Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Vandana Singh

Walgreens Posts Fall In Q3 Profit On Opioid Settlement, Lower Pharmacy Sales

  • Walgreens Boots Alliance Inc's (NASDAQ:WBAQ3 FY22 sales decreased 4.2% Y/Y to $32.6 billion, down 2.8% on a constant currency basis, beating the consensus of $32.06 billion.
  • Adjusted EPS reached $0.96, beating the consensus of $0.92, down 28.9% on a constant currency basis against 93.6% growth a year ago that reflected peak COVID-19 vaccine volumes.
  • The drugstore chain administered 4.7 million COVID vaccines and 3.9 million tests in the third quarter.
  • U.S. Retail comparable sales grew 2.4%, excluding tobacco, and Boots UK retail comparable sales grew 24%, with market share gains across all major categories
  • During the quarter, the company launched a clinical trials business, sold 6 million shares of AmerisourceBergen Corp (NYSE:ABC), with proceeds of $900 million, and completed Boots strategic review, deciding to retain the business.
  • Adjusted operating income reached $1 billion, a decrease of 33.5%.
  • Net earnings decreased 73.8% to $289 million, reflecting the opioid settlement with the State of Florida, a decrease in U.S. pharmacy operating results as it lapped the prior year's peak COVID-19 vaccinations. 
  • Net cash provided by operating activities was $1.6 billion in Q3, and free cash flow was $1.3 billion.
  • Guidance: Walgreens Boots Alliance maintains FY22 adjusted EPS guidance of low-single-digit growth.
  • Price Action: WBA shares are down 2.23% at $39.96 during the premarket session on the last check Thursday.
  • Photo Via Wikimedia Commons
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.