Walgreens Boots Alliance Inc shares fell 13 percent on Tuesday after the company...
- Walgreens Boots Alliance Inc shares fell 13 percent on Tuesday after the company cut its 2019 earnings forecast and reported a disappointing quarterly profit in the face of stubbornly low generic drug prices in a crowded market.
Drug retailers like Walgreens and CVS Health have been squeezed by reimbursement pressure as their pharmacies receive less for filing prescriptions coupled with a steep decline in generic drug prices for several years. “While we are not the only company that has been impacted by the marked change in the environment, that’s not an excuse,” Pessina said.
The magnitude of Walgreens’ forecast cut surprised some Wall Street analysts, who had expected it after the company had warned about increased competition and reimbursement pressures at its pharmacies. The company has also largely stayed away from big deals, instead focusing on partnering with companies such as Microsoft Inc and Kroger Co.
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