COVID tests, vaccines help Walgreens beat expectations on earnings
The omicron swept the US during the second quarter, driving up pharmacy sales
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Walgreens Boots Alliance exceeded analysts' earnings expectations for the second quarter, when pharmacy sales were driven up on demand for COVID-19 tests and vaccines as the omicron variant swept the U.S.
Walgreens logo is seen in San Francisco, California, United States on October 18, 2021. (Photo by Yichuan Cao/Sipa USA) (Yichuan Cao/Sipa USA)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WBA | WALGREENS BOOTS ALLIANCE INC. | 9.33 | -0.13 | -1.37% |
The Deerfield, Illinois-based firm reported earnings of $1.59 per share on Thursday for the quarter ending Feb. 28, beating Wall Street's projection of $1.40.
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The company said its U.S. retail comparable sales growth of 14.7% was the highest it has seen in more than 20 years. Revenue climbed roughly 3% to $33.76 billion, surpassing analysts' estimate of $33.23 billion.
Walgreens CEO Rosalind Brewer (Photo credit: iStock)
"Second quarter results demonstrated broad-based execution, driving strong comparable sales and robust earnings growth," CEO Rosalind Brewer said in a statement announcing the results. "We continue to make important strides along our strategic priorities, building a consumer-centric, technology-enabled healthcare enterprise at the center of local communities," she added.
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Walgreens is the largest pediatric vaccine provider in the pharmacy channel (istock / iStock)
All told, the pharmaceutical giant that operates nearly 9,000 locations in the U.S. and another 2,300-plus abroad administered 11.8 million COVID-19 vaccinations and 6.6 million COVID-19 tests in the second quarter.
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Walgreens is the largest pediatric vaccine provider in the pharmacy channel, the company reported.
The Associated Press contributed to this report.