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4 年前
UPDATE 1-Jean Coutu profit misses estimates as generic drugs get cheaper
2013年10月9日 / 中午11点55分 / 4 年前

UPDATE 1-Jean Coutu profit misses estimates as generic drugs get cheaper

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* 2nd-qtr adjusted earnings C$0.24/shr vs est. C$0.25

* Same-store sales fall 0.1 pct

Oct 9 (Reuters) - Canadian pharmacy chain Jean Coutu Group Inc reported a lower-than-expected quarterly profit as it sold more generic drugs at lower prices.

Price-controls for generic drugs, aimed at cutting costs for government and private health programs, have hurt Jean Coutu and rivals such as Shoppers Drug Mart.

Prices of six commonly prescribed generic medicines, as a percentage of the branded drugs, have fallen to 18 percent from 25-40 percent.

Québec-based Jean Coutu, which operates 411 franchised stores in Québec, Brunswick and Ontario, said 67.2 percent of prescriptions were for generics during its second quarter, up from 61 percent a year earlier.

Revenue fell slightly to C$653.8 million ($633 million) from C$658.7 million a year earlier. Same-store sales, a key measure for retailers, fell marginally, compared with a 2.6 percent rise a year earlier.

Net profit rose to C$208.2 million, or 99 Canadian cents per share, for the three months ended Aug. 31, from C$51.2 million, or 23 Canadian cents per share, a year earlier.

Excluding gains from the sale of its stake in drugstore chain Rite Aid Corp in July, Jean Coutu earned 24 Canadian cents per share.

Analysts on average had expected adjusted earnings of 25 Canadian cents per share on revenue of $651.60 million, according to Thomson Reuters I/B/E/S.

Jean Coutu's shares, which have climbed 24 percent this year, closed at C$18.91 on the Toronto Stock Exchange on Tuesday.

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