Home Public Health Opioid Settlement Drags Walgreens Profits

Opioid Settlement Drags Walgreens Profits

by Enochadmin

Walgreens reported quarterly earnings properly under the year-ago interval thanks largely to prices to settle with the state of Florida claims its pharmacies contributed to the opioid epidemic.

Walgreens Thursday reported $229 million in net income, or 33 cents a share, for its fiscal third quarter ended Could 31. That was properly off the year-ago interval when Walgreens earned a web revenue of greater than $1.1 billion, or $1.38 per share.

“Third quarter working loss from persevering with operations was $320 million in comparison with working revenue of $1.1 billion within the year-ago quarter,” Walgreens stated Thursday in its fiscal third quarter earnings report. “Working loss within the quarter displays a $683 million cost associated to the opioid settlement with the State of Florida and better prices associated to the Transformational Value Administration Program.”

The $683 million settlement contains $620 million that Walgreens in Could stated will likely be paid “out to the State of Florida over 18 years, in addition to a one-time fee of $63 million for attorneys’ charges.” Walgreens in Could stated the settlement contains “no admission of wrongdoing or legal responsibility by Walgreens.”

The U.S. Centers for Disease Control and Prevention estimates the nationwide opioid disaster has led to greater than a half million deaths from overdose within the final 20 years.

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