Walgreens Tops Revenue Estimates But Takes $6B Charge on VillageMD Investment, Narrows Outlook

• Walgreens reported $37.05B in revenue for the quarter, beating expectations of $35.86B • Company reported $6B net loss due to decline in value of VillageMD investment • Citing challenging retail environment, Walgreens narrowed 2024 earnings outlook • New leadership focused on rightsizing; shutting down 160 VillageMD clinics • Prescription volumes increased, giving hope for back-to-basics pharmacy focus