"You see, the pharmacy world is much more complex than just delivering certain pills or certain packages", CEO Stefano Pessina said on a post-earnings call that was dominated by discussions around Amazon's foray.
Inc said on Thursday it would buy online pharmacy PillPack, a small but significant step into the USA health care sector, sending shares of drug distributors and retailers lower.
"We are not particularly anxious", Pessina said, but added that the company was not complacent either.
"Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the U.S. who can benefit from a better pharmacy experience", PillPack co-founder and CEO TJ Parker said in a statement.
CVS shares tumbled nine percent in opening trading on the news, while Walgreens Boots Alliance slumped 10.5 percent. It had raised $123 million in financing, most recently $5 million in debt from TriplePoint Venture Growth in August 2017, according to data from industry research firm PitchBook.
Here's how PillPack works: Users receive a monthly roll of pre-sorted medications with labels that include photos and instructions.
MarketWatchPillPack is geared towards patients who take multiple daily prescriptions.
"Together with Amazon, we are eager to continue working with partners across the health care industry to help people throughout the USA who can benefit from a better pharmacy experience", PillPack chief executive TJ Parker said in a statement.
With its user-friendly packaging and design, PillPack has shaken up the pharmacy business, generating more than $100 million in revenue past year. In February, the grocery chain Albertsons Cos. said it would buy Rite Aidin an effort to hold off Amazon.
The deal is expected to close during the second half of 2018. And CVS is acquiring insurer Aetna in a bid to strengthen its business managing pharmacy benefits in the face of new competition.
The company said earlier this year it will bring about 2,000 new employees to a new Seaport building, on top of an additional 900 in a new Fort Point office.
If you're also receiving this specific error message, don't bother resetting the speaker like I did because it won't fix anything. Google says that it's got a fix for the Google Home and Chromecast issue that'll roll out to devices over the next six hours.
He looked every bit the Wimbledon contender as he aims to return to the stage where he lost to Federer in the final past year . The 20-time Grand Slam champion fought back to level by winning the second set, helped by a choke on a volley from Coric.
With Senegal and Japan both on four points, Colombia and Senegal could both progress with a draw but only if Japan lose to Poland. But the problem for Senegal is they've also conceded three goals, which is where I think Colombia can take that advantage.
But the Queen's dislike for it is not the reason the Duchess of Sussex is prohibited from eating the pungent-tasting bulb. As a member of the British royal family , Meghan Markle can no longer consume garlic in public, the Daily Mail reported.
Japan go through to the last due to Fifa Fair Play rule after receiving 3 yellow cards while Senegal received 6. There has been some talk that England might have an easier route at the World Cup if they lose in Kaliningrad.
Manchester City's De Bruyne is one of three Belgium players on a yellow, along with Thomas Meunier and Jan Verthongen. That means it could come down to the teams' disciplinary records and if that doesn't separate them, drawing lots.
New Zealand man Troy Skinner traveled more than 8,000 miles in an attempt to meet with the child he had been talking to online. Agnew did not speculate about what he believed Skinner would have done had he gotten inside, as the Associated Press reported.
Heading into the match against Germany, the South Korean player who scored the opening goal was despised by his own fans. He added: "We believed in it until the very end, we tried to shoot, but we just couldn't get the ball in".
Gundogan in particular was targeted with boos in the team's friendly against Saudi Arabia on the eve of the World Cup. South Korea's 2018 FIFA World Cup campaign can be summarized with this: one stunning win and two painful losses.