CVS hurt by terrorism
CVS same-store sales will increase 8% in the third quarter, down from the previous forecast of 9%-10% growth, and earnings per diluted share will be 30[cents]-32[cents], versus expectations of 35[cents]-37[cents]. CVS attributed the revised results in part to the terrorist attacks on Sept. 11. "While early September showed signs of improvement, last week's national tragedy and its effect on consumer confidence are expected to have a negative impact." Retail improvements have been slower than expected; CVS plans to address that issue and the weakening economy with a promotional spend increase
You may also be interested in...
Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011
FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials
Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth