Rite Aid reports same-store sales increase
CAMP HILL, Pa. Rite Aid on Thursday reported a 1.1 percent increase in same-store sales for the five weeks ended Aug. 30, representing a 3.7 percent lift in front-end same-store sales and a slight decline of 0.2 percent in comparable pharmacy sales.
Excluding the acquired Brooks/Eckerd store base, Rite Aid core stores recorded a 3 percent lift in same-store sales results overall, including a 3.7 percent increase across front-end and a 2.5 percent increase in pharmacy sales.
Same-store sales for the acquired Brooks/Eckerds were down 2.7 percent, compared with a 3.8 percent decline in July, representing a 3.5 percent lift in front-end same-store sales countered by a 4.6 percent decline in pharmacy.
“We’re pleased with our same-store sales increase in August, even as customers continued to cut back on spending and prescription growth throughout the industry remained sluggish,” stated Mary Sammons, Rite Aid president, chairman and chief executive officer. “But the real news is the dramatic turnaround in front-end sales in the acquired stores, as customers are becoming more aware of the positive changes we’ve made, including a much wider selection of products and the addition of Rite Aid private brand. We will complete the Brooks Eckerd integration by the end of September and continue to expect same stores sales in the acquired stores will turn positive sometime in the third quarter.”
Total drug store sales for the five-week period decreased 1.3 percent to $2.5 billion. Prescription revenue accounted for 67.2 percent of drug store sales, and third-party prescription revenue represented 96.4 percent of pharmacy sales
For the 13-week quarter ended Aug. 30, sales were up 0.6 percent over the prior-year period, Rite Aid reported. Front-end same-store sales were up 1.9 percent and pharmacy same-store sales remained flat.
Teva’s Azilect slows Parkinson’s disease in trials
WASHINGTON Results from a Phase III clinical trial have shown that Teva Pharmaceutical’s Azilect 1-mg tablets can slow the progression of the disease, the drug maker announced.
Researchers gave 1,176 Parkinson’s disease patients daily 1- to 2-mg doses of Azilect for 18 months or a placebo for the first nine months and the drug for the second nine months.
Patients who took the 1-mg dose of Azilect showed significant improvement compared with patients in the placebo group.
The Food and Drug Administration approved Azilect in May 2006 as a monotherapy for early-stage ParkinsonOs disease and as an adjunct therapy to levodopa in moderate-to-advanced stages of the disease.
The drug, known generically as rasagiline mesylate, is available in 30 countries. Danish drug maker Lundbeck markets it in Europe, and both companies plan to co-promote it in the United Kingdom, Germany and France.
Taro to ask for extension on Sun Pharmaceuticals’ offer
TEL AVIV,, Israel Taro Pharmaceutical Industries has said it will appeal to Israel’s Supreme Court to contest a ruling in the Tel Aviv District Court regarding India-based Sun Pharmaceuticals’ offer to acquire the Israeli generic drug maker.
The District Court judge had called Taro’s demand for a tender offer from Sun disingenuous, considering Taro’s acceptance of the offer a year ago.
Taro plans to ask the Supreme Court to extend the deadline for Sun’s offer, which was Tuesday at 5 p.m.