Jean Coutu's generic drug division drives down profit
Net income for the pharmacy retailer dips $3.5 million year over year
Jean Coutu Group 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 of net income in the quarter.
That's down from $49 million 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.