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Drug Stores: Walmart

Drug Stores: Walmart. Eric Biro. Background. 1978 - first pharmacy in a Walmart 11% (U.S.), 5% (Sam’s Club) of net sales to health and wellness 2006 - $4 generics program Average was $29, used mass distribution tactics to sell at a profit

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Drug Stores: Walmart

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  1. Drug Stores: Walmart Eric Biro

  2. Background • 1978 - first pharmacy in a Walmart • 11% (U.S.), 5% (Sam’s Club) of net sales to health and wellness • 2006 - $4 generics program • Average was $29, used mass distribution tactics to sell at a profit • Reduced America’s drug bill by $1 billion in under 2 years • Gingerly stepping into PBM role • Offering businesses ability to buy low-price drugs if it buys directly from Walmart’s in-store pharmacies (Caterpillar, 400 others) • Has the potential to fundamentally change the way PBMs operate/price • Added walk-in clinics in over 400 stores in 2010

  3. Financial Statements:Balance Sheets (Assets)

  4. Financial Statements:Balance Sheets (Liabilities)

  5. Financial Statements:Balance Sheets (Equity)

  6. Financial Statements:Income Statements

  7. Financial Statements:Other Comprehensive Income

  8. Reformulated Statements:Net Enterprise Assets

  9. Reformulated Statements:Net Financial Liabilities, Check Figure

  10. Reformulated Statements:Enterprise Profit After Tax

  11. Reformulated Statements:Financing Expense After Tax, Check Fig.

  12. Issues • General • Aggregation, materiality threshold • NEA • Prepaid expense • Property under capital leases • Other assets/deferred charges • Accrued liabilities • NFL • No financial assets (cash on B/S avg. 1.64% sales)

  13. Issues • EPAT • Income taxes (37% assumption, reasonable?) • OCI – derivatives • OCI – pension • FEAT • Currently uses corporation CI, including NCI

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