Thu, Jul. 30, 1:37 PM
- Unsurprisingly, Express Scripts (ESRX -0.6%) takes a dim view of the proposed price of the cholesterol-lowering PCSK9 inhibitor Praluent (alirocumab). Last Friday, co-developers Sanofi (SNY +1.6%) and Regeneron Pharmaceuticals (REGN +0.4%) announced that the wholesale acquisition cost (WAC) of the once-every-two-week injection will be $40 per day or $14,600 per year. This is several orders of magnitude above the cost of statins, which average $2 - 3 per day.
- WAC is the average price that wholesalers and distributors pay for the drug. Patients will, of course, pay quite a bit more.
- Pharmacy benefit managers, still feeling the pinch from Gilead's (GILD +1.8%) HCV meds Sovaldi and Harvoni, will likely ratchet up their opposition as Praluent's U.S. launch commences.
- Related tickers: (AET +0.9%)(CTRX)(CNC +0.9%)(CI -0.7%)(HUM)(MRK +0.3%)(OCR +0.4%)(UNH -0.7%)(CVS -0.5%)
Fri, Jul. 17, 6:20 PM
- CVS Health (NYSE:CVS) and Walmart Canada (NYSE:WMT) say a data breach at a Canadian IT vendor owned by Staples (NASDAQ:SPLS) may have leaked credit card information from their online photo processing websites, possibly compromising data on millions of users.
- The retailers have temporarily shut down their online photo processing services and related mobile services, and urge customers to check their credit card records for any suspicious activity.
- The vendor also provides software to Costco's (NASDAQ:COST) online photo processing services, but its photo site apparently was functioning today.
Wed, Jul. 15, 12:36 PM
- Moody's raises its outlook on the U.S. retail industry to Positive from Stable on its view operating income will improve by 5% to 6% over the next 12 to 18 months.
- The ratings agency is focused on the expense side, seeing a leveraging of fixed costs and efficiency gains as helping to pad bottom lines.
- Sectors seen leading the way for profit growth are dollar stores (FDO, DG, DLTR), drug stores (WBA, CVS, RAD), and home improvement chains (HD, LOW).
- Related ETFs: XLY, XRT, VCR, RTH, RETL, IYK, FXD, FDIS, RCD, PMR, UGE, SZK
Wed, Jul. 8, 12:55 PM
Mon, Jun. 15, 8:05 AM
- CVS Health (NYSE:CVS) announces it will trim its share repurchase guidance to $5B from a prior level of $6B.
- The action will help the company keep its target adjusted debt to EBITDA leverage ratio at approximately 3.2 after the acquisitions of Omnicare and Target's pharmacy businesses close.
- Previously: Target and CVS Health sign major partnership
- CVS +0.8% premarket to $102.99 following the Target announcement.
Mon, Jun. 15, 7:15 AM
- CVS Health (NYSE:CVS) acquires the pharmacy and clinic business of Target (NYSE:TGT) for $1.9B.
- The deal will cover more than 1.6K locations spread across 47 different U.S. states.
- The pharmacies will continue to operate within Target stores rebranded under the CVS format.
- The agreement also calls for Target and CVS to partner on ten new small-format stores.
- Target sees extra traffic resulting from the strategic agreement with CVS, while the expansion falls under a plan to CVS to grow its store base.
Tue, Jun. 9, 10:55 AM
- CVS Health (CVS -0.1%) initiated with Outperform rating and $115 (16% upside) price target by Macquarie.
- Galapagos (GLPG -3%) initiated with Overweight rating and $73 (36% upside) price target by Morgan Stanley.
- LifePoint Health (LPNT) initiated with Conviction Buy rating and $92 (25% upside) price target by Goldman Sachs.
- BioMarin Pharmaceutical (BMRN -2.2%) initiated with Overweight rating and $150 (24% upside) price target by Barclays.
- Universal Health Services (UHS +0.2%) initiated with Neutral rating and $140 (10% upside) price target by Goldman Sachs.
- Amsurg (AMSG -0.5%) initiated with Buy rating and $81 (17% upside) price target by Goldman Sachs.
- Momenta Pharmaceuticals (MNTA -2.6%) initiated with Buy rating and $26 (18% upside) price target by Stifel Nicolaus.
- Actavis (ACT -0.6%) initiated with Outperform rating and $344 (16% upside) price target by Raymond James.
Thu, May 21, 7:32 AM
- CVS Health (NYSE:CVS) confirms it will acquire Omnicare (NYSE:OCR) for $98 per share in a deal valued at $12.7B.
- The transaction is expected to close near the end of the year.
- The company sees the purchase adding $0.20 to EPS in 2016
- Previously: Bloomberg: CVS in advanced talks to buy Omnicare
- OCR +1.39% premarket to $95.95.
- CVS +1.77% premarket to $103.06.
Wed, May 20, 6:15 PM
- CVS is in advanced talks to buy nursing home pharmacy owner Omnicare (NYSE:OCR) and could reach a deal as soon as this week, sources tell Bloomberg.
- Omnicare hired advisors to find a buyer earlier this year. In April, Bloomberg reported CVS was one of several interested parties.
- OCR +5.7% AH to $100.00. CVS +0.5% to $101.80.
Wed, May 13, 12:22 PM
- CVS Health (CVS -0.5%) settles the case brought by the U.S. Attorney's Office for the Middle District of Florida and the U.S. Drug Enforcement Administration (DEA) concerning allegations related to the over-dispensing of oxycodone by two CVS stores in Sanford, Florida. The company agreed to pay $22M to resolve the matter.
- In 2012, the DEA banned the two pharmacies from selling controlled drugs calling them an "imminent danger" to the public. The average pharmacy in the U.S. ordered ~69K oxycodone pills from wholesalers in 2011. The two pharmacies in question, located about five miles apart, ordered more than 3M.
Fri, May 1, 8:59 AM
- Retail Pharmacy revenue up 2.9% to $16.95B.
- Retail Pharmacy same-store sales up 1.2%.
- Retail Pharmacy same-store prescription volumes up 5.1%.
- Generic dispensing rate: Pharmacy services: 83.5% (+150 bps); Retail Pharmacy: 84.4% (+150 bps).
- Gross margin rate down 121 bps to 16.97%.
- Operating margin rate down 32 bps to 5.87%.
- FY2015 Guidance: GAAP EPS: $4.80 to $4.91; Non-GAAP EPS: $5.08 to $5.19; CF Ops: $7.6B to $7.9B.
- Q2 Guidance: GAAP EPS: $1.10 to $1.13; Non-GAAP EPS: $1.17 to $1.20.
- Shares up 2% premarket on light volume.
Fri, May 1, 7:01 AM
Thu, Apr. 30, 5:30 PM
Thu, Apr. 30, 4:08 PM
- According to Bloomberg, the list of firms that have indicated an interest in Omnicare (NYSE:OCR) include Express Scripts (NASDAQ:ESRX), CVS Health (NYSE:CVS), Walgreens Boots Alliance (NASDAQ:WBA) and McKesson (NYSE:MCK). Initial bids for the $8.5B market cap firm are due in May.
- Previously: Omnicare reportedly exploring sale; trading halted (April 22)
- Previously: Omnicare buyer would need to pay $95/share - UBS (April 23)
Tue, Mar. 31, 8:46 AM| Tue, Mar. 31, 8:46 AM | 9 Comments
Wed, Mar. 4, 10:48 AM
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