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NASHVILLE, Tenn. (AP) - Pharmacy benefits manager Caremark Rx Inc. said Tuesday its first-quarter profit rose 16 percent on increased mail-order business during its first quarter with the Medicare prescription drug benefits plan. The company's shares soared nearly 5 percent.
Earnings in the three-month period that ended March 31 rose to $228.8 million, or 51 cents per share, up from $197.5 million, or 43 cents per share, in the year-ago period. Revenue rose 7 percent to $8.91 billion from $8.35 billion last year, as mail pharmacy revenue increased 11 percent to $3.1 billion.
Analysts surveyed by Thomson Financial had expected earnings per share of 50 cents on revenue of $8.66 billion.
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