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Walgreens Boots Alliance (WBA, $33.65) on Thursday exceeded fiscal fourth-quarter sales expectations, as the drugstore chain turns itself into a more health-care-focused company. The drugstore chain said it anticipates full-year adjusted earnings per share of $4.45 to $4.65 in the coming fiscal year. The company’s shares rose over 5% Thursday.
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It reported quarterly earnings per share of $0.80 each and revenues of $32.45bn, beating expectations of $0.77 per share and $32.09bn, respectively. Its pivot to becoming more health-care-centric saw sales decline year-on-year and, after including certain costs, actually swung to a net loss of $415.0M in the three-month period, compared to a net income of $627.0M a year earlier.
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Walgreens has made significant investments to transform from a major drugstore chain to a large health-care company. It is opening hundreds of doctor offices with VillageMD. It invested $5.2B to become the majority owner of the primary-care company. It recently announced plans to accelerate acquisitions of two other companies: CareCentrix, which coordinates care and benefits for at-home care, and Shields Health Solutions.