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CVS Sept. Sales Up 24.3%

WOONSOCKET, RI-Drugstore chain CVS says sales increased 24.3% in September, despite stiff competition for generic drug dollars.

By Beverly Ford | Updated on October 11, 2006

WOONSOCKET, RI-Despite stiff competition over generic drugs from rival chains, drugstore giant CVS said sales were up 24.3% to $4.4 billion in September, rising nearly $1 billion over the $3.5 billion in sales for the same period a year earlier. Sales at stores open at least a year were also up by 8.8% in the five weeks ended Sept. 30, the company said.

The Woonsocket, RI drugstore chain took the unusual step of announcing its September results after rival Wal-Mart said it plans to begin offering some generic drugs at $4 per prescription. Thomas M. Ryan, chairman, president and chief executive officer of CVS Corp., said in a conference call that those 300 generic drugs represent less than 5% of the firm’s total pharmacy sales and 24% of its prescriptions.

Helped by the June acquisition of 701 Sav-On and Osco drugstores, CVS total sales soared 24.9% during the third quarter, rising to $11.2 billion from $9 billion during the same quarter a year earlier.

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