CVS Caremark Corp., the largest U.S. drugstore chain, said second-quarter profit rose 15 percent on increased revenue at its benefits-management business.

Net income climbed to $886.5 million, or 60 cents a share, from $771.2 million, or 53 cents, a year earlier. Sales increased 18 percent to $24.9 billion, the Woonsocket, Rhode Island-based company said today in a statement.
CVS negotiated lower contract prices at its Caremark pharmacy-benefits management business to lock in customers and attract new clients.
In addition, the $2.7 billion purchase of Longs Drug Stores Corp. in October added 521 stores, establishing a foothold in western U.S. states including Nevada, Arizona, California and Hawaii.
Analysts had anticipated profit of 59 cents a share, the average of 13 estimates compiled by Bloomberg. Sales were projected to be $24.5 billion, the average of 16 estimates.
CVS rose $1.08, or 3.2 percent, to $35.08 at 10:16 a.m. in New York Stock Exchange composite trading. The shares climbed 18 percent this year before today.