Rite Aid Corp.'s increase in sales of prescription drugs has ushered in record-breaking quarterly profit and revenue.
The company's shares rose 12 percent to $6.78 on Thursday, not seen since September 2013, Bloomberg Businessweek reports.
"The biggest surprise was frankly the guidance update," Evercore Partners analyst Ross Muken, told the site.
"Clearly it shows improved execution and finally a little bit of visibility on combating some of the inflation we've seen in the drug market"
The McKesson Corp., one of Rite Aid's partnering companies, was able to dwindle the costs of generic drugs for the drugstore chain-its Chief Executive Officer John Standley said they did much better than expected.
Rite Aid's rise has also been attributed to the increase in prescription counts. The amount of same-store prescriptions has boosted by 4.5 percent, Forbes reports.
The company's primary competitors, Walgreens and CVS, are also rumored to report increased profit and revenue from generic drug prescriptions.
"We are pleased with our results for the third quarter," Standley in a statement, according to Forbes.
"Our focus on expanding our health and wellness offering and delivering a higher level of care to the communities we serve drove our strong same-store sales, prescription count and gross profit."
Rite Aid was founded in 1962 and is based in Pennsylvania.
