Jean Coutu reports lower Q1 profit, mostly due to its generic drug division

Jean Coutu reports lower Q1 profit, mostly due to its generic drug division

VARENNES, Que. — Jean Coutu Group (TSX:PJC.A) is reporting higher first-quarter revenue but lower profit compared with last year, mostly because of its generic drug manufacturing division.

The Quebec-based pharmacy retailer had $45.5 million or 25 cents per share of net income in the quarter.

That’s down from $49 million or 27 cents per share in the comparable period last year.

Jean Coutu said the reduced profit was primarily due to a lower contribution from the Pro Doc’s generic drug business following a regulatory change that took effect in January.

Overall revenue increased to $750.4 million from $723.6 million a year earlier, mostly because of overall market growth.

The quarterly report was issued ahead of Jean Coutu’s annual meeting in Varennes, Que., at the company’s head office.

The Canadian Press

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