October 30, 2008
CVS Caremark Successfully Completes Acquisition of Longs Drug Stores
CVS Caremark Corporation (NYSE: CVS) today announced that it has completed its acquisition of Longs Drug Stores Corporation.
The acquisition provides CVS Caremark with Longs' 521 retail drugstores in California, Hawaii, Nevada and Arizona as well as its Rx America subsidiary, which offers pharmacy benefits management ("PBM") services to over 8 million members and prescription drug plan benefits to approximately 450,000 Medicare beneficiaries.
Tom Ryan, Chairman, President and CEO of CVS Caremark commented, "We look forward to working with our new Longs colleagues and to serving the millions of loyal customers who shop Longs stores. With the closing now behind us, we are focused on realizing the many benefits of this combination, which accelerates our expansion into key growth markets and strengthens our position as the nation's leading pharmacy services company."
About CVS Caremark
CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,800 CVS/pharmacy and Longs Drugs stores; its pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at http://cvscaremark.com/investors, as well as through the press room section of the Company's Web site, at http://cvscaremark.com/newsroom.
This announcement contains certain forward-looking statements. These forward-looking statements may be identified by words such as 'believes', 'expects', 'anticipates', 'projects', 'intends', 'should', 'seeks', 'estimates', 'future' or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this announcement, among others: (1) macroeconomic conditions and general industry conditions such as the competitive environment for retail pharmacy and pharmacy benefit management companies; (2) regulatory and litigation matters and risks; (3) legislative developments; and (4) changes in tax and other laws and the effect of changes in general economic conditions.