8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 10, 2006

CVS CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

001-01011	05-0494040
(Commission File Number)	(IRS Employer Identification No.)

One CVS Drive Woonsocket, Rhode Island	02895
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (401) 765-1500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 10, 2006, CVS Corporation issued a press release announcing its revenue results for the period ended September 30, 2006. In addition, the Corporation increased its diluted earnings per share guidance for the third quarter ending September 30, 2006 and full year ending December 30, 2006. Attached to this Current Report on Form 8-K as Exhibit 99.1, is a copy of the Corporation’s related press release dated October 10, 2006.

The information in this report is being furnished, not filed. Accordingly, the information in this report will not be incorporated by reference into any registration statement filed by the Corporation under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release, dated October 10, 2006 of CVS Corporation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CVS CORPORATION
By:	/S/    DAVID B. RICKARD
	David B. Rickard Executive Vice President, Chief Financial Officer and Chief Administrative Officer Dated: October 10, 2006

EX-99.1

Exhibit 99.1

Investor Contact:	Nancy Christal	Media Contact:	Carolyn Castel
	Vice President		Director
	Investor Relations		Corporate Communications
	(914) 722-4704		(401) 770-5717

For Immediate Release

CVS REPORTS RECORD SEPTEMBER REVENUES OF $4.4 BILLION, UP 24.3%

COMPANY RAISES EPS GUIDANCE FOR THIRD QUARTER AND YEAR

WOONSOCKET, RHODE ISLAND, October 10, 2006 — CVS Corporation (NYSE: CVS) today announced that total revenues for the five-week period ended September 30, 2006 increased 24.3% to $4.4 billion, compared to $3.5 billion in the prior year period, including the impact of the June 2, 2006, acquisition of 701 standalone Sav-On and Osco drugstores. Total pharmacy revenues represented 70.7% of total company revenues in September.

Same store sales (sales from stores open more than one year) for the five weeks ended September 30, 2006 increased 8.8% over the prior year period. This reflected strength across all our markets. Pharmacy same store sales increased 9.8%, despite being negatively impacted by approximately 320 basis points due to recent generic introductions. Front-end same store sales increased 6.5%. Same store sales do not include the drugstores acquired on June 2, 2006, which will be included in same store sales following the one-year anniversary of the acquisition, beginning in fiscal July 2007.

For the third quarter, total sales increased 24.9% to $11.2 billion, compared to $9.0 billion in the prior year period. Same store sales for the thirteen weeks ended September 30, 2006 increased 9.1% over the prior year period. Pharmacy same store sales increased 10.2%, while front-end same store sales increased 6.4%. Total pharmacy sales represented 70.3% of total company sales in the quarter.

David Rickard, Executive Vice President, Chief Financial Officer and Chief Administrative Officer, said, “These healthy sales results, as well as a solid improvement in gross margin, meaningfully exceeded our expectations. Given the strong trends in our business, we are raising our diluted earnings per share guidance for the third quarter, from a range of $0.28 – $0.30 to a range of $0.31 – $0.33. Consistent with that change, we are also raising our diluted earnings per share guidance for the full year 2006, from a range of $1.47 – $1.51 to a range of $1.50 – $1.54.”

Year-to-date, total revenues for the thirty-nine week period ended September 30, 2006, increased 16.4% to $31.7 billion, compared to $27.3 billion in 2005. Same store sales for the thirty-nine week period increased 8.0% over the prior year period. Pharmacy same store sales increased 8.7%, while front-end same store sales increased 6.4%.

The Company will be holding a conference call today for the investment community at 9:00am (EDT) to recap September sales results and discuss current industry issues. An audio webcast of the conference call will be broadcast simultaneously through the Investor Relations portion of the CVS website for all interested parties. To access the webcast, visit http://investor.CVS.com. This webcast will be archived and available on the web site for a one-month period following the conference call.

CVS is America’s largest retail pharmacy, operating 6,157 retail and specialty pharmacy stores in 43 states and the District of Columbia as of September 30, 2006. With more than 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS innovatively serves the healthcare needs of all customers through its CVS/pharmacy stores; its online pharmacy, CVS.com; its retail-based health clinic subsidiary, MinuteClinic; and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare. General information about CVS is available through the Investor Relations portion of the Company’s website, at http://investor.cvs.com, as well as through the pressroom portion of the Company’s website, at www.cvs.com/pressroom.

This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Cautionary Statement Concerning Forward-Looking Statements” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and in its Quarterly Report on Form 10-Q for the fiscal quarter ended July 1, 2006.

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