- Associated Press - Friday, November 6, 2015

WOONSOCKET, R.I. (AP) - Drugstore chain and pharmacy benefits manager CVS Health is laying off 150 people, a spokesman said Friday.

The company has informed the workers it is eliminating their jobs in December, spokesman Michael DeAngelis said. Seventy of the jobs are at the company’s headquarters in Woonsocket.

DeAngelis said the cuts follow a “thorough evaluation process” and represent a small fraction of the company’s more than 200,000 employees in the United States, 7,000 of whom are in Rhode Island.

“CVS Health is committed to Rhode Island as our home state and we are proud to be part of this community,” he said.

Some of those losing their jobs may find positions elsewhere in the company, he said.

CVS Health operates the nation’s second-largest drugstore chain and one of the nation’s largest pharmacy benefits management businesses.

It said last month its forecast for 2016 earnings was well below what Wall Street expected. Still, its third-quarter revenue of $38.64 billion was up 10 percent from the same quarter in 2014. Operating profit of $2.33 billion was up nearly 4 percent.

CVS Health runs 7,911 drugstores in 44 states, the District of Columbia and Brazil.


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