CVS Health Corp. reported lower profit in its first quarter amid pressure by more generic drugs and softer customer traffic.
Net revenues rose 3% to $44.5 billion, up from $43.2 billion in the year-ago period. Revenues in the retail/LTC segment decreased 3.8% to $19.3 billion amid reimbursement pressure. The decrease was largely driven by a 4.7% decline in same-store sales, continued reimbursement pressure and an increase in generics.
Pharmacy same store sales decreased 4.7% and were negatively impacted by approximately 480 basis points due to recent generic introductions. Same-store prescription volumes declined 1.4%. Front store same-store sales declined 4.9%.. . . more