Canada’s Jean Coutu Group posts Q3 results
LONGUEIL, Quebec — The Jean Coutu Group posted a boost in third-quarter net profits as revenues decreased largely because of the growth in generic drug prescriptions.
“The results of the third quarter of fiscal 2014 highlight the performance of our organization since the operating income and the profit per share recorded a significant increase in spite of a growing competitive environment and a restrictive regulatory context,” said Francois Coutu, president and CEO. “Our priority over the coming months will be to continue the implementation of dynamic strategic initiatives that will contribute to increase sales, pursue our growth and maintain our leadership.”
During the quarter ended Nov. 30, operating income before amortization rose 3.4%, despite the deflationary impact on pharmacy sales of a strong generic drugs penetration.
Net profit totaled Canadian $62.5 million, or 30 Canadian cents per share, compared with C$56.2 million, or 26 Canadian cents per share, in the year-ago period.
Revenues totaled C$712.5 million compared with C$716.6 million. The company attributed the decrease to the deflationary impact on revenues of the significant volume increase in prescriptions of generic drugs as well as the price reductions of generic drugs.
On a same-store basis, the company’s retail sales slipped 1.3%. Pharmacy same-store sales decreased 1.6% as front-end same-store sales decreased 1.3%.
Forest Labs buys specialty drug maker Aptalis
NEW YORK — Forest Labs will buy privately owned drug maker Aptalis for $2.9 billion, Forest said Thursday.
Aptalis specializes in making drugs for gastrointestinal disorders and cystic fibrosis, with sales of $688 million in fiscal year 2013. More than 60% of its sales come from the ulcer treatment Carafate (sucralfate), the inflammatory bowel disease treatment Canasa (melamine) and the cystic fibrosis drug Zenpep (pancrelipase).
"Aptalis has an excellent strategy and financial fit for Forest because of its strong product offerings in two therapeutic franchises that are complementary to Forest — [gastrointestinal] in the United States and Canada and cystic fibrosis in Europe," Forest president and CEO Brent Saunders said. "The acquisition of Aptalis helps to diversify Forest while advancing our strategy to create blockbuster therapeutic areas."
Mylan launches generic drug for kidney transplant patients
PITTSBURGH — Mylan has launched a generic drug for preventing rejection of transplanted organs, the company said Thursday.
The generic drug maker announced the launch of mycophenolic acid delayed-release tablets in the 180-mg and 360-mg strengths. The drug is a generic version of Novartis’ Myfortic. As the first company to file a completed regulatory approval application for the generic, Mylan is entitled to 180 days in which to compete exclusively against Novartis’ product before the Food and Drug Administration can approve additional generic versions.
The drug is used to prevent rejection of transplanted kidneys in adults and in children ages 5 years and older who are taking the drug at least six months after a transplant operation. Myfortic had sales of about $306.8 million during the 12-month period that ended in September, according to IMS Health.