Walgreen Profit Falls on Express Scripts Exit, Mild Flu Season |
| Wall Street Journal - Mar 27, 2012 |
Walgreen Co.'s WAG +0.83%fiscal second-quarter earnings fell 7.7% as the drug store chain's exit from pharmacy-benefit manager Express Scripts Inc. ESRX -0.81%network and a mild cold and flu season weighed on its performance.
The drugstore giant, which operates roughly 8,290 locations, reported that same-store sales fell 2.1% as a decline in its pharmacy section offset growth in the front of the store. Customer traffic edged up and basket size improved, though prescriptions filled dropped 4.9% on a same-store basis.
Walgreen's latest results come as prescription payers and providers gear up for a volatile pharmacy-benefit manager selling season. Walgreen at the end of last year allowed a contract with Express Scripts to expire, resulting in some clients going elsewhere to fill their prescriptions. Wall Street is also waiting to see if Express Scripts' planned acquisition of rival PBM Medco Health Solutions Inc. wins Federal Trade Commission approval.
Read Full Article from Wall Street Journal
- Posted: 2012-03-27 11:21:32
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
