Jean Coutu Group (T.PJC.A) hit a new 52-week high of $10.25; Already the top drugstore chain in Quebec, Jean Coutu Group has its sights set on becoming the province's dominant player in generic drugs.
"We hope to become the No. 1 generic company in the province," François Coutu, the president and chief executive officer, said on a conference call for analysts Tuesday. The company also intends to move aggressively to defend its top-dog status on the retail side by expanding its network of outlets in Quebec by one-third to 400 stores within five to seven years, Mr. Coutu said after the Longueuil, Que.-based company's annual meeting.
Coutu posted a profitable first quarter despite more losses at Rite Aid Corp., the giant U.S. pharmacy retailer in which Coutu has a major stake. Pro-Doc, its small generic drug maker based in Laval, Que., was an important contributor to Coutu's strong performance in the first quarter along with the retail network, the company said.
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