Drugstore chain Walgreens (WAG) Tuesday reached an agreement with the DEA and the Department of Justice that settles all administrative and civil matters arising out of DEA's concerns relating to the distribution and dispensing of controlled substances.
As per the terms of the agreement, Walgreens will pay $80 million, which the company reserved in previous quarters, including $25 million in its most recent quarter ended May 2013. The company expects the total impact of the agreement and other associated costs to be 4 to 6 cents per share in its third fiscal quarter.
The agreement resolves all pending litigation and requires Walgreens to surrender its DEA registrations at only six of its more than 800 Florida pharmacies until May 2014 and at its Jupiter distribution center until September 2014.
Walgreens has already taken steps to ensure that there is no disruption to the supply of medications to our pharmacies.
"We have worked closely with DEA over the past several months to reach this agreement, which concludes the DEA's review of our operations and provides direction going forward," the company said.
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