CVS Health Corp (CVS.N) reported a bigger-than-expected quarterly profit as higher margins in its pharmacy business helped offset the loss of major contracts last year. Front-end same-store sales fell 4.9 percent in the first three months ended March 31. However, higher generic drug dispensing rate and a cut back on promotions at the front-end of the store lifted gross margin in the pharmacy business by about 35 basis points to 29.4 percent. CVS reiterated its 2017 profit forecast and estimated second-quarter adjusted earnings largely below analysts' average estimate of $1.33 per share. Revenue in CVS's bigger pharmacy services business rose 8.5 percent to $31.2 billion as claims increased across its network and on strong demand for its specialty pharmacy service.
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![Pfizer beats 1Q profit forecasts, but sales slip]()
This year, drugs with sales of about $2.5 billion face generic competition, including Viagra, which gets its first U.S. generic competition late this year. Its $14 billion buyout of cancer drug developer Medivation last September gave it prostate cancer drug Xtandi, which had sales of $131 million in the quarter. Pfizer is near the end of a years-long stretch in which generic competition cut into revenue from its one-time blockbuster drugs, including cholesterol, heart and pain drugs. Sales of older drugs with expired patents fell 10 percent, to $5.36 billion; consumer health sales increased 3 percent, to $848 million. The company told analysts more cancer drugs are in testing and it expects steady approvals over several years.
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collected by :Jack Luxor
As it stated in
This year, drugs with sales of about $2.5 billion face generic competition, including Viagra, which gets its first U.S. generic competition late this year. Its $14 billion buyout of cancer drug developer Medivation last September gave it prostate cancer drug Xtandi, which had sales of $131 million in the quarter. Pfizer is near the end of a years-long stretch in which generic competition cut into revenue from its one-time blockbuster drugs, including cholesterol, heart and pain drugs. Sales of older drugs with expired patents fell 10 percent, to $5.36 billion; consumer health sales increased 3 percent, to $848 million. The company told analysts more cancer drugs are in testing and it expects steady approvals over several years.
read more visit us profit
collected by :Jack Luxor
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