UPI en Español  |   UPI Asia  |   About UPI  |   My Account
Search:
Go

Walgreen profits skid in first quarter

|
 
Published: Dec. 22, 2012 at 12:14 PM

DEERFIELD, Ill., Dec. 22 (UPI) -- U.S. pharmaceutical giant Walgreen Co. said profits dropped 25 percent in the three months ending Nov. 30, its first fiscal quarter.

The company posted earnings of $413 million or 43 cents per share, the Chicago Tribune reported Saturday. Earnings hit $554 million or 63 cents per share, in the same period a year earlier.

The jolt came from a dispute with Express Scripts, a company that manages drug benefits.

Walgreen and Express Scripts broke off doing business together this year due to a contract dispute. They have resumed their business relationship, but the split caused many pharmacy customers to take their business to rival firms, such as Rite Aid Corp. or CVS Caremark Corp, then newspaper said.

Industry analysts said the temporary split with Express Scripts may have cost Walgreen $4 billion of business.

Walgreen President and Chief Executive Officer Greg Wasson said customers were returning to Walgreen.

"They're coming back from every player. We feel good with our win-back," Wasson said in a conference call.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
Join the conversation
Most Popular Collections
'Star Trek Into Darkness' screening NBC upfronts Met Ball 2013
'Great Gatsby' premieres in New York Spire raised on top of One WTC 2013: Celebrity break ups and divorces
Additional Business News Stories
1 of 14
Obama in Berlin
View Caption
A child is seen playing at the Memorial to the Murdered Jews of Europe on the eve of U.S. President Barack Obama's visit to Berlin on June 18, 2013. Obama is scheduled to meet German Chancellor Angela Merkel and will later speak at the Brandenburg Gate where fifty years earlier, U.S. President John F. Kennedy delivered his famous "Ich bin ein Berliner (I am a Berliner)" address . UPI/David Silpa
fark
Police say a 911 call reporting a hostage situation and shooting that resulted in SWAT team mobilization...
British report recommends bankers go directly to jail, do not pass Go, do not collect $200 (million)...
"My wife found out I knocked up an alien cat woman and was very unhappy. That caused a few problems,...
Oh, no, not this shiat again
Man upset that the mother of his child refused to let him see his kid decides to randomly shoot...
From the Powerball FAQ: "Swinging a live chicken above your head while wishing for the future numbers...