Walgreens missed Wall Street earnings expectations in its third fiscal quarter and cut its 2023 outlook, citing macro factors including a weak respiratory season and falling demand for COVID-19 tests and vaccines. Strong performance by the company’s VillageMD medical group propped up revenues.
The chain did beat the Street’s revenue expectations with a topline of $35.4 billion, up 9% year over year, thanks in part to its expanding U.S. Healthcare segment, which includes value-based medical group VillageMD.
Walgreens’ stock fell more than 10% in morning trading Tuesday following the results, reaching its lowest point in over a decade, Healthcare Dive reports. Read more.
