Walgreens Posts Strong Quarterly Results Despite Decline in COVID Tests

Walgreens Posts Strong Quarterly Results Despite Decline in COVID Tests

Walgreens Boots Alliance beat revenue expectations in its quarter ending February 28th. Revenue came in higher than Wall Street’s expectations despite a decline COVID vaccine volumes and test sales. Revenue came in at $34.86 billion versus the $33.53 billion expected, and earnings per share came in at $1.16 adjusted versus the $1.10 expected. Operating income declined to nearly $200 million from more than $1.2 billion a year earlier as a result of a $306 million pre-tax charge for opioid litigation claims, higher investments in pharmacy wages, and costs associated with its $3.5 billion investment in the acquisition of Summit Health. The pharmacy chain confirmed its full-year earnings guidance of $4.45 to $4.65 per share, projecting adjusted earnings growth of mid-20 percent over the next two quarters. Shares rose 1.7 percent in premarket trading.


User: Benzinga

Views: 5

Uploaded: 2023-03-28

Duration: 00:53

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