UPDATE 3-Shoppers Drug profit rises, but worries dog stock

* EPS C$0.79 vs consensus view C$0.80

* Revenue rises 7.9 pct to C$3.01 bln

* Shares down 1.6 percent at C$43.79 (Adds company comments)

By Scott Anderson

TORONTO, Nov 11 (Reuters) - Shoppers Drug Mart (SC.TO), Canada's biggest pharmacy chain, reported a higher quarterly profit on Wednesday, helped by stronger sales of prescription drugs and beauty care products.

But its shares dropped 1.6 percent as investors worried about likely changes to rules on drug costs and prescription fees in the province of Ontario and the chance of similar changes in Alberta.

Ontario, Canada's most populous province, is reviewing the legislation and is expected to enact changes early next year.

"It is a very complex discussion (in Ontario), obviously," chief executive Jurgen Schreiber told a conference call.

"There is nothing to be speculated ... about any kind of impact. We are still together and negotiating and everything is in line with our expectations at this point in time."