UPDATE: CVS Reports Decline In Q2 Profit

CVS Caremark Corp (NYSE: CVS) reported a drop in its second-quarter earnings.

CVS reported its quarterly earnings at $816 million, or $0.60 per share, down from $821 million, or $0.60 per share, in the year-earlier period. Its revenue climbed to $26.63 billion from $24 billion. However, analysts were expecting earnings of $0.64 per share on revenue of $26.76 billion.

CVS narrowed its 2011 adjusted earnings forecast from continuing operations to $2.75 to $2.81 per share, versus analysts' estimates of $2.78 per share.

CVS shares fell 0.39% to close at $36.21 yesterday.