On Wednesday, Shares of Rite Aid Corporation (NYSE:RAD), lost -2.30% to $7.01.
Rite Aid Corporation stated operating results for its fiscal second quarter ended August 29, 2015. The company stated revenues of $7.7 billion, net income of $21.5 million or $0.02 per diluted share, and Adjusted EBITDA of $346.8 million, or 4.5 percent of revenues.
Second Quarter Summary
Revenues for the quarter were $7.7 billion as compared to revenues of $6.5 billion in the prior year’s second quarter, an improvement of $1.2 billion or 17.5 percent. Retail Pharmacy Segment revenues were $6.6 billion and raised 1.9 percent primarily as a result of an improvement in same store sales. Pharmacy Services Segment revenues were $1.1 billion from the date of the acquisition of EnvisionRx, which was June 24, 2015 through the end of the quarter.
Same store drugstore sales for the Retail Pharmacy Segment raised 2.1 percent over the prior year, comprising of a 0.3 percent improvement in front-end sales and a 2.8 percent improvement in pharmacy sales. Pharmacy sales comprised an approximate 223 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores raised 0.2 percent over the prior year period. Prescription sales accounted for 69.3 percent of total drugstore sales, and third party prescription revenue was 97.8 percent of pharmacy sales.
Net income was $21.5 million or $0.02 per diluted share contrast to last year’s second quarter net income of $127.8 million or $0.13 per diluted share. The decline in net income resulted primarily from a $33.2 million loss on debt retirement related to the redemption of the company’s 8.00% senior secured notes, higher depreciation and amortization expense related to EnvisionRx and an improvement in capital spending, higher interest and transaction costs incurred in connection with the company’s acquisition of EnvisionRx, and the cycling of a prior year benefit of about $40 million related to the Company’s transition to its new drug purchasing and delivery arrangement with McKesson.
Rite Aid Corporation is a retail drugstore chain. The Company sells prescription drugs and a range of other merchandise, which are referred to as front-end products. The Company’s drugstores’ primary business is pharmacy services. It operates about 4,570 stores in 31 states across the country and in the District of Columbia.
Shares of Wells Fargo & Co (NYSE:WFC), inclined 0.20% to $50.78, during its last trading session.
Wells Fargo & Co named five grand prize winners of its national Wells Fargo Works Project contest, which ran from May 1 – June 30. The five winning businesses, selected from a pool of 25 finalists, each will receive $25,000, a six-month mentorship from a small business professional, and tailored solutions for their business, such as checking, savings or credit products.
On May 1, small business owners across the country were invited to enter the contest by submitting a short video or essay that answered five questions addressing why they became a business owner, their mission and purpose, and their business aims and challenges. The finalists and grand prize winners were selected based on their responses, which were judged by a panel of contest judges and through public voting.
Wells Fargo first launched the Wells Fargo Works Project contest in May 2014. This year, the contest opened shortly after launching a new, online Business Plan Center, a free resource for small businesses available on WellsFargoWorks.com. The Center features a Business Plan Tool that offers a step-by-step guide to writing business plans, and a Competitive Intelligence Tool, which offers key competitor and market insights that can be used as part of the business planning process.
Wells Fargo & Company is a financial and bank holding company. Its principal business is to act as a holding company for its auxiliaries. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement. The Company provides retail, commercial and corporate banking services through banking stores and offices, the Internet and other distribution channels to individuals, businesses and institutions in all around 50 states, the District of Columbia and in other countries.
Shares of Gilead Sciences, Inc. (NASDAQ:GILD), declined -0.96% to $105.49, during its last trading session.
Gilead Sciences declared topline results from four international Phase 3 clinical studies (ASTRAL-1, ASTRAL-2, ASTRAL-3 and ASTRAL-4) evaluating a once-daily, fixed-dose combination of the nucleotide analog polymerase inhibitor sofosbuvir (SOF) with velpatasvir (VEL), an investigational pangenotypic NS5A inhibitor, for the treatment of genotype 1-6 chronic hepatitis C virus (HCV) infection.
In the ASTRAL-1, ASTRAL-2, and ASTRAL-3 studies, 1,035 patients with genotype 1-6 HCV infection received 12 weeks of SOF/VEL. Among these patients, 21 percent had compensated cirrhosis and 28 percent had failed prior treatments. The ASTRAL-4 study randomized 267 patients with decompensated cirrhosis (Child-Pugh class B) to receive 12 weeks of SOF/VEL with or without ribavirin (RBV), or 24 weeks of SOF/VEL. The primary endpoint for all studies was SVR12.
Of the 1,035 patients treated with SOF/VEL for 12 weeks in the ASTRAL-1, ASTRAL-2 and ASTRAL-3 studies, 1,015 (98 percent) achieved the primary efficacy endpoint of SVR12. Of the 20 patients who did not achieve SVR12, 13 patients (1.3 percent) practiced virologic failure and seven did not complete an SVR12 visit (e.g., lost to follow-up). Twelve of the 13 virologic failure patients relapsed (two genotype 1 HCV-infected patients and 10 genotype 3 HCV-infected patients). There was one patient with documented reinfection. No patients with genotype 2, 4, 5 or 6 HCV infection had virologic failure.
Gilead Sciences, Inc. (Gilead), is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines. The Company’s primary areas of focus comprise human immunodeficiency virus (HIV), liver diseases such as chronic hepatitis C virus (HCV) infection and chronic hepatitis B virus (HBV) infection, oncology and inflammation, and serious cardiovascular and respiratory conditions.
Finally, Mylan NV (NASDAQ:MYL), ended its last trade with -2.66% loss, and closed at $45.41.
Mylan confirmed that on September 19, 2015 the Stichting Preferred Shares Mylan, an independent foundation (“stichting”) incorporated under the laws of the Netherlands (the “Foundation”), requested cancellation of the preferred Mylan shares issued to the Foundation on July 23, 2015. The Foundation informed Mylan it was satisfied that influences that might adversely affect the strategy, mission and other interests of Mylan, its business and its stakeholders to be protected by the Foundation as described in the Foundation’s articles of association have been sufficiently addressed.
Cancellation of the preferred shares requires Mylan shareholder approval. The Mylan Board of Directors will declare the shareholders meeting to approve the cancellation of the preferred shares in due course.
Mylan N.V., formerly Mylan Inc., is a global pharmaceutical company, which develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. Mylan operates in two segments: Generics and Specialty.
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