Advertise
Resources
Member, Beacon International Group, Ltd.
WOONSOCKET, R.I. (Reuters)—CVS Caremark Inc. said it received a subpoena from the U.S. Securities and Exchange Commission in February requesting information about public disclosures it made in 2009 on its PBM and Medicare part D businesses and transactions of securities by some of its officers.
In a regulatory filing on Thursday, CVS, which runs one of the largest U.S. drugstore chains, said it was cooperating with the SEC by providing documents and other information as requested.
The company in an email acknowledged receipt of the subpoena and said it is providing the information requested.
Earlier in the day, the company posted a higher-than-expected quarterly profit and said it had no plans to split up its retail and pharmacy benefits management businesses.
The Caremark pharmacy benefits management business, which administers prescription drug benefits for employers and health plans and operates a large mail-order pharmacy, has been a drag on the company's profitability.
CVS bought Caremark for $27 billion in 2007 to expand its PBM business, and the company is struggling to combat the perception that it should consider undoing the merger.
WOONSOCKET, R.I. (Reuters)—CVS Caremark Inc. said it had no plans to split up its retail and pharmacy benefits management businesses, and posted a higher-than-expected quarterly profit helped by strong sales at its drugstores.