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Walgreens Boots Alliance increased 0.1% to $25.60 after the pharmacy operator reported fiscal first-quarter earnings and revenues that were ahead of market expectations.

Revenue in the quarter increased by 10%. $36.7 billion from $33.4 billion, net loss attributable to shareholders shrank to $67 million from $3.7 billion, and diluted loss per share declined to 8 cents from $4.431 a year ago.

In the quarter, operating loss improved to $39 million compared to an operating loss of $6.2 billion in the year-ago quarter because of lapping the $6.5 billion pre-tax charge for opioid-related claims and litigation recorded in the year-ago quarter.

Adjusted operating income was $687 million, a decrease of 33% on a constant currency basis reflecting softer U.S. retail market trends, partly offset by improved profitability in the U.S. market and growth in international operations.

The U.S. retail pharmacy segment sales increased 6.4% to $28.9 billion, and comparable sales increased 8.1% from the year-ago quarter, respectively.

Comparable prescriptions filled in the quarter increased 1.3% from the year-ago quarter, while excluding immunizations, they increased 1.8%, impacted by lower market growth due to a weaker flu and respiratory season and Medicaid redeterminations.

Total prescriptions filled in the quarter, including immunizations adjusted to 30-day equivalents, were 311.6 million, steady compared to the quarter a year ago.

The retailer cut the quarterly dividend by 48% to 25 cents from 48 cents a year ago to strengthen its balance sheet and improve its cash position.

The company reiterated its fiscal 2024 adjusted earnings per share estimate of between $3.20 and $3.50.


04 Jan, 2024

     

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