Walgreens Issues Statement Concerning DEA Agreement
June 11 2013 - 4:59PM
Business Wire
Walgreens (NYSE: WAG) (Nasdaq: WAG) today released the following
statement from Kermit Crawford, president of pharmacy, health and
wellness:
“Today we reached an agreement with the DEA and the Department
of Justice that settles and resolves all administrative and civil
matters arising out of DEA’s concerns relating to the distribution
and dispensing of controlled substances. We have worked closely
with DEA over the past several months to reach this agreement,
which concludes the DEA’s review of our operations and provides
direction going forward.
“As the largest pharmacy chain in the U.S., we are fully
committed to doing our part to prevent prescription drug abuse. We
also will continue to advocate for solutions that involve all
parties – including leaders in the community, physicians,
pharmacies, distributors and regulators – to play a role in finding
practical solutions that combat the abuse of controlled substances
and ensure patient access to critical medications.
“As part of the agreement with DEA and our continuing desire to
work with DEA to combat prescription drug abuse, we have identified
specific compliance measures – many of which Walgreens has already
taken – to enhance our ordering processes and inventory systems, to
provide our team members with the tools, training and support they
need to ensure the appropriate dispensing of controlled substances
and to improve collaboration across the industry.”
Under the terms of the agreement, Walgreens will pay $80
million, which the company reserved in previous quarters, including
$25 million in its most recent quarter ended May 31, 2013. The
company expects the total impact of the agreement and other
associated costs to be 4 to 6 cents per share in its third fiscal
quarter.
The agreement resolves all pending litigation and requires
Walgreens to surrender its DEA registrations at only six of its
more than 800 Florida pharmacies until May 2014 and at its Jupiter
distribution center until September 2014. Walgreens has already
taken steps to ensure that there is no disruption to the supply of
medications to our pharmacies.
About Walgreens
As the nation's largest drugstore chain with fiscal 2012 sales
of $72 billion, Walgreens (www.walgreens.com) vision is to become
America’s first choice for health and daily living. Each day,
Walgreens provides more than 6 million customers the most
convenient, multichannel access to consumer goods and services and
trusted, cost-effective pharmacy, health and wellness services and
advice in communities across America. Walgreens scope of pharmacy
services includes retail, specialty, infusion, medical facility and
mail service, along with respiratory services. These services
improve health outcomes and lower costs for payers including
employers, managed care organizations, health systems, pharmacy
benefit managers and the public sector. The company operates 8,086
drugstores in all 50 states, the District of Columbia and Puerto
Rico. Take Care Health Systems is a Walgreens subsidiary that is
the largest and most comprehensive manager of worksite health and
wellness centers and in-store convenient care clinics, with more
than 700 locations throughout the country.
Cautionary Note Regarding Forward-Looking Statements: Statements
in this release that are not historical are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Words such as
"expect," “likely,” "outlook," “forecast,” "would," "could,"
"should," “can,” “will,” "project," "intend," "plan," "goal,”
“target,” “continue," "sustain," “synergy,” "on track," "believe,"
"seek," "estimate," "anticipate," "may," “possible,” "assume," and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements are not guarantees of future performance and involve
risks, assumptions and uncertainties, including, but not limited
to, those described in Item 1A (Risk Factors) of our most recent
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each
of which is incorporated herein by reference, and in other
documents that we file or furnish with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Accordingly, you
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. Except
to the extent required by law, Walgreens does not undertake, and
expressly disclaims, any duty or obligation to update publicly any
forward-looking statement after the date of this report, whether as
a result of new information, future events, changes in assumptions
or otherwise.
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