Forbes March 28, 2024
Walgreens Boots Alliance lost nearly $6 billion in its second quarter as the company grapples with the loss in value of its investment in doctor-staffed clinic operator VillageMD.
Walgreens, which invested more than $6 billion under former chief executive Roz Brewer to take a controlling stake in Chicago-based startup VillageMD, is scaling back on the expansion of doctor practices and clinics the company opened attached to Walgreens.
Tim Wentworth, who took over as Walgreens chief executive last October, has described VillageMD’s expansion effort as needing to go on “a diet.” Wentworth has said Walgreens and partner VillageMD have slowed the number clinic openings in part because the operators haven’t been able to fill their so-called “patient panels,” which are a...
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