Becker's Healthcare January 4, 2024
Walgreens Boots Alliance is almost halfway through its plan to close 60 VillageMD locations in fiscal 2024 as it works through its cost-cutting strategy and prioritizes density in markets with attractive growth opportunities, CEO Tim Wentworth said during the company’s fiscal first quarter earnings call on Jan. 4.
A significant portion of Walgreens’ planned $1 billion in cost reductions will come from VillageMD, which aims to exit about five markets and close around 60 clinics this year. The exits may come in multiple forms, including sales and hybrid equity arrangements.
In the fiscal first quarter, which ended Nov. 30, Walgreens’ U.S. healthcare segment reported $1.9 billion in sales, reflecting the acquisition of Summit Health by VillageMD, and growth in...
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