health services

Walgreen grows closer to supplier, falls short of profit in 2Q

Posted 3/19/13

CHICAGO – Walgreen Co. has switched its primary pharmaceutical supplier, according to the Associated Press. Walgreen has signed a 10-year deal in which AmerisourceBergen will replace Cardinal Health as its primary drug supplier.

In addition the chain, which operates more than 8,000 drugstores across the country and is Woonsocket-based CVS Caremark Corp.’s largest pharmacy competitor, has the right to purchase up to 7 percent of the wholesaler’s shares.

The news source said that AmerisourceBergen expects the deal will add $28 billion in revenue and 20 cents per share in earnings in its fiscal 2014 results, prior to costs associated with the deal.

The AP also reported on the drug store chain’s second-quarter earnings, in which the Deerfield, Ill.-based company fell short of analyst’s forecast, with net income of $756 million, or 79 cents per share, compared with $683 million, or 78 cents per share, a year earlier. Revenue was flat at $18.65 billion, according to the AP.

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