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AmerisourceBergen reports Q4 results

BY Antoinette Alexander

VALLEY FORGE, Pa. — AmerisourceBergen announced on Thursday that fourth quarter revenue rose 28.3% as it gains “strong momentum” heading into fiscal 2014.

“In our September quarter, we delivered strong results and successfully implemented the first phase of our new expanded contract with Walgreens,” stated Steven Collis, president and CEO. “Our performance in the quarter and the full year, combined with the opportunities we have on the horizon, drive strong momentum heading into fiscal 2014. Our innovative programs and services, strategic relationship with Walgreens and Alliance Boot GmbH, operational excellence and financial discipline give us great confidence in our ability to continue to deliver tremendous value to our customers, suppliers, associates and shareholders.”

As reported by Drug Store News, AmerisourceBergen and Walgreens officially announced in early September the launch of a 10-year relationship to distribute pharmaceuticals to more than 8,100 Walgreens locations across the country.

During the quarter ended Sept. 30, revenue totaled $24.5 billion, up 28.3% compared with the year-ago period. This boost reflects a 34% increase in AmerisourceBergen Drug Corp. revenue, and a 12% increase in AmerisourceBergen Specialty Group revenue.

Operating income during the quarter totaled $318.6 million, flat versus the year-ago period.

Adjusted diluted earnings per share from continuing operations were up 2.6% to 79 cents in the quarter compared with 77 cents in the previous fiscal year’s fourth quarter.

For fiscal year 2013, adjusted earnings per share from continuing operations were $3.14, up 6.1% compared with the prior year GAAP diluted earnings per share. Revenue totaled $88 billion, up 12.7%. Operating income decreased 2.9%.

 

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Target, Medica partnership offers benefits for health insurer’s members

BY Alaric DeArment

MINNETONKA, Minn. — Members of a Minnesota-based health insurer will have the opportunity to receive a $5 Target gift card when they visit one of the retailer’s clinics for a flu vaccination.

Minnetonka, Minn.-based health insurer Medica announced a partnership with the Minneapolis-based mass-merchandise retailer whereby patients would also get $10 co-pays at Target for "convenience care" — rather than the standard $20 — if they purchase Medica insurance on their own. That benefit will become available in January, though the flu shot program, as well as another program that offers breast pumps for free to new mothers when they present their Medica identification cards and a prescription at a Target pharmacy in the health insurer’s service area, are available already.

"We believe these programs will help motivate our members to get care that follows recommended guidelines and best practices," Medica chief clinical and innovation officer Mark Werner said. "Medica is committed to ensuring convenient, quality care at affordable prices. We are delighted to introduce these programs that benefit our members."

 

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Reports: Meijer sees strong sales from first Detroit store

BY Alaric DeArment

NEW YORK — Sales at Meijer’s first store in Detroit have been "very encouraging," according to published reports.

According to MLive, Meijer co-chairman Hank Meijer made remarks about the store, opened during the summer, at the 2013 CEO Summit in Cadillac, Mich., earlier this week.

Meijer was quoted as saying the mass-merchandise retailer, based in Grand Rapids, Mich., and operating more than 200 stores throughout the Midwest, plans to open another store in Detroit in the next two years, as well as 13-14 new stores in 2015, including six in the Milwaukee area. 

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