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By Staff Reporters
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Last quarter, interest expense grew to $65 million from $48 million last year, contributing to Rite Aid reporting a net loss of $306.7 million despite sales of $5.6 billion. Management forecasts a net loss of between $650 million and $680 million for the full fiscal year 2024. Rite Aid’s losses leave it with little financial wiggle room to navigate two significant headwinds: a looming lawsuit and increasing losses from theft.
RISK MANAGEMENT: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989
In March, for example, the Department of Justice filed a civil suit against Rite Aid, claiming pharmacists “repeatedly filled prescriptions for controlled substances with obvious red flags” and alleging it “intentionally deleted internal notes about suspicious prescribers.”
The lawsuit continues a string of high-profile cases brought against companies contributing to the spread of the opioid epidemic. Opioid drugmakers Purdue Pharma, Endo Pharmaceuticals, and Mallinckrodt have already declared bankruptcy because of lawsuits. Walgreens and CVS Health have inked opioid settlements valued at $5.7 billion and $4.9 billion over the past year.
How much Rite Aid would need to pay to settle its suit remains to be seen, but a billion-dollar price tag isn’t unfathomable, given Walgreens and CVS’ outcomes.
CITE: https://www.r2library.com/Resource
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Filed under: "Doctors Only", Career Development, Drugs and Pharma, Events-Planner, Experts Invited, Funding Basics, Health Insurance, Health Law & Policy, Healthcare Finance, Investing | Tagged: CVS Health, Department of Justice, DOJ, drug makers, Mallinckrodt, OPIOD CRISIS?, opioid, Purdue Pharma, Rite Aid, walgreens | Leave a comment »
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