THE WHAT? Walgreens Boots Alliance has beaten analyst expectations with its 2023 Q2 profit and sales results, with second quarter sales increasing 3.3 percent YOY, to US$34.9 billion, up 4.5 percent on a constant currency basis.

THE DETAILS Q2 earnings per share decreased 20.3 percent to US$0.81 while adjusted EPS decreased 27.2 percent to US$1.16, down 25.8 percent on a constant currency basis reflecting a ‘26 percent headwind from lower COVID-19 vaccine and testing volumes.’

Operating income was US$0.2 billion in the second quarter compared to US$1.2 billion in the year-ago quarter, while net earnings in the second quarter were US$703 million compared to US$883 million YOY.

By category, U.S. Retail Pharmacy saw a decrease of 0.3 percent to US27.6 billion, International reported a 1.6 percent increase to US$5.7 billion, while U.S. Healthcare saw an increase of US$1.1 billion YOY. 

THE WHY? Chief Executive Officer Rosalind Brewer said: “WBA exited a solid second quarter with acceleration in February, adding to our confidence in driving strong growth in the second half of the year. With the closing of VillageMD’s acquisition of Summit Health, WBA is now one of the largest players in primary care, with best-in-class assets across the care continuum.”