Walgreens' 2Q Misses on Negative Reimbursement Trends and Soft Retail Volume; Guidance Lowered
No-moat Walgreens Boots Alliance reported quarterly results that fell short of our expectations, with revenue and EPS both light because of lower-than-expected reimbursement, soft U.S. retail volumes, and U.K. market conditions. These factors were exacerbated by the lapping of an especially strong flu season in the prior year. In light of year-to-date performance, management lowered guidance for the year. We believe the poor performance provides further support for our no-moat rating for the fir...Walgreens Boots Alliance is a holding company. Through its subsidiaries, the company is engaged in retail and wholesale pharmacy. The company's operations are organized into three divisions, which are also its reportable segments: Retail Pharmacy USA; Retail Pharmacy International; and Pharmaceutical Wholesale. The Retail Pharmacy USA division has pharmacy-led health and beauty retail offerings. The Retail Pharmacy International division has pharmacy-led health and beauty retail businesses. The Pharmaceutical Wholesale division, which mainly operates under the Alliance Healthcare brand, supplies medicines, other healthcare products and related services to pharmacies, doctors, health centers and hospitals.
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