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Thursday, February 25, 2021

New low for Walgreens

Walgreens Boots Alliance shares fell to a new low after the pharmacy chain abandoned its 2020 financial targets, saying the viral pandemic made it impossible to forecast results. The Deerfield, Illinois-based chain of nearly 19,000 stores in 25 countries said that before the COVID-19 disease began to spread, it had been on track with its 2020 goal of flat earnings. But now, “given the many rapidly changing variables

related to the pandemic, at this time WBA is not in a position to accurately forecast the future impacts,” the company said. Walgreens’ shares have lost over half their value since reaching a high in July, 2015, shortly after CEO Stefano Pessina arranged the sale Britain’s Alliance Boots to Walgreens. Pessina told analysts it’s “much too early” to predict how Walgreens’ earnings will be impacted by the coronavirus.

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