P&G CEO tells shareholders company is making ‘solid’ growth progress
CINCINNATI — Procter & Gamble chairman, president and CEO Bob McDonald acknowledged during the company’s annual meeting on Tuesday that P&G has “work left to do to deliver the growth” shareholders expect but stressed that the company is making solid progress in fiscal year 2011 despite business and economic challenges.
“We know the road ahead is challenging. We’re operating in a very tough economic environment with high degrees of uncertainty, but we’ve been through tough periods before, and we have always stayed focused on what must be done in the present while not losing sight of what it will take to keep growing in the future. We’re maintaining that focus today. We’re not the kind of company that chases short term commodity or currency movements at the expense of our strategy, and we’re confident our strategy is right now and for the long term,” McDonald said.
For the fiscal year that ended on June 30, P&G delivered organic sales growth of 4% and core earnings per share growth of 8%, and increased the quarterly dividend by 9%.
P&G stated that innovation and expansion programs drove market share growth in businesses representing approximately 60% of global sales and four of the company’s five geographic regions. This growth was delivered despite nearly $2 billion in commodity and energy cost increases, little-to-no market growth in developed markets, political instability in the Middle East and North Africa, as well as the earthquake and tsunami in Japan, he told shareholders.
McDonald cited four priorities for the year ahead: maintaining sales growth momentum, executing price increases with excellence, delivering high-quality operating profit growth and improving productivity in all aspects of the company.
“Innovation and portfolio expansion remain critical growth drivers and are central to fulfilling the company’s purpose of touching and improving the lives of the world’s consumers. We currently have one of the strongest innovation and global expansion programs in P&G history. And, we have a strong pipeline going forward,” McDonald said.
P&G will issue its results for the first fiscal quarter ended Sept. 30 on Oct. 27.
FDA approves dosage for antidepressant
AUSTIN, Texas — The Food and Drug Administration has approved a new strength for a psychiatric drug made by Edgemont Pharmaceuticals, Edgemont said Tuesday.
The drug maker announced the approval of a 60 mg dose of fluoxetine tablets, a treatment for major depressive disorder, obsessive compulsive disorder, bulimia nervosa and panic disorder. The drug was originally marketed under the brand name Prozac.
"By reducing the number of pills per dose from three pills to one, we are hopeful that our fluoxetine 60 mg tablets may help patients be more therapy-compliant," Edgemont president and CEO Douglas Saltel said. "This is an especially important goal for the higher-milligram dose patients that may be having trouble controlling their symptoms of depression."
Walgreens adds former CIGNA CMO and specialty pharmacy vet to team
DEERFIELD, Ill. — Walgreens on Tuesday named Jeffrey Kang and Mike Ellis to its pharmacy, health and wellness division.
Kang will join Walgreens Oct. 31 as SVP health and wellness services and solutions, reporting to both president and CEO Greg Wasson and president of pharmacy, health and wellness Kermit Crawford.
In addition, Mike Ellis has joined Walgreens as VP specialty pharmacy and infusion, reporting to Crawford.
"To advance community pharmacy and our role in the integration and cost-effective delivery of healthcare, we are continuing to strengthen the talent and leadership of our pharmacy, health and wellness organization," Crawford said. "Jeff comes to Walgreens after a long and diverse career in the healthcare industry. He has experienced the industry from all sides — as a practicing physician, from inside government and in the private sector. With his extensive background in health care, Jeff has the breadth of experience and strategic insight to lead our health and wellness businesses, building a dynamic organization that helps us meet customers’ needs for access to quality, affordable healthcare."
Most recently Kang, 55, was chief medical officer at CIGNA, where he was responsible for health strategy and policy for its medical, pharmacy and behavioral products. Kang also was responsible for CIGNA’s pay for performance programs, including its patient centered medical home and accountable care organizations. Prior to his position at CIGNA, he served as chief clinical officer at the Health Care Financing Administration (now Centers for Medicare and Medicaid Services) from 1998 to 2002. He also was chief medical officer for the Office of Managed Care from 1995 to 1998.
Kang began his career as the executive director of the Urban Medical Group, a not-for-profit, private group practice in Boston that pioneered the use of physician and nurse practitioner teams to care for frail, elderly patients.
Kang is board certified in internal medicine and geriatrics and was on the clinical faculty at Harvard Medical School. In 1981, he received both his M.D. from University of California at San Francisco and his M.P.H from the University of California at Berkeley. He earned his bachelor’s degree from Harvard College in 1977. He was on the clinical faculty at Boston’s Beth Israel Hospital, Harvard Medical School, from 1984 to 1994. Kang currently serves on the board of directors for the National Committee for Quality Assurance and the Healthcare Information and Management Systems Society.
In announcing the appointment of Mike Ellis as Walgreens new VP specialty pharmacy and infusion, Crawford said Ellis will bring important strategic oversight to both of those business units. "Mike’s well-rounded background in specialty and infusion pharmacy includes developing strategic service relationships with the biotech and pharmaceutical industries, and building new business opportunities," said Crawford. "His leadership will be an important part of our opportunity to play a significant role as a provider in these growing pharmaceutical segments."
Most recently Ellis, 53, managed private investments for companies in healthcare and other industries. Prior to that, he served as SVP specialty trade relations and contracting and pharmaceutical services for CVS Caremark. His more than 28 years of experience covers both the specialty pharmacy and infusion services industries, including senior positions with companies including AdvancePCS, Olsten Health Services and Quantum Health Resources.
Ellis is a licensed pharmacist and earned his bachelor of science degree in pharmacy in 1982 from the University of Arkansas College of Pharmacy.