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CVS Stock Rises Ahead Of Lost Tobacco Sales

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CVS Stock Rises Ahead Of Lost Tobacco Sales

Business

CVS Stock Rises Ahead Of Lost Tobacco Sales

CVS Stock Rises Ahead Of Lost Tobacco Sales

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  • <iframe src="https://www.npr.org/player/embed/275796856/275796857" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Less than a week after CVS announced it would no longer sell tobacco products, its stock is on the rise.

STEVE INSKEEP, HOST:

Less than a week after CVS announced its decision to stop selling tobacco products, the company's stock is on the rise. Share prices were up 2.3 percent yesterday, after posting higher-than-expected quarterly profits.

RENEE MONTAGNE, HOST:

CVS reports it processed more prescriptions and benefited from the introduction of new generic drugs last quarter. Company executives say they hope these sales trends offset a predicted drop in revenue. The ubiquitous pharmacy chain projects it will lose $1.5 billion every year from not selling cigarettes.

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