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Publix posts 6.1% gain in first-quarter sales

BY Michael Johnsen

LAKELAND, Fla. — Publix on Wednesday posted first-quarter sales of $7.5 billion, representing a 6.1% increase. The Easter holiday in the first quarter of 2013, which was in the second quarter of 2012, increased sales by approximately 1.3%, the grocer noted. 

Comparable-store sales for the first quarter of 2013 increased 3.9%.

“I’m very pleased that our strong operating performance and improvements in the stock market resulted in a significant increase in our stock price,” stated Publix CEO Ed Crenshaw. “I want to thank our associates — the owners of Publix — for continuing to make us a leader in our industry.”

Effective May 1, Publix’s stock price increased from $23.20 per share to $26.90 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.

 

 

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Actavis to acquire rights to Valeant drug

BY Alaric DeArment

PARSIPPANY, N.J. — Drug maker Actavis has acquired rights to a treatment for an experimental bacterial vaginosis from Valeant Pharmaceuticals International for about $55 million, the drug makers said Wednesday.

Actavis Specialty Brands’ acquisition of Valeant’s metronidazole vaginal gel is in the 1.3% strength. The deal includes an upfront payment, milestone payments and royalties for the first three years after the drug is commercialized. Actavis hopes to market the drug as early as the middle of next year.

"We believe this compound has significant potential to help patients in need of new treatment," Valeant EVP and company group chairman Laizer Kornwasser said. "We are very pleased to acquire the rights to an additional potential product that further expands our Women’s Health development pipeline and look forward to the ultimate launch of the product."


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Teva introduces generic bronchospasm drug

BY Alaric DeArment

NORTH WALES, Pa. — Teva Pharmaceutical Industries has launched a generic inhaler used to treat bronchospasm, the company said.

Teva announced the introduction of levalbuterol inhalation solution. The product is a generic version of Sunovion’s Xopenex and is available in the 0.31 mg, 0.63 mg and 1.25 mg strengths.

Various versions of the drug had sales of $438.8 million in 2012, according to IMS Health.


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