Pharmacy retailer CVS’s revenues increased 19.9% to $30.8bn (£19bn) for the three months ended March 31. Revenues in the retail pharmacy segment, which operates drugstores, rose 9.9% to $16bn (£9.8bn) while total same-store sales climbed 8.4% as pharmacy sales grew 9.8% and front-store sales increased 5.3% on a same-store basis.

Revenues in the pharmacy services segment soared 32.3% to $18.3bn (£11.3bn), primarily because of the acquisition of the Medicare prescription drug plan of Universal American Corp, a successful 2011 selling season and drug cost inflation.