The drugstore chain Walgreens Boots Alliance said it has so far applied about 8 million doses of coronavirus vaccines and raised its earnings forecast for 2021, sending its shares up 2.6% in pre-market trading.
As the pandemic crisis has affected prescription counts over the past few quarters, companies like Walgreens and CVS Health will benefit from distributing coronavirus vaccines and tests, and Walgreens added that they will likely start making profits from the vaccine program in the second half of 2021.
Walgreens beat expectations after its drugstore sales in the US and UK surged, and said that the company’s US drugstore sales rose 4.5% in the second quarter, it completed and issued around 288.5 million prescriptions, while sales at its UK pharmacies increased by 3.2%.
All of this contributed to raising the company’s expectations for the growth rate of its adjusted earnings per share in 2021 to medium to high percentages of the singles rank (5-9%) considering the stability of the currency, after its expectations were for growth at minimum rates (1-4%).
According to its results, Walgreens achieved a profit of 1.4 dollars per share excluding certain expenses, exceeding analysts’ expectations, which were only 1.11 dollars per share.
The company’s revenue in the second quarter increased by 4.8% to record $32.8 billion, but despite this only failed to reach the level of analyst expectations, which was $ 35.53 billion, and the company’s relative net income rose to $ 1.0 billion, the equivalent of $1.19 per share during the second quarter ending on February 29, while the relative net income during the same period a year ago was $946 million, or $1.07 per share.