Walgreens completes 1M coronavirus tests, ramps up corporate testing
Walgreens promises test results will come within 1 to 3 days
Walgreens COVID-19 testing has topped one million, and the nation's second-largest drugstore chain is upping its testing capacity to allow for 500,000 tests per month at more than 440 sites nationwide.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WBA | WALGREENS BOOTS ALLIANCE INC. | 9.06 | +0.33 | +3.78% |
As it continues to support the community in fighting the coronavirus, Walgreens will also prioritize efforts in underserved communities.
Rivals CVS and Rite Aid also provide in-store testing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RAD | NO DATA AVAILABLE | - | - | - |
| CVS | CVS HEALTH CORP. | 59.95 | +0.92 | +1.56% |
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Walgreens pharmacy in Miami Beach, Fla. (Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images)
To date, over 70% of testing sites are located in areas that federal health officials have identified as socially vulnerable, Walgreens said in an earlier release.
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With the additional testing capacity, patients will receive test results within one to three days, depending upon overall lab capacity.
In ramping up its health care efforts, the Illinois-based chain has also launched a new program to help corporations have better access to its testing sites.
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Walgreens Test & Protect program will also provide businesses and universities with clinical guidance on preventive care services such as flu and other Centers for Disease Control and Prevention-recommended immunizations.
The news comes as the Deerfield, Ill.-based drugstore chain reported a fourth-quarter profit of $373 million, or an adjusted $1.02 per share, outpacing the 96 cents that Wall Street analysts surveyed by Refinitiv were expecting. COVID-19 had an estimated adverse impact of 46 cents per share.
The company lost $1.7 billion in the previous quarter as lockdowns aimed at slowing the spread of the virus curbed sales by $700 million to $750 million.
Shares were down 39% this year through Wednesday.
FOX Business' Jonathan Garber contributed to this report.