Fierce Healthcare October 12, 2023
Drugstore chain Walgreens plans to close 60 underperforming VillageMD clinics and exit five markets as part of an aggressive $1 billion cost-saving strategy as it looks to boost profitability in its healthcare business.
The pharmacy retail giant posted weaker-than-expected fourth-quarter earnings and offered a soft profit outlook for 2024 amid falling demand for COVID-19 vaccines and testing in the U.S. and lower consumer spending.
Walgreens reported fourth-quarter sales were up 9% to reach $35.4 billion, and the company reported a loss of $180 million during the quarter, according to its fourth-quarter and fiscal 2023 earnings. Walgreens said it had a loss of 21 cents per share. Earnings, adjusted for one-time gains and costs, were 67 cents per share, down 18.8%...
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