March 1, 2007
Generics hurt CVS pharmacy sales
By Christina Davis
Drugstore operator CVS Corp. said its same-store sales grew 7 percent in February despite new cheaper generic drugs coming on the market, which hurt pharmacy sales.
Pharmacy same-store sales grew 7.4 percent while front-end, or nonprescription, same-store sales grew 6.2 percent. Pharmacy sales were hurt about 4.1 percent by the introduction of some generic drugs, CVS said.
Total sales for the four-week period ended Feb. 24 grew 22.5 percent to $3.8 billion from $3.1 billion a year ago.
CVS announced Nov. 1 that it planned to acquire benefits manager Caremark Rx Inc. for about $21.2 billion in stock. The deal is being contested by rival benefits manager Express Scripts Inc. of Maryland Heights, Mo., and certain Caremark institutional shareholders. (AP)
Pharmacy same-store sales grew 7.4 percent while front-end, or nonprescription, same-store sales grew 6.2 percent. Pharmacy sales were hurt about 4.1 percent by the introduction of some generic drugs, CVS said.
Total sales for the four-week period ended Feb. 24 grew 22.5 percent to $3.8 billion from $3.1 billion a year ago.
CVS announced Nov. 1 that it planned to acquire benefits manager Caremark Rx Inc. for about $21.2 billion in stock. The deal is being contested by rival benefits manager Express Scripts Inc. of Maryland Heights, Mo., and certain Caremark institutional shareholders. (AP)
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