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Celesio Reaches Target of 100 DocMorris Partners, Oesterle Says

13-Dec-2007: Celesio AG, Europe's biggest drug wholesaler, reached a target of signing up 100 partners for the mail-order DocMorris unit early.

``We are very optimistic about 2009,'' Chief Executive Officer Fritz Oesterle told reporters in Stuttgart, Germany, yesterday.

Celesio, which also operates Lloyds pharmacies in the U.K., in April agreed to buy closely held mail-order drugstore DocMorris in anticipation of looser laws governing German pharmacy ownership. Stuttgart-based Celesio said that local pharmacists' opposition to the deal and government price cuts slowed growth at its wholesale division.

The wholesaler's shares fell 30 cents, or 0.8 percent, to 40.51 euros at 9:27 a.m. in Frankfurt today. The stock is little changed this year, lagging behind Germany's mid-cap index, the M- Dax, which has gained about 6 percent.

In September, Celesio reduced its 2010 earnings target because of cuts in the U.K. prices for medicines and pharmacy fees. Celesio said it no longer expects pretax profit to grow more than 10 percent between 2006 and 2010.

Reimbursements will rise in the U.K. in the first quarter of 2008, Oesterle said.

Source: Bloomberg

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