By Jacob GoldsteinWalgreens stock was down more than 14% at midday, after the company announced disappointing third-quarter earnings. Part of the problem was weaker margins on generic drugs — an issue that may also have bedeviled other drug retailers and middlemen during the quarter.Despite higher revenues, Walgreen’s net income for the quarter was down 3.8% from last year,batwolf oakley sunglasses, and earnings per share were 40 cents. Analysts had predicted earnings of 47 cents a share for the quarter,ugg boots outlet, according to the WSJ.Simvastatin, the generic version of Merck’s statin Zocor, was one key. The drug’s generic debut in June of 2006 was a gold mine for middlemen, who make big profits right after a generic becomes available. But as more generics manufacturers enter the market, prices fall and profits get squeezed for pharmacies and other middlemen. Walgreens filled nearly three times as many simvastatin prescriptions last quarter as it during the year-earlier period, but its profit on the drug was virtually unchanged, the company said.That news is making investors skittish,Louis vuitton handbags, Bloomberg points out. Medco Health Solutions, a pharmacy benefits manager, was off about 3% in midday trading. Express Scripts, another PBM was down more than 3%. And CVS Caremark, both a pharmacy chain and a PBM, was down more than 4%.

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