Financial News

WOONSOCKET, R.I. — CVS Caremark president and CEO Larry Merlo told analysts Wednesday morning that he was “very pleased” with the company's first quarter, as results across both the retail and pharmacy benefit management segments came in at the high end of expectations, and its integrated assets continue to demonstrate success and improve patient lives.

BASEL, Switzerland — Novartis' generics division has acquired Fougera Pharmaceuticals, the company said Wednesday.

Sandoz announced the acquisition of Melville, N.Y.-based Fougera for $1.525 billion in cash. Fougera specializes in generic dermatology drugs, and Sandoz said the acquisition would make it the world's largest company in the space.

HOFFMAN ESTATES, Ill. — Sears Holdings, the parent company of Kmart, expects to make a profit of between $155 million and $195 million in first quarter 2012, compared with a $165 million loss in first quarter 2011, the company said Tuesday.

In a statement released in advance of its annual shareholders meeting Wednesday, Sears Holdings said the profit includes $235 million from the sales of stores in the United States and Canada, which generated $440 million of cash proceeds.

LAKELAND, Fla. — First-quarter sales increased 4.2% to $7.1 billion for Publix, the company reported Tuesday.

Comparable-store sales experienced a 3.3% boost, while net earnings for the retailer totaled $409.4 million, compared with $398.2 million in the year-ago period, and net earnings per share rose 1 cent to 52 cents for the quarter.

SAN FRANCISCO — McKesson reported strong fourth-quarter and full-year results, thanks to gains across several of the company's business segments.

Revenues for the fourth quarter ended March 31 were up 10% to $31.7 billion, compared with the year-ago period, while earnings per diluted share were $2.09, up from $1.62 in the same period last year. For fiscal year 2012, McKesson had revenues of $122.7 billion, up nearly 9.5% from fiscal year 2011. Full-year earnings per diluted share from continuing operations totaled $5.59, up 30% from the prior year.

ST. PETERSBURG, Fla. — Catalina Marketing has boosted its portfolio by acquiring a mobile commerce solutions provider.

The company said the integration of Modiv Media into its business will give brands and retailers the ability to engage shoppers, influence their behavior and boost loyalty with a unique mobile experience that saves shoppers time and money.

ASHEVILLE, N.C. — Net sales for Ingles Markets experienced a spike during the second quarter and first half of fiscal year 2012, the retailer reported Monday.

For the second quarter ended March 24, Ingles Markets said net sales rose $11.3 million to $881.7 million, compared with the year-ago period, while net income dropped from $7.7 million in second quarter 2011 to $6.5 million in second quarter 2012. Excluding gasoline sales, comparable-store sales at Ingles Markets during the quarter decreased 0.1%, compared with the second quarter of the prior fiscal year.

IRVINGTON, N.Y. — Prestige Brands on Thursday reiterated its rebuke of a buyout offer from Mexican healthcare supplier Genomma Lab Internacional following Genomma's release of a proposal presentation.