Quebec: Generic drugs pinch revenue growth at Jean CoutuFriday, January 08, 2016 > 10:04:28
Quebec-based pharmacy chain Jean Coutu Group reported Thursday that its third-quarter profits were $57.8 million, up 3.3 per cent from the same period a year ago.
Overall revenue rose 1.7 per cent, to $749 million, for the three-month period ended Nov. 28. Same-store sales were up only 0.1 per cent, with pharmacy sales down 1.6 per cent.
Generic drugs accounted for 69.8 per cent of prescriptions in the third quarter, up from 68.1 per cent a year earlier. That contributed to lower pharmacy revenue, since they have lower selling prices than brand names, the company said.
“We are satisfied with the results of the third quarter of fiscal 2016, which demonstrate the relevance of our strategies and the strength of our organization, despite the restrictive regulatory context which prevails in our industry,” president François Coutu said in a statement.