COVID tests, vaccines help Walgreens beat expectations on earnings

The omicron swept the US during the second quarter, driving up pharmacy sales

Walgreens Boots Alliance exceeded analysts' earnings expectations for the second quarter, when pharmacy sales were driven up on demand for COVID-19 tests and vaccines as the omicron variant swept the U.S.

walgreens

Walgreens logo is seen in San Francisco, California, United States on October 18, 2021. (Photo by Yichuan Cao/Sipa USA) (Yichuan Cao/Sipa USA)

Ticker Security Last Change Change %
WBA WALGREENS BOOTS ALLIANCE INC. 38.51 -0.05 -0.13%

The Deerfield, Illinois-based firm reported earnings of $1.59 per share on Thursday for the quarter ending Feb. 28, beating Wall Street's projection of $1.40.

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The company said its U.S. retail comparable sales growth of 14.7% was the highest it has seen in more than 20 years. Revenue climbed roughly 3% to $33.76 billion, surpassing analysts' estimate of $33.23 billion.

Walgreens CEO Rosalind Brewer (Photo credit: iStock)

"Second quarter results demonstrated broad-based execution, driving strong comparable sales and robust earnings growth," CEO Rosalind Brewer said in a statement announcing the results. "We continue to make important strides along our strategic priorities, building a consumer-centric, technology-enabled healthcare enterprise at the center of local communities," she added.

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Walgreens is the largest pediatric vaccine provider in the pharmacy channel (istock / iStock)

All told, the pharmaceutical giant that operates nearly 9,000 locations in the U.S. and another 2,300-plus abroad administered 11.8 million COVID-19 vaccinations and 6.6 million COVID-19 tests in the second quarter. 

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Walgreens is the largest pediatric vaccine provider in the pharmacy channel, the company reported.

The Associated Press contributed to this report.