Shares in Walgreens dipped around 9% following the mixed Q3 results. Image credit: Shutterstock/P. Allison

has set its sights on a cost-saving path as the pharmacy giant battles mixed financial results.

In its released on Tuesday, Walgreens revealed that profits had dropped to $118m, down from $289m in the same period from 2022. In light of this, the company adjusted earnings per share (EPS) guidance to $4.00 to $4.05 from $4.45 to $4.65.

Go deeper with GlobalData

  • ReportsLogo

  • ReportsLogo

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

In a statement, CEO Rosalind Brewer blamed the 鈥渟ignificantly lower demand for COVID-related services.鈥� Walgreens, which operates the second-largest pharmacy store chain in the US, saw success during the Covid-19 pandemic when it offered a plethora of Covid-related services such as vaccines and tests. However, in May, the World Health Organisation (WHO) declared an end to the Covid-19 public health emergency 鈥� and now pharmacy chains are starting to see the reality of smaller profits in a post-pandemic world.聽

In more positive financial results, Walgreens saw sales growth of 8.6%, to hit total sales of $35.4bn. The company pointed to a significant contribution from the retail pharmacy and healthcare segments.

The company stated it is taking actions to raise its 鈥渢ransformational cost management programme鈥� target from $3.5bn to $4.1bn in total savings.

Shares in Walgreens dipped around 9% following the results.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile 鈥� free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

鈥淐onsumers continue to appreciate the value, convenience, and range of services provided by Walgreens and Boots. However, significantly lower demand for COVID-related services, a more cautious and value-driven consumer, and a recently weaker respiratory season created margin pressures in the quarter,鈥� said Brewer.

鈥淥ur revised guidance takes an appropriately cautious forward view in light of consumer spending uncertainty, while still demonstrating clear drivers of a return to operating growth next fiscal year.鈥�