Walgreens sees sales increase for October
DEERFIELD, Ill. Walgreens said Friday the company experienced an overall increase in earnings for the month of October.
According to company financials, Walgreens’ October sales increased 11.8 percent, from $4,321,899,000 for the same month in 2006. Sales in comparable stores (those open at least a year) rose 6.9 percent.
Meanwhile, October pharmacy sales increased 12.9 percent, while comparable pharmacy sales increased 7.8 percent. Comparable pharmacy sales were negatively impacted, the company said, because of generic drug introductions in the last 12 months. Total prescriptions filled at comparable stores increased 5.6 percent. Pharmacy sales accounted for nearly two-thirds (66.6 percent) of total sales for the month.
Fiscal 2008 year-to-date sales for the two months were $9,241,787,000, up 10.6 percent from $8,353,426,000. Comparable store sales for the fiscal year to date increased 5.9 percent.
As of Oct. 31, Walgreens operated 6,059 drugstores (including 101 home care division locations, eight specialty pharmacies and three mail service facilities) in 49 states and Puerto Rico, versus 5,515 a year ago. Franchisees of Option Care, a wholly owned subsidiary of Walgreens, are not included in Walgreens store count.
Walgreens will release first-quarter 2008 earnings on Friday, Dec. 21.
CVS records impressive rise in Q3 earnings
WOONSOCKET, R.I. CVS Caremark announced on Thursday that third quarter earnings rose 142.6 percent as revenues totaled $20.5 billion.
Net earnings for the third quarter ended Sept. 29 totaled $689.5 million, or 45 cents per diluted share, compared with earnings of $248.2 million, or 33 cents per share, in the year-ago period. The company estimates that merger and integration costs associated with Caremark negatively impacted diluted earnings per share by about 1 cent for the quarter.
Revenues increased $9.3 billion to $20.5 billion, up from $11.2 billion in the year-ago period. Same-store sales rose 5 percent, while pharmacy same-store sales climbed up 4.3 percent. Pharmacy same-store sales were negatively impacted by about 580 basis points due to recent generic introductions. Same-store front-end sales rose 6.5 percent.
During the quarter, CVS opened 37 new stores, closed eight locations and one mail order pharmacy and relocated 41 others. As of Sept. 29, the company operated 6,206 retail pharmacy stores, 53 specialty stores, 22 specialty mail order pharmacies and nine mail order pharmacies.
Aizen named VP of sales for Rite Aid Health Solutions
CAMP HILL, Pa. Rite Aid on Thursday named Lance Aizen, a pharmaceutical and pharmacy benefit management executive, to the post of vice president of sales of Rite Aid Health Solutions, Rite Aid’s pharmacy benefit management company.
Aizen, 44, is responsible for all sales activity for Rite Aid Health Solutions and reports to Greg Drew, vice president and general manager of Rite Aid Health Solutions.
“We’re fortunate to have an experienced pharmacy benefit management executive of Lance’s caliber join our team and help us continue to grow Rite Aid Health Solutions,” Drew said. “Lance’s proven ability in negotiation and business development as well as his strong leadership skills in pharmacy benefit management will be a great asset.”
Aizen previously served as executive vice president of Envision Pharmaceutical Services, another PBM. Prior to Envision, Aizen was chief operating officer at the PBM SunRx.