قالب وردپرس درنا توس
Home / Insurance / Walgreens reports $6.5 billion in opioid litigation losses

Walgreens reports $6.5 billion in opioid litigation losses



(Reuters) — Drugstore chain Walgreens Boots Alliance Inc. reported a quarterly net loss on Thursday as it took a $6.5 billion hit in opioid litigation, sending its shares down nearly 2% in premarket trading.

Walgreens and rivals CVS Health Corp. and Walmart Inc. agreed in November to pay about $13.8 billion to settle thousands of state and local lawsuits accusing the pharmacy chains of mishandling opioid painkillers.

CVS took a $5.2 billion pretax charge in its third quarter related to the settlement.

Walgreens, one of the largest U.S. drugstores, had been relying on profits from administering COVID-19 vaccines to offset losses from low prescription volumes due to the pandemic, but has seen demand for the shots fall from a peak last year.

The drugstore chain has been looking to expand outside its core business, spending $5.5 billion in 2021

to take majority stakes in health care providers VillageMD and CareCentrix.

In November, Walgreens said it would acquire urgent care provider Summit Health through its VillageMD unit in a $9 billion deal to expand its healthcare footprint.

Net loss attributable to Walgreens was $3.72 billion, or $4.31 per share, for the quarter ended Nov. 30, compared with a profit of $3.58 billion, or $4.13 per share, in the year-ago period year.

Excluding items, the company earned $1.16 per share in its first quarter, topping Refinitiv IBES estimates of $1.14 per share.


Source link