Walgreens Exceeds Financial Expectations Due To COVID-19 Demands

DEERFIELD, IL — If it feels like your neighborhood Walgreens is a busier place these days, that's probably because it is. The Deerfield-based company said Thursday financial results for the first quarter of 2022, which ended on Nov. 30, 2021, exceeded expectations.

Walgreens administered 15.6 million vaccinations and 6.5 million tests in the first quarter of 2022, according to an investor relations news release. The company said it has administered 56 million vaccines to date, including 9 million boosters. Walgreens also said it is the largest pediatric vaccine provider in the pharmacy channel.

Financial highlights include:

• First quarter earnings per share from continuing operations were $4.13, compared with a loss of $0.45 in the year-ago quarter
• First quarter sales from continuing operations increased 7.8 percent to $33.9 billion, up 7.6 percent on a constant currency basis
• First quarter operating income from continuing operations increased to $1.3 billion, compared with a loss of $535 million in the year-ago quarter; adjusted operating income from continuing operations increased to $1.8 billion, up 48.5 percent on a constant currency basis

"First quarter results exceeded our expectations, with a very encouraging performance across all our business segments," Walgreens CEO Rosalind Brewer said. "I am particularly excited about the progress we’re making in building out Walgreens Health."

Last quarter, Walgreens closed out its majority investments in VillageMD and Shields. It also rolled out VillageMD primary care colocations and Walgreens Health Corners.

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