Financial News

TORONTO — Shoppers Drug Mart posted a 2.7% boost in first-quarter sales, driven by strong front-store sales gains that benefited from marketing campaigns, promotions and market share gains of the company's core health, beauty and convenience categories.

Front-end same-store sales rose 4.4% during the quarter ended March 26. Sales at the front end were C$1.197 billion ($1.26 billion), up 6% compared with the year-ago period.

PHILADELPHIA — Market research firm Wolters Kluwer Health will acquire drug information provider Lexi-Comp, Wolters Kluwer said Wednesday. Financial terms of the deal were not disclosed.

CAMP HILL, Pa. — Rite Aid’s same-store sales for April increased by 0.5%, compared with April 2010, the pharmacy retailer said Wednesday.

This included a 0.4% decrease in sales at the front end and a 1% increase in pharmacy sales, offset by 133 basis points due to new introductions of generic drugs. Prescription count at comparable stores increased by 0.7%.

LAKE FOREST, Ill. — Hospira had net sales of $1 billion during first quarter 2011, the generic drug maker said Tuesday.

Sales for the quarter, which ended March 31, declined by 0.5%, compared with first quarter 2010, while profits were $149.9 million, a 5.8% increase over last year.

NEW YORK — Crossmark and Market Performance Group are looking to optimize their role in the drug industry through a new venture.

The companies announced that they have merged their respective chain drug sales businesses to form MPG Drug, which will be a division of Crossmark. With this merger, MPG Drug now will be the largest provider of headquarter sales and retail services in the U.S. drug industry, the companies said, by providing growth solutions in a timely manner.

NEW YORK — Within the next three months, a gallon of gas is expected to exceed $4.11, which previously marked the highest historical U.S. retail price set in July 2008. Prior to that, the highest that gas prices had ever been was $3.46 in March 1981. 


NEW YORK — Oil demand worldwide hit record levels in 2010 and is expected to increase another 1.4% through 2011. That increase in demand coupled with the volatility within many oil-producing countries is what is fueling the speculation of ever-rising gas prices. Here are the countries to watch for in the news:

Libya

REDWOOD CITY, Calif. — Drug maker AP Pharma has appointed two new executives and may receive financing of up to $4.5 million, the company said Monday.

AP announced the appointment of John Whelan as president, CEO and director, and Michael Adam as SVP and COO.