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(Bloomberg)   Walgreens profit up 69%. Giggity   (bloomberg.com) divider line 11
    More: Spiffy, Walgreens, total revenue, Greensboro  
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324 clicks; posted to Business » on 27 Sep 2011 at 10:50 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



11 Comments   (+0 »)
   

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2011-09-27 09:42:18 AM  
Get your lube in isle 8!
 
2011-09-27 09:48:34 AM  
Go Nationals!
 
2011-09-27 10:28:47 AM  
Walgreen Profit Up 69% on Prescriptions Demand

Baby Boomers need their Prozac to help them forget that they are the ones that screwed up this country.
 
2011-09-27 10:59:44 AM  
with how much more they charge fore everything in the store than any other retail location, if they sell 3 items a day then their profits are good...
 
2011-09-27 11:16:47 AM  
their pharmacies work superbly. they are fast, friendly and competent ... our mailman throws the by-mail scrips on the porch like they're grenades ...
 
2011-09-27 11:18:38 AM  
Sure all the article yaks about is the prescription drug contract but I'll bet that it's
up 69% because they probably reduced everyone to part time reduced hours to 2 per
week for any worker making more than $9.50 an hour and slashed all insurance benefits again.

/It's what CVS did to it's employees.
 
2011-09-27 11:22:39 AM  

sparkeyjames: the prescription drug contract


The Express Scripts thing is going to kill Walgreens' pharmacy business if they can't get things together.

They're hemorrhaging customers to other pharmacy chains as it is, and even if they get it sorted out, they may not get those customers back. Everybody is cutting hours (my wife's company is slashing tech and cashier hours, even as they get busier and busier due to Walgreens customers jumping ship... I swear that company is run by morons), but Walgreens is doing it because their business is dropping (at least in this area).
 
2011-09-27 11:23:02 AM  
Except I just got a letter in the mail from my insurance company (Anthem) saying that Anthem would no longer pay for Rxs filled by Walgreens.

I guess they had some sort of disagreement over compensation, so now I have to move my Rx to CVS.

(sucks because Walgreens is literally 2 minutes from my house)
 
2011-09-27 11:29:08 AM  

sparkeyjames: Sure all the article yaks about is the prescription drug contract but I'll bet that it's
up 69% because they probably reduced everyone to part time reduced hours to 2 per
week for any worker making more than $9.50 an hour and slashed all insurance benefits again.


That's exactly what they did. I used to work there and Mrs. Grumbles still does. She's both senior beauty advisor (head of cosmetics) and a pharmacy tech. She works four hours at one store as a beauty advisor and four hours at another store as a pharmacy tech. I guess this works out, as she gets an even 40 on her paycheck, but still kinda ridiculous she has to work at two locations to do it. Must be even worse for the folks who only work 4 hours a day at one location.
 
2011-09-27 12:43:52 PM  

StubePT: Except I just got a letter in the mail from my insurance company (Anthem) saying that Anthem would no longer pay for Rxs filled by Walgreens.

I guess they had some sort of disagreement over compensation, so now I have to move my Rx to CVS.



The short of it is that your health insurance company generally doesn't handle the pharmacy end of the business themselves. They contract that out to other companies. Express Scripts is one of the largest ones, and with their pending purchase of Merck Medco, it's going to be gargantuan. Express Scripts and Walgreens have an agreement that runs out at the end of the year, and when it does, that's the end of that. As usual, it's about money; Walgreens is complaining that Express Scripts doesn't want to pay them enough to do it (most every insurance company has some drugs where they won't ever pay enough to actually fill the script; the pharmacy will take a loss on those particular drugs, but most fill it anyway).

Either Walgreens will come to an agreement with Express Scripts or there's a bunch of Walgreens users who are about to go pharmacy shopping.
 
2011-09-27 11:22:54 PM  
Walgreens will not come to an agreement with Express Scripts, because Express Scripts really IS screwing them on the payment plan. CVS owns Express Scripts, Tricare, some huge Medicare plans, and soon Medco. The general idea is to slash payments to other pharmacies. If the pharmacies accept the new deal, Express Scripts tells their customers "Sure, you can fill at that other pharmacy, but after 3 months you are forced to fill via CVS's mailorder program anyway."

I figure within a couple years there will be some unholy merger of CVS and one of the big two drug distributers (Cardinal or McKessen). Then it is going to be hilarious.
 
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