UPDATE: CVS Caremark Reports Q1 Profit of $713 million

CVS Caremark Corp CVS released its results for the first-quarter today. The company's quarterly profit dropped to $713 million, or $0.52 per share, from $771 million, or $0.55 per share, in the year-earlier period. The company's adjusted earnings declined to $0.57 per share, from $0.60 per share. The company's revenue rose 9% to $25.9 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $25.8 billion. CVS reiterated its 2011 forecast for adjusted profit from continuing operations of $2.72 to $2.82 per share. CVS shares fell 1.07% to close at $36.12 yesterday. Read more from Benzinga's Company news.