CEO Tom Ryan

NEW YORK (Reuters) - Connecticut's attorney general has sued CVS Caremark Corp, accusing the drugstore chain of selling food, beverages and over-the-counter medications past their expiration dates. Attorney General Richard Blumenthal said CVS sold expired items including antacids, baby formula, cough medicine, energy drinks and foods including eggs, milk and yogurt in 20 of 45 stores in the state that his office spot-checked this summer. The lawsuit filed in state superior court in Hartford seeks fines of up to $5,000 per violation, a sum Blumenthal said may be "significant," and a halt to the sale of outdated products. Earlier this month, CVS agreed to ... Read Full Story

Date Published: Tuesday, December 1st, 2009 CVS Caremark Corp., which runs over 7,000 drug stores in the United States, was accused by the state of Connecticut of selling expired over-the-counter (OTC) drugs and other products, said Boston.com. The accusation was announced just after CVS Caremark settled a similar case with the state of New York, Boston.com added. Last year we wrote that CVS Caremark Corporation was sued by the State of New York over sales of expired products. That announcement was made on the same day that New York also announced settlement of claims against Rite Aid Corporation totaling about $1.3 million, Bloomberg News ... Read Full Story

CHICAGO (Reuters) - CVS Caremark Corp <CVS.N> posted a bigger-than-expected jump in quarterly profit on Thursday as consumers filled more prescriptions and said this year's profit should come in towards the higher end of its forecast. Shares of CVS rose 1 percent in premarket trading. CVS has benefited from its "Maintenance Choice" program, which allows customers to pick up 90-day prescriptions in its drugstores at the same lower price they would pay if getting the drugs through its pharmacy benefits unit's mail service. That plan boosted pharmacy sales at stores open at least a year by about 2.5 percentage points in the quarter. Still, ... Read Full Story

CVS Caremark Corp. said Thursday its third-quarter profit jumped 39 percent to more than $1 billion on a boost from pharmacy benefits services and drugstore sales. The Woonsocket, R.I., company says profit jumped to $1.02 billion, or 71 cents per share, from $732.5 million, or 50 cents per share, a year prior. Net revenue rose 18 percent to $24.64 billion from $20.86 billion. Excluding a tax benefit of 11 cents per share, adjusted profit from continuing operations totaled 65 cents per share. Analysts expected 64 cents per share in profit and $24.61 billion in revenue. Revenue at CVS drugstores rose 17.9 percent, with sales ... Read Full Story

New York officials say they've reached an $875,000 settlement with CVS Pharmacy Inc. to stop sales of expired products — including food, medicine and baby formula. Attorney General Andrew Cuomo, who announced the agreement Tuesday, sued after investigators bought expired goods in 60 percent of CVS stores they canvassed across the state. The settlement ends a lawsuit that the state filed after it said CVS breached a prior agreement to halt expired sales. A CVS spokesman says the company is committed to keeping expired products off shelves and that the settlement doesn't include any admission of wrongdoing. Cuomo reached a similar settlement with Rite ... Read Full Story