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Walgreens forecasts annual profit below estimates as COVID vaccine demand shrinks
© Reuters. FILE PHOTO: Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) – Walgreens Boots Alliance (NASDAQ:) on Thursday forecast a lower-than-estimated profit for financial year 2024 due to a sharp drop in sales of COVID-19 tests, vaccines and treatments.
Walgreens’ lower forecast comes at a time when the company tackles multiple challenges, like persistently weak prescription drug demand, reported walkouts by its pharmacy staff and a shift in focus towards integrated health services.
The second-largest U.S. pharmacy chain operator, whose financial year ends in August, has forecast an annual adjusted profit of $3.20 to $3.50 per share, compared to analysts’ average estimate of $3.72 per share, according to LSEG data.
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