Walgreens Boots Alliance Slashes FY23 Adj. EPS Outlook; Stock Down 7% - Update

RTTNews | 477 days ago
Stocktwits
Walgreens Boots Alliance Slashes FY23 Adj. EPS Outlook; Stock Down 7% - Update

(RTTNews) - While reporting financial results for the third quarter on Tuesday, Walgreens Boots Alliance, Inc. (WBA) slashed its adjusted earnings guidance for the full-year 2023 to a range of $4.00 to $4.05 per share from the prior forecast range of $4.45 to $4.65 per share, reflecting challenging consumer and macroeconomic conditions, and lower COVID-19 vaccine and testing volumes.

On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $4.46 per share for the year. Analysts' estimates typically exclude special items.

The company said the fourth quarter is expected to be negatively impacted by a higher effective tax rate, shifting U.S. consumer spending with heightened macro pressures, and the impact of a weaker respiratory season for both U.S. Retail Pharmacy and U.S. Healthcare.

For the fiscal year 2024, Walgreens Boots Alliance is providing preliminary expectations for low- to mid-single digit adjusted operating income growth, with the U.S. Healthcare and U.S. Retail Pharmacy performance more than offsetting headwinds from lower sale and leaseback program benefits, lower COVID-19 contribution, and the sale of holdings in AmerisourceBergen.

The company also raised its Transformational Cost Management Program target to $4.1 billion from $3.5 billion in cumulative savings by fiscal 2024. It is also expecting cost savings of $800 million in fiscal 2024.

The Company said its capital allocation continues to focus on core investments, debt paydown, and dividend payments.

Tags: WBA
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Walgreens To Close 1,200 US Stores

Walgreens To Close 1,200 US Stores

Walgreens announced its plan to close around 1,200 U.S stores over the next three years, including around 500 closures in fiscal 2025, as the drug store chain is facing a challenging U.S. retail environment amid increasing competition. The move, which was announced while reporting a significantly wider net loss in its fourth quarter, is expected to be immediately accretive to adjusted earnings...
RTTNews | 8h 20min ago
Walgreens, CVS To Sell Abortion Pill Mifepristone Starting In March

Walgreens, CVS To Sell Abortion Pill Mifepristone Starting In March

Pharmacy majors Walgreens Boot Alliance Inc. and CVS Health Corp. will start selling abortion pill mifepristone this month at stores in several states where it is legal. Both companies have received certification from the U.S. Food and Drug Administration to dispense the pill at their retail pharmacies.
RTTNews | 226 days ago
FDA Warns CVS Health, Walgreens Against Unapproved Eye Products

FDA Warns CVS Health, Walgreens Against Unapproved Eye Products

The U.S. Food and Drug Administration has warned eight companies including CVS Health and Walgreens Boots Alliance, Inc. against manufacturing or marketing unapproved ophthalmic drug products in violation of federal law. The agency has issued warning letters to these companies as part of its ongoing effort to protect Americans from potentially harmful ophthalmic products.
RTTNews | 399 days ago
Walgreens, Pearl Health Partner To Boost Value-Based Care Delivery

Walgreens, Pearl Health Partner To Boost Value-Based Care Delivery

Walgreens, a division of Walgreens Boots Alliance, Inc. (WBA), has inked a partnership with Pearl Health to boost and expand value-based care to patients in Medicare in partnership with community-based primary care physicians. The partnership with Pearl Health will enable Walgreens to transition quickly and effectively to value-based care and improve outcomes in the communities they serve.
RTTNews | 400 days ago
Walgreens, CVS Reportedly Plan To Offer Abortion Pills

Walgreens, CVS Reportedly Plan To Offer Abortion Pills

Pharmacy majors Walgreens Boot Alliance Inc. and CVS Health Corp. are planning to offer abortion pills after the U.S. Food and Drug Administration decided to allow retail pharmacies to sell the product in the United States, reports said. On Tuesday, the agency announced a regulatory change allowing mifepristone, which is used in first-trimester abortions, to be dispensed by retail pharmacies.
RTTNews | 650 days ago
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