Walgreens Boots Alliance reported greater than $3.5 billion in quarterly earnings because of a rush of shoppers being vaccinated in opposition to Covid-19 or examined for the virus because the Omicron variant surges around the globe.
Walgreens on Thursday mentioned it administered 15.6 million vaccinations and 6.5 million exams within the first quarter ended Nov. 30, 2021. In all, Walgreens has administered greater than 56 million vaccines together with “over 9 million boosters.”
The Covid-19 pandemic has been a curler coaster for drugstore chains like Walgreens and rival CVS Well being as they battled authorities shutdowns early on and prospects who didn’t wish to go away their houses.
Recently, nevertheless, pharmacy chains are on a roll with prospects looking for exams, vaccines and different well being gadgets in drugstores. CVS inventory this week hit a 52-week excessive and Walgreens Thursday reported web earnings of $3.58 billion, or $4.13 in comparison with a lack of $308 million, or 36 cents a share within the year-ago quarter. Walgreens gross sales rose almost 8% to $33.9 billion within the firm’s first quarter.
Walgreens chief govt officer Roz Brewer advised analysts on a name Thursday morning to debate earnings that “testing and vaccinations are tailwinds” however the firm’s companies are additionally seeing restoration abroad.
In the UK, for instance, Boots UK comparable pharmacy gross sales elevated 8.8% in contrast with the year-ago quarter, Walgreens mentioned. Some U.S. media within the final month have reported Walgreens may promote the Boots U.Okay. enterprise however Walgreens executives haven’t addressed such hypothesis.
“First quarter outcomes exceeded our expectations, with a really encouraging efficiency throughout all our enterprise segments,” Brewer mentioned.
Such enhancing operations figured within the firm’s choice to extend full 12 months fiscal 2022 earnings-per-share steerage to “low-single digit progress, from flat beforehand, to mirror first quarter efficiency and continued constructive momentum.”