Walgreen Net Falls; Shoppers Hold Back

WSJ.com: What's News US, Wall Street Journal
Mon, 03/23/2009 - 6:03am

Walgreen profit fell 6.7% as sales outside of the pharmacy department slipped. Discounts dented profit margins.

Sections: news business

Topics: drugs industry drugstore earnings & sales reports pharmacy walgreen

Grand jury probing meningitis-linked pharmacy: newspaper
A grand jury is investigating the compounding pharmacy at the heart of a deadly meningitis outbreak, the Boston Globe reported on Saturday. More
F.D.A. Asking for More Control Over Drug Compounding
Pharmacy compounding has come under a spotlight in recent months, after a center produced pain medicine contaminated with fungus that caused a national meningitis outbreak. More
Drug Makers Stalled in a Cycle of Quality Lapses and Shortages
...These recent quality lapses at big drug companies show that contamination and shoddy practices extend well beyond the loosely regulated compounding pharmacies that have attracted attention because of their link to an outbreak of meningitis... [S]everal industry observers and former plant employees said that the recent quality issues were troubling and that manufacturers had been reluctant to fix problems because stopping production was simply too costly in a business where profits were driven by volume. More
Congress widens scrutiny of meningitis outbreak to regulator
The House of Representatives on Friday widened its investigation into the deadly meningitis outbreak to include the role health regulators played in monitoring the pharmacy that produced steroid treatments suspected of causing the crisis. More
Walgreen's Profit Slides 55%
Walgreen's fiscal-fourth-quarter earnings fell 55% as less customer traffic at the drugstore chain contributed to a steeper-than-expected sales decline. More

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