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Walgreens Boots Alliance Inc WBA Stock Quote

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Morningstar‘s Stock Analysis WBA

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Walgreens Unit Village MD to Acquire Summit Health-CityMD; Maintaining Walgreens' FVE

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Walgreens unit VillageMD has entered a definitive agreement to acquire Summit Health-CityMD, a leading primary, specialty, and urgent care provider. The $9 billion acquisition will be completed by 2023, and Walgreens will invest $3.5 billion through a mix of debt and equity while Cigna-affiliate Evernorth will also invest in the healthcare service operations of Walgreens. Although we have adjusted our Walgreens model to account for this acquisition and management's updated guidance for its long-term healthcare service operations, we are maintaining our no-moat rating and $48 per share fair value estimate on Walgreens.

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Key Statistics WBA

Company Profile WBA

Business Description

Walgreens Boots Alliance is a leading retail pharmacy chain with about 13,000 stores in the U.S. and internationally. Walgreens’ core strategy involves brick-and-mortar retail pharmacy locations in high-traffic areas, with nearly 80% of the U.S. population living within 5 miles of a store. Currently, the company has a leading share of the domestic prescription drug market at about 20%. In 2021, the company sold a majority of its Alliance Healthcare wholesale business to AmerisourceBergen for $6.5 billion, doubling down on its core pharmacy efforts and ventures in strategic growth areas in primary care (VillageMD) and digital offerings. The company also has equity stakes in AmerisourceBergen (29%) and Sinopharm Holding Guoda Drugstore (40%).

108 Wilmot Road
Deerfield, IL, 60015
T +1 847 315-3700
Industry Pharmaceutical Retailers
Most Recent Earnings Aug 31, 2022
Fiscal Year End Aug 31, 2023
Employees 325,000

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