Cardinal Health profits increase in first quarter
DUBLIN, Ohio — Cardinal Health had sales of $24.5 billion and profits of $339 million in first quarter 2014, the company said.
The results, announced Thursday, respectively represented a 5% decrease and 25% increase over first quarter 2013.
"We are off to an outstanding start to fiscal 2014, with both segments achieving strong margin expansion and earnings growth in the first quarter," Cardinal Health chairman and CEO George Barrett said. "Our pharmaceutical segment performance demonstrated balance across the business, with robust results in both our generic and branded programs. Our medical segment made excellent progress on its key priorities, building the portfolio of preferred products, achieving results from efficiency initiatives, growing strategic hospital network accounts and integrating the 2013 acquisition of AssuraMed."
Sales in the pharmaceutical segment declined by 7%, to $21.8 billion, as the company expected, due to the Sept. 30, 2012 expiration of a contract with Express Scripts and an Aug. 31, 2013 expiration of a Walgreens contract, though growth in volume from new and existing customers offset the decline. Profits for the segment were $433 million, an 8% increase over last year.
In the medical segment, sales increased by 13%, to $2.7 billion, due to the acquisition of AssuraMed, a distributor of medical products for the home, early in 2013. There was also strong growth in the segment’s hospital network account. Profits were $106 million, a 43% increase over last year.
Rite Aid comps increase in October
CAMP HILL, Pa. — Rite Aid’s same-store sales increased by 2.1% this month compared with October 2012, the retail pharmacy chain said Thursday, also issuing an estimate of the negative effects of Hurricane Sandy on its sales.
The increase included a 0.6% decrease in front-end same-store sales and an increase in pharmacy same-store sales of 3.4%, which were lowered by 0.85% due to introductions of new generic drugs. Same-store script count increased by 1.1%. Total sales for the month were $1.961 billion, a 2.2% increase over October 2012. The chain currently operates 4,599 stores.
For the first 34 weeks of the year, same-store sales decreased by 0.1%, including 0.1% decreases in front-end and pharmacy same-store sales, as well as a 0.2% increase in same-store scripts. Total sales were $16.41 billion, compared with $16.463 billion in October 2012.
According to Rite Aid’s estimates, the cycling of the effects of pre-storm sales on last year’s results reduced front-end same-store sales by 1.4% and same-store scripts by 0.3% due to a benefit from an increase in sales in the days that immediately preceded the storm. The company expects the cycling of the effects of the storm to benefit November sales.
CVS Caremark Charity Classic hosts golf clinics for veterans
WOONSOCKET, R.I. — As part of its philanthropic mission, the CVS Caremark Charity Classic is hosting a series of golf clinics for veterans of all abilities. Working in partnership with the nonprofit organization Golf For All, the first clinic will take place Nov. 1.
Headlining the clinics are some of the world’s top professional golfers who participated in the 2013 Charity Classic, including Annika Sorenstam, Billy Horschel and Juli Inkster.
The first clinic will feature Sorenstam at her Annika Academy in Reunion, Fla., followed by two events with Inkster at St. Andrew’s Country Club in Boca Raton, Fla. In addition, Horschel will treat wounded veterans to a clinic at TPC Sawgrass in Ponte Verde Beach, Fla.
Golf For All, a program of the Northeast Accessible Golf Association, provides accessible golf programs and clinics for veterans with physical, emotional and cognitive challenges. Specializing in teaching golfers with adaptive needs, PGA professional and Golf For All co-founder Bob Beach will also be on hand at the clinics providing each veteran tailored, one-on-one instruction including the use of adaptive equipment such as the special Paragolfer.
Beach was recently awarded the Patriot Award by the PGA of America (2013). The award recognizes a PGA Professional who personifies patriotism through the game of golf and demonstrates commitment and dedication to the men and women who have served in the armed forces. At the clinics, CVS Caremark colleagues will come together with the veterans to enjoy a day of camaraderie on the golf course.
"The CVS Caremark Charity Classic is proud to support the men and women who protect and serve our country through this series of golf clinics," stated Eileen Howard Boone, tournament chairwoman of the CVS Caremark Charity Classic. "This event is a natural extension of our company’s longstanding commitment to veterans and our annual tournament’s charitable mission. We know that our colleagues, the participating veterans and the pro golfers will truly enjoy this unique event which combines golf and camaraderie."
The CVS Caremark Charity Classic is Rhode Island’s largest charitable sporting event. Since 1999, the CVS Caremark Charity Classic has driven more than $16 million to charities, providing funding for a variety of critical programs serving children, families and people in transition throughout Southeastern New England.