Walgreens earnings slide as number of vaccinations wane
2 years, 5 months ago

Walgreens earnings slide as number of vaccinations wane

Associated Press  

A big opioid settlement and a COVID-19 vaccine slowdown dragged on third-quarter earnings for Walgreens, but the drugstore chain still topped expectations. Walgreens CEO Rosalind Brewer told analysts in January that the company would explore strategic options for that business so it could focus more on U.S. health care. Brewer said then that Walgreens was creating an entity “that does much more than just dispense pharmaceuticals.” The company announced the creation of a Walgreens Health business segment last fall. Selling the Boots business would have given Walgreens more financial flexibility and allowed its leaders to focus on these newer initiatives, Edward Jones analyst John Boylan said in an email. He added that keeping the Boots business “could modestly complicate the process.” Company shares slid nearly 4% to $39.27 after markets opened Thursday and broader indexes also sank.

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History of this topic

Walgreens is in particularly awful shape
1 week, 6 days ago

Walgreens is in particularly awful shape

CNN  

New York CNN — Drug stores around the United States are struggling. Walgreens has slipped behind CVS because it’s smaller than CVS, giving it less scale to negotiate prices with insurers and other health care entities that pay for most of the prescriptions people pick up. Walgreens is also more reliant on filling prescriptions through its pharmacy business and selling …

CVS and Walgreens are ailing. Here's why
2 months, 1 week ago

CVS and Walgreens are ailing. Here's why

NPR  

CVS and Walgreens are ailing. Here's why toggle caption Scott Olson/Getty Images Not too long after Tim Wentworth became CEO of Walgreens, he revealed a stunning figure: Roughly a quarter of the pharmacy chain's stores do not make money. Sponsor Message The problem of prescriptions Given the retail struggles, pharmacies could perhaps simply ditch the convenience store and focus on …

Walgreens plans to close 1,200 stores; its stock price sees a double-digit jump
2 months, 1 week ago

Walgreens plans to close 1,200 stores; its stock price sees a double-digit jump

LA Times  

Walgreens plans to close about 1,200 stores over the next three years in an effort to improve earnings and increase cash flow. Walgreens plans to close about 1,200 stores over the next three years in an effort to improve earnings and increase cash flow, the struggling company announced Tuesday. The downsizing plan by Walgreens Boots Alliance will target 500 stores …

Walgreens to take a hard look at underperforming stores, could shutter hundreds more
5 months, 3 weeks ago

Walgreens to take a hard look at underperforming stores, could shutter hundreds more

Associated Press  

Walgreens is finalizing a plan to fix its U.S. business that could result in closing hundreds of additional stores over the next three years. CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company’s stores, which he said were underperforming. Wentworth said the company’s plan could include the closing of a “significant portion” …

Walgreens woes continue with earnings miss, guidance cut and plans to shutter more stores
5 months, 4 weeks ago

Walgreens woes continue with earnings miss, guidance cut and plans to shutter more stores

LA Times  

Walgreens is finalizing a plan to fix its business that could result in the closure of hundreds of additional stores in the next three years. Chief Executive Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company’s stores, which he said were underperforming. Walgreens shares tumbled early Thursday after the drugstore chain also said …

Drugstore chain Walgreens cuts quarterly dividend to get more cash to grow its business
11 months, 2 weeks ago

Drugstore chain Walgreens cuts quarterly dividend to get more cash to grow its business

Associated Press  

Walgreens is chopping its dividend nearly in half as the drugstore chain looks to strengthen its balance sheet. The health care giant said Thursday that reducing its quarterly payout to shareholders to 25 cents per share will help free up capital to spend growing its pharmacy and health care businesses. New CEO Tim Wentworth said in a statement that company …

Walgreens pharmacy staffers stage walkouts over work conditions
1 year, 2 months ago

Walgreens pharmacy staffers stage walkouts over work conditions

Associated Press  

NEW YORK — Walgreens has named a new CEO as pharmacy staff walked off the job this week over concerns that working conditions are putting employees and patients at risk. Walgreens Boots Alliance’s former CEO, Rosalind Brewer, stepped down in late August as the company was struggling with drug and staffing shortages. But the COVID-19 pandemic exacerbated the issue by …

Walgreens CEO exits less than 3 years after taking over drug store chain
1 year, 3 months ago

Walgreens CEO exits less than 3 years after taking over drug store chain

Associated Press  

NEW YORK — The CEO of Walgreens Boots has stepped down after less than three years at the helm of the drug store chain that is undergoing a sizeable transformation, one that has come at a cost. “I am grateful to have had the opportunity to lead Walgreens Boots Alliance and to work alongside such talented and dedicated colleagues,” Brewer …

CVS, Walgreens finalize $10B in settlements over opioids
2 years ago

CVS, Walgreens finalize $10B in settlements over opioids

Associated Press  

CVS and Walgreens have agreed to pay state and local governments a combined total of more than $10 billion to settle lawsuits over the toll of opioids and now want to know by Dec. 31 whether states are accepting the deals. States announced final details Monday of settlements that the two largest pharmacy chains in the U.S. offered last month. …

CVS, Walgreens are locking up more products behind plexiglass, but that won't stop pharmacy chains' broader decline.
2 years, 1 month ago

CVS, Walgreens are locking up more products behind plexiglass, but that won't stop pharmacy chains' broader decline.

Slate  

In September, on an earnings call with investors, Rite Aid’s executive vice president of retail, Andre Persaud, floated an idea to improve the chain’s performance in New York City: turn the drugstore into one giant vending machine in order to fight shoplifting. Then came post-pandemic closures this year, and CVS’ announcement that it would shutter 900 stores over the next …

Walgreens push into comprehensive care picks up momentum
2 years, 1 month ago

Walgreens push into comprehensive care picks up momentum

Associated Press  

Walgreens extended its push into more comprehensive health care with its VillageMD unit acquiring another urgent and primary care chain, Summit Health-CityMD, in a deal worth close to $9 billion. The deal to combine VillageMD and CityMD arrives just two months after CVS Health said it would pay about $8 billion to acquire Signify Health, a technology company that sends …

Walgreens to buy remainder of Shields Health for $1.4B
2 years, 3 months ago

Walgreens to buy remainder of Shields Health for $1.4B

Associated Press  

Walgreens is spending nearly $1.4 billion to buy the remaining stake in Shields Health Solutions it doesn’t already own as it pushes into the fast-growing specialty pharmacy business. The 10-year-old company helps health systems set up and run specialty pharmacies, which manage medications for people with complex and chronic medical conditions. The company, with about 13,000 locations worldwide, has moved …

Covid vaccines: Biden administration announces direct shipments to pharmacies including Walgreens, CVS and Rite Aid
3 years, 10 months ago

Covid vaccines: Biden administration announces direct shipments to pharmacies including Walgreens, CVS and Rite Aid

CNN  

CNN — The Biden administration announced Tuesday it will begin direct shipments of coronavirus vaccines to retail pharmacies next week, expanding points of access for Americans to receive shots as concerns about variants of the virus expand. And pharmacies are readily accessible in most communities, with most Americans living within five miles of a pharmacy,” White House Covid-19 response coordinator …

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