CVS closes Longs deal, reports OTC growth
This article was originally published in The Tan Sheet
Executive Summary
CVS/Caremark announces Oct. 30 the finalization of its acquisition of Longs Drug Stores Corp., which has 521 locations in markets mostly without a CVS presence, including Hawaii and central and northern California (1"The Tan Sheet" Aug. 18, 2008, p. 19). CVS/Caremark President and CEO Tom Ryan says the deal "accelerates our expansion into key growth markets." The Woonsocket, R.I.-based firm also reports third quarter retail sales of $11.5 billion, a 5.3 percent jump. Ryan says the cough/cold business "is up double-digit year-to-date" and the OTC health care category and private-label sales are up. He attributes the increases to "economic step therapy," in which consumers self-medicate before seeking costlier health care
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