- Walgreens Boots Alliance (WBA) reported that its quarterly profit had taken a hit of more than 20%, due to the significantly reduced COVID vaccine and test sales compared to the winter of the COVID Omicron surge when demand was high. Despite this, revenue still managed to exceed the expectations of Wall Street, increasing by 3.3% YoY.
- The pharmacy conglomerate and healthcare venture announced their net profit had dropped from $883 million, or $1.02 a share, to $703 million, or 81 cents a share in the same quarter from the previous year. After accounting for a few miscellaneous items, the per-share earnings were still a hefty $1.16.
Why it matters
Under the leadership of CEO Rosalind Brewer, now in her second year, Walgreens has invested $3.5 billion toward VillageMD's acquisition of primary care provider Summit Health to take health services to the next level. With their sights set on mid-20% growth in adjusted earnings over the next two quarters, Walgreens has reaffirmed their full year earnings guidance of $4.45 to $4.65 per share, proving that health is wealth.