Walgreens selling pharmacy benefits management unit for $525 million
Deerfield, Ill. –Walgreen Co. said Wednesday it is leaving the pharmacy benefits management business, selling its Walgreens Health Initiatives operation to Catalyst Health Solutions Inc. for $525 million in cash. The deal will leave Walgreens free to focus on its drug store network, which is the largest in the United States.
Walgreens’ pharmacy benefits management business has never approached the size of Caremark, the pharmacy benefits management business of CVS Caremark Corp.,
The deal more than doubles Catalyst’s size, bringing its total membership to about 18 million members from 7 million. The Rockville, Md., company said it will handle about 165 million prescriptions a year after the deal is complete, compared to about 80 million previously.
Walgreens and Catalyst expect to complete the deal by the end of June pending regulators approval.
Bon-Ton Q4 income, sales up
York, Penn. –Bon-Ton Stores Inc. said Wednesday its fiscal fourth-quarter profit climbed 6%.
The department store chain said its net income rose to $85 million for the period ended Jan. 29, up from $80.3 million a year earlier.
Revenue edged up 1% to $1.03 billion from $1.02 billion.
Revenue at stores open at least a year rose 0.8%.
Bon-Ton Stores’ annual net income was $21.5 million. In the prior year, it lost $4.1 million.
Full-year revenue increased 1% to $3.05 billion from $3.03 billion. Same-store sales were up 0.9%.
P&G vet named Sephora CEO
Paris –LVMH announced the appointment of longtime Procter & Gamble veteran Christopher de Lapuente as global president and CEO of Sephora, effective March 31, 2011.
Lapuente joined P&G in 1983. He spent the whole of his career within the company, and in 2004, he was appointed president, the youngest ever in P&G history.