CANADA’S CANADIAN PAMPHLECK CO., LTD.
(TSXV: CPH) is celebrating its second quarter revenue of $11.9 million, thanks in part to a record-breaking fourth quarter for Canadian pharmacy sales, the company announced Thursday.
Canadian pharmacy sales are expected to grow by 9.4 per cent in the current fiscal year to reach $4.7 billion.
The growth is mainly driven by a growing demand for prescription medications for the elderly and patients with chronic conditions.
In the fourth quarter of 2017, sales grew by a robust 11.7 per cent, beating analysts’ expectations.
The Canadian Pharmacy Guild (CPG), which represents Canada’s largest pharmacy trade association, said in a statement the “very strong performance of our Canadian pharmacies and the continued growth of the health care system have helped us to achieve our objective of seeing Canadian pharmacy revenue grow to $3.6 billion in 2020 from $2.4 billion in 2017.”
It said the strong performance was achieved despite the recent health care reform.
“The growth of patient visits has been especially encouraging, with more Canadians reporting they would like to visit a Canadian pharmacy in the next year,” CPG CEO Rob Johnston said in the statement.
“Canadian pharmacy services have continued to be an important part of our health care delivery system, and this continued success is further evidence of the continued importance of our trade association’s continued investment in the health of our people and communities.”CPG also said it will increase its annual membership by 15,000 to about 300,000 members, with about a quarter of those members coming from Ontario.
A spokesman for CPG told CBC News the pharmacy group plans to invest $1 billion to build more than 30,000 new locations over the next two years, and expects that number to increase to 35,000 by 2020.CPG was founded in 1997 and has grown from an Ontario-based company that was selling its products in the United States to selling prescription drugs to millions of Canadians.
In addition to Canada, the group also sells in Europe and the United Kingdom.
The company has offices in London, New York, New Orleans and Shanghai.
CPG’s annual revenue reached $9.6 million in 2016.