TORONTO — Shoppers Drug Mart Corp. (TSX:SC) has been on a buying spree and says more acquisitions are on the way in the next six months as Canada’s largest pharmacy operator moves to increase its market share by buying up independent pharmacies.
The Toronto-based chain reported Tuesday a weaker third-quarter profit as its bottom line continues to be hit by the impact of generic drug reform in several provinces. Still, it said it is using the opportunity to takeover smaller stores that are even more vulnerable because of the changes. Shoppers Drug Mart — which has 1,363 locations across the country — acquired 21 drug stores in the third quarter, 19 of which were from Paragon Pharmacies Ltd.