CVS Caremark Corporation Q2 2010 Earnings Call Transcript

CVS Caremark Corporation (CVS)

Q2 2010 Earnings Call Transcript

July 28, 2010 9:30 am ET

Executives

Nancy Christal – SVP of IR

Tom Ryan – Chairman and CEO

Dave Denton – EVP and CFO

Larry Merlo – President and COO; and President, CVS/Pharmacy

Per Lofberg – EVP; and President, Caremark Pharmacy Services

Analysts

Eric Bosshard – Cleveland Research

Tom Gallucci – Lazard

Mark Wiltamuth – Morgan Stanley

Lisa Gill – J.P. Morgan

Neil Currie – UBS

Ann Hynes – Caris & Company

Scott Mushkin – Jefferies

Robert Willoughby – Banc of America

Meredith Adler – Barclays Capital

Steve Halper – Stifel Nicolaus

David Magee – SunTrust Robinson

Helene Wolk – Sanford Bernstein

Presentation

Operator

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Previous Statements by CVS
» CVS Caremark Q1 2010 Earnings Call Transcript
» CVS Caremark Corporation Q4 2009 Earnings Call Transcript
» CVS Caremark Q3 2009 Earnings Call Transcript

Good morning. My name is Brooke, and I will be your conference operator today. At this time, I would like to welcome everyone to the CVS Caremark Corporation second quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions).

Thank you. I would now like to turn the conference over to Nancy Christal, Senior Vice President of Investor Relations. Ms. Christal, you may begin your conference.

Nancy Christal

Thanks, Brooke. Good morning, everyone, and thanks for joining us today on short notice. We are very excited to tell you more about our new 12-year contract with Aetna. And in light of the Aetna news, we thought it made sense to accelerate our earnings announcement so we could get all of the information into the marketplace at once.

I'm here with our senior management team, Tom Ryan, Chairman and CEO of CVS Caremark, who'll discuss the strategic rationale and financial value of the Aetna agreement, walk through our quarterly business update, and touch on our revised 2010 earnings guidance; Dave Denton, Executive Vice President and CFO, who will provide a financial review of the quarter, as well as the details behind our revised guidance for this year; and Larry Merlo, President and COO; and Per Lofberg, President of our PBM business, both also here with me as well and they will participate in the question-and-answer session that follows our prepared remarks.