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UPDATE 2-CVS ordered to cooperate in Medicare claims, pricing investigations

(Adds details on government probes, share move)

Aug 8 (Reuters) - CVS Health Corp said federal and state authorities have ordered the drugstore chain to cooperate with investigations into possible false claims submitted to a government healthcare program and pricing of insulin and epinephrine drugs.

The company's shares fell 2.4 percent in morning trading to $77.17.

Attorney General for the Southern District of New York has sought information from the company on possible false claims submitted in connection with reimbursements for Medicare Part D prescription drugs, CVS Health said on Tuesday. (http://bit.ly/2ul9Tfy)

The company also said Minnesota's attorney general has sought information from it regarding a probe into pricing of insulin and epinephrine drugs.

Sanofi SA, Eli Lilly and Co and Novo Nordisk were named in a proposed class action lawsuit, which alleged the firms simultaneously hiked insulin prices by over 150 percent in the past five years.

Mylan NV, the maker of emergency epinephrine injectors EpiPen, is facing investigations after it doubled the cost of its syringes used to treat severe allergic reactions.

On Monday, a class-action lawsuit was filed against CVS Health, which alleges the company colluded with third-party PBMs to raise generic drug prices.

Q2 PROFIT BEATS

CVS Health's profit beat Wall Street estimates on Tuesday, as the pharmacy benefits management (PBM) business serviced more claims and demand for its specialty pharmacy services rose.

Revenue in the health pharmacy services business, which includes its PBM business and specialty pharmacy services, rose 9.5 percent to $32.3 billion in the second quarter ended June 30.

This was helped by a 10.3 percent rise in claims processed by the PBM business and higher demand for 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.

Net income attributable to CVS Health rose about 19 percent to $1.1 billion, or $1.07 per share, in the quarter.

Excluding items, the company earned a profit of $1.33 per share, beating the average analyst estimate of $1.31, according to Thomson Reuters I/B/E/S.

Net revenue rose 4.5 percent to $45.69 billion, higher than the average analyst estimate of $45.37 billion.

CVS Health also raised the lower end of its adjusted profit forecast range for 2017 and said it now expects profit to be between $5.83 per share and $5.93 per share.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun Koyyur)