Walgreens maintains full-year revenue forecast; shares rise By Reuters

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© Reuters. An indication rests on a counter at a Walgreens pharmacy retailer in Austin, Texas

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(Reuters) – Walgreens Boots Alliance (NASDAQ:) Inc stored its full-year earnings forecast unchanged on Thursday, even because it anticipates successful to present quarter earnings from the COVID-19 pandemic, sending its shares up practically 4% in premarket buying and selling.

The corporate has taken numerous steps to spice up revenue after the well being disaster hammered gross sales and compelled it to chop jobs, shut some UK-based Boots shops and promote its distribution unit to AmerisourceBergen (NYSE:) Corp for $6.5 billion.

Walgreens maintained fiscal 2021 forecast of low single-digit progress in adjusted EPS, after it beat analysts’ estimates for adjusted first-quarter revenue pushed by greater gross sales at its retail pharmacy shops and sturdy prescription volumes.

Similar-store gross sales at its U.S. pharmacies rose 3.7% within the quarter because it stuffed 297.3 million prescriptions. Boots UK pharmacies recorded a 2.5% rise within the gross sales.

The corporate, which had been anticipating a lift from distribution of COVID-19 vaccinations, mentioned the chance is prone to be offset by the pandemic associated lockdowns and restrictions.

Walgreens and rival CVS Well being Corp (NYSE:) have an settlement with the federal authorities to vaccinate nursing residence residents throughout the nation by way of a voluntary program.

Lockdowns might lead to an even bigger hit to Walgreens’ revenue in comparison with any increase from the corporate’s function in vaccine distribution, Chief Monetary Officer James Kehoe mentioned in October.

Excluding gadgets, the corporate earned $1.22 per share, whereas analysts had been anticipating a revenue of $1.03 per share, in line with Refinitiv IBES.

Income rose to $36.31 billion from $34.34 billion.

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