth of capabilities, CVS Caremark continually strives to improve health and lower costs by developing new approaches such as its unique Pharmacy Advisor program that helps people with chronic diseases, such as diabetes, obtain and stay on their medications. Find more information about how CVS Caremark is reinventing pharmacy for better health at info.cvscaremark.com.
This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the Risk Factors section in our Annual Report on Form 10-K for the year ended December 31, 2011 and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Quarterly Report on Form 10-Q.
SOURCE CVS Caremark Corporation
Investor Contact: Nancy Christal, Senior Vice President Vice President, Investor Relations, +1-914-722-4704, Media Contact: Carolyn Castel, Corporate Communications, +1-401-770-5717