Pharmacy chain falls 8% after ‘most difficult quarter’ since the merger with Alliance Boots
A customer walks out of a Walgreens pharmacy store in Austin, Texas, US in this March 26 2018 file photo. Picture: REUTERS/MOHAMMAD KHURSHEED
The company also reported a quarterly profit that missed Wall Street estimates and said macro trends had resulted in the “most difficult quarter” for the company since the merger of Alliance Boots and Walgreens. The magnitude of the cut surprised some Wall Street analysts, who had expected it after the company had warned about increased competition and reimbursement pressures at its pharmacies.
Muken said the deterioration in the US pharmacy is particularly concerning and he does not expect the management to be able to instil confidence in investors during the conference call.
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