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CVS » Topics » Retail Pharmacy Segment

This excerpt taken from the CVS 8-K filed May 5, 2009.

Retail Pharmacy Segment

The following table summarizes the Retail Pharmacy Segment’s performance for the respective periods:

 

     (Unaudited)
Fiscal Quarter Ended(1)		  

In millions

    March 31,
2009		     March 29,
2008		  

Net revenues

    $ 13,496.9     $ 11,845.6  

Gross profit

      3,956.2       3,505.0  

Gross profit % of net revenues

      29.3 %     29.6 %

Operating expenses

      3,064.8       2,664.9  

Operating expense % of net revenues

      22.7 %     22.5 %

Operating profit

      891.4       840.1  

Operating profit % of net revenues

      6.6 %     7.1 %
                

Net revenue increase:

     

Total

      13.9 %     5.4 %

Pharmacy

      13.2 %     4.8 %

Front Store

      15.6 %     6.6 %

Same store sales increase(2)(3):

     

Total

      3.3 %     3.9 %

Pharmacy

      4.6 %     3.7 %

Front Store

      0.7 %     4.3 %

Generic dispensing rates

      69.2 %     66.6 %

Pharmacy % of total revenues

      67.7 %     68.2 %

Third party % of pharmacy revenue

      95.4 %     95.4 %

Retail prescriptions filled

      152.4       139.5  
                

 

(1) On December 23, 2008, our Board of Directors approved a change in our fiscal year end from the Saturday nearest December 31 of each year to December 31 of each year to better reflect our position in the health care, rather than the retail, industry.

 

(2) Same store sales increase excludes the Longs Drug Stores, which were acquired effective October 20, 2008. These stores will be included in same store sales beginning in November 2009.

 

(3) Same store sales increase is based on sales from stores open more than one year based on a comparable 90-day reporting period.
This excerpt taken from the CVS 8-K filed May 1, 2008.

Retail Pharmacy Segment

The following table summarizes the Retail Pharmacy Segment’s performance for the respective periods:

 

     13 Weeks Ended  

In millions

    March 29,
2008		     March 31,
2007		  

Net revenues

    $ 11,845.6     $ 11,239.2  

Gross profit

      3,505.0       3,105.7  

Gross profit % of net revenues

      29.6 %     27.6 %

Operating expenses(1)

      2,664.9       2,479.8  

Operating expense % of net revenues

      22.5 %     22.1 %

Operating profit

      840.1       625.9  

Operating profit % of net revenues

      7.1 %     5.6 %

Net revenue increase:

     

Total

      5.4 %     23.1 %

Pharmacy

      4.8 %     21.3 %

Front Store

      6.6 %     27.1 %

Same store sales increase (2):

     

Total

      3.9 %     7.3 %

Pharmacy

      3.7 %     7.6 %

Front Store

      4.3 %     6.7 %

Generic dispensing rate

      66.6 %     61.7 %

Pharmacy % of net revenues

      68.2 %     68.6 %

Third party % of pharmacy revenue

      95.4 %     94.4 %

 

(1) Operating expenses include merger and integration cost associated with the Caremark Merger of $0.4 million and $4.5 million for the thirteen weeks ended March 29, 2008 and March 31, 2007, respectively.
(2) On June 2, 2006, we acquired certain assets and assumed certain liabilities from Albertson’s, Inc. for $4.0 billion. The assets acquired and the liabilities assumed included approximately 700 standalone drugstores and a distribution center located in La Habra, California (collectively, the “Standalone Drug Business”). During the thirteen weeks ended March 31, 2007, total net revenues were significantly affected by the acquisition of the Standalone Drug Business, which increased total net revenues by approximately 14.0%. The sales results of the Standalone Drug Business were not included in same store sales revenue until July 1, 2007.

EXCERPTS ON THIS PAGE:

8-K
May 5, 2009
8-K
May 1, 2008

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