Walgreens Boots Alliance’s fiscal third-quarter earnings surpassed analysts’ estimates, as the pharmacy retail giant bounced back with strong prescription drug sales.
Walgreens reported adjusted earnings of $1.47 a share for the quarter ended May 31, compared to analysts’ expectations of $1.43.
Revenue of $34.59 billion also came in higher than analysts’ estimates of $34.46 billion. Sales in the quarter rose +0.7% from a year earlier, (or 2.9% after adjusting for fluctuations in currency rates). Walgreens mentioned its U.S. retail pharmacy business and pharmaceutical wholesale business as key drivers of growth.
U.S. pharma sales rose 4.3% while comparable sales rose 6%, according to Walgreens. Three analysts polled by Refinitiv had expected a 2.9% rise in same-store sales.
CEO Stefano Pessina emphasized that after a challenging second quarter, Walgreen has been able to improve its performance in the third quarter and has progressed in line with the goals set.