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(Reuters) - CVS Health Corp, the No.2 U.S. drugstore chain by store count, reported a higher-than-expected quarterly profit, as its pharmacy benefits management business serviced more claims and demand for its specialty pharmacy services rose.
Revenue in CVS Health's pharmacy services business, which includes the pharmacy benefits manager (PBM) business and specialty pharmacy services, rose 9.5 percent to $32.3 billion in the second quarter ended June 30.
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This was helped by a 10.3 percent rise in claims processed by the PBM business and higher demand for its specialty pharmacy services, which provides expensive drugs to people with chronic conditions such as rheumatoid arthritis.
The gains helped the company more than offset a 2.2 percent drop in its retail pharmacy business, which was hurt by softer in-store traffic as well as the business losing some contracts to fill prescriptions.
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