Business

Walgreens beats estimates for vaccine and testing demand led by Omicron

People walk past a Walgreens owned by Walgreens Boots Alliance, Inc., in Manhattan, New York City
FILE PHOTO: People walk past a Walgreens, owned by Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S. November 26, 2021. REUTERS/Andrew Kelly

March 31, 2022

(Reuters) – Walgreens Boots Alliance Inc on Thursday reported higher-than-expected quarterly profits and sales, spurred by a rush for COVID-19 vaccination and testing amid a recent surge in COVID-19 cases led by Omicron.

Governments and health officials around the world continue to push for increased testing and booster doses as the highly transmissible Omicron subvariant BA.2 has led to a spike in cases in many countries in Europe and Asia, raising concerns about a possible new wave in the United States .

In the second quarter ended Feb. 28, Walgreens performed 11.8 million vaccinations and 6.6 million tests. The company expects 30 million vaccinations at its sites this year.

However, shares of the drugstore chain were marginally lower at $47.10 in volatile premarket trading after Walgreens kept its forecast of low-single-digit earnings growth for 2022 unchanged.

The company’s U.S. pharmacy sales declined 3.3% in the quarter, hurt by a weak performance from AllianceRx Walgreens’ mail-order business.

Total revenue rose 3% to $33.77 billion, beating estimates of $33.40 billion.

Excluding special items, the company earned $1.59 per share compared to Refinitiv IBES estimates of $1.40 per share.

Walgreens said the strategic review of its UK-based boat business, which began in January this year, is progressing.

(Reporting by Bhanvi Satija and Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)

https://www.oann.com/walgreens-beats-estimates-on-omicron-led-demand-for-vaccines-tests/?utm_source=rss&utm_medium=rss&utm_campaign=walgreens-beats-estimates-on-omicron-led-demand-for-vaccines-tests Walgreens beats estimates for vaccine and testing demand led by Omicron

DUSTIN JONES

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