Par Pharmaceuticals reports jump in revenue, income
WOODCLIFF LAKE, N.J. Generic drug maker Par Pharmaceutical Cos. reported a nearly $50 million increase in total revenues and a nearly $15 million increase in net income in its first quarter 2009 financial report Wednesday.
The company reported total revenues of $204 million for the quarter, compared with $154.9 million during the same period in 2008. Net income was $16.1 million, compared with $1.4 million the year-prior.
The increase in net revenues was mostly because of gains in sales of metoprolol succinate, which saw a 127% increase in sales over the year before, as well as sumatriptan, dronabinol and meclizine. The drugs are an authorized generic of AstraZeneca’s Toprol and generic versions of GlaxoSmithKline’s Imitrex, Pfizer’s Antivert and Unimed’s Marinol, respectively. The company also saw declines in fluticasone, a generic version of GSK’s Flonase, and Megace ES (megestrol acetate).
CVS Caremark net revenues up 9.7%
WOONSOCKET, R.I. CVS Caremark released its financial results for first quarter 2009, reporting that net revenues jumped close to 10%.
Net revenues for the first quarter 2009 increased $2.1 billion to $23.4 billion, up from $21.3 billion during the first quarter 2008. Net earnings per share, however, decreased to $0.50 per share, compared with $0.51 during the year-ago period.
Revenues in the retail pharmacy segment increased 13.9% to $13.5 billion in the first quarter 2009. Same store sales (sales from stores open more than one year based on a comparable 90-day reporting period) increased 3.3% over the prior-year period. Pharmacy same store sales rose 4.6%, and were negatively impacted by approximately 310 basis points due to recent generic introductions, while front-end same store sales increased 0.7%. Same store sales for the first quarter 2009 were negatively impacted by a later Easter (April 12th this year versus March 23rd last year), which shifted more holiday sales into the second quarter of 2009.
CVS Caremark operates 6,900 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com.
Walgreens gathers its top suppliers to boost minority-, women-owned firms
DEERFIELD, Ill. In a bid to build business opportunities for companies owned by women and minorities, Walgreens and some of its largest pharmaceutical suppliers are hosting a business development event Tuesday designed to leverage each company’s relationships with minority- and women-owned businesses.
Walgreens has dubbed the gathering the “Power of Alignment” Expo. The trade show, being held Tuesday at Chicago’s Navy Pier, was organized by Walgreens and some of its top vendors, including AmerisourceBergen, Cardinal Health, GlaxoSmithKline, Johnson & Johnson, Merck, Pfizer, Teva Pharmaceuticals and Watson Pharmaceuticals.
Also in attendance at the daylong event: 118 minority- and women-owned companies that do business with those suppliers. Those businesses represent a broad cross-section of professional and business services, including trucking and transportation, distribution and warehousing, construction, and printing or advertising industries.
“Each business has delivered high quality services to a sponsoring company, earning a recommendation that could now open exciting new doors,” Walgreens noted in a statement. “This unprecedented collaboration is an effort to connect each company with potential vendors recommended by their peers.”
The expo includes a presentation from Walgreens SVP pharmacy Kermit Crawford and a panel discussion with the purchasing leadership from four sponsoring companies. Participating businesses will have the opportunity to network and share best practices. Division leaders from each sponsoring company will spend the majority of the day meeting with dozens of potential vendors. A total of more than 270 20-minute appointments have been booked.
“Every sponsor for this event shares a commitment to supporting the economic development of the diverse communities in which we live, work and serve customers,” said Walgreens director of supplier diversity Gleatha Glispie. “I congratulate our partners for taking this inspiring step forward.”
Glispie described the Navy Pier gathering as a new model for developing business opportunities for women and minorities, based on “the incredible power of cross networking.” A key measure of its success, she said, will be “to have each sponsor award new contracts to a participating business this year.”