Jean Coutu predicts rule changes in Quebec around generic drugs will bring some consistency,
Quebec’s new pharma rules kick in as retailer prepares for takeover by Metro
MONTREAL— As it prepares to join the Metro grocery chain network, Quebec pharmacy company Jean Coutu Group Inc. anticipates some stability after years of provincial government intervention in a bid to lower generic-drug costs.
A ceiling on professional allowances paid to pharmacists by genericdrug manufacturers such as Jean Coutu’s Pro Doc will be restored to 15 per cent next week.
And a new law limiting pharmacists to buying half of their total generic drug purchases from one generic drugmaker is expected to have little impact on its pharmacist owners.
The Quebec-based pharmacy chain earned $47.8 million in its most recent quarter, down from $51.5 million a year ago even as revenue im- proved.
The drugstore retailer said the profit amounted to 26 cents per diluted share for the three-month period ended Sept. 2, two cents per share above analyst forecasts and down from 28 cents per diluted share in the same period a year earlier.
Revenue increased 6 per cent to $744.3 million, up from $701.2 million.
Last week, Jean Coutu agreed to a $4.5-billion takeover offer from grocery store chain Metro.