© Reuters. FILE PHOTO: Signage is seen outside of a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly
(Reuters) – Walgreens Boots Alliance (NASDAQ:) Inc’s quarterly profit beat Wall Street expectations on Tuesday on greater contribution from its fledgling healthcare business that operates doctor clinics among others.
Excluding one-off items, the company reported earnings of $1.16 per share for the quarter ended February, higher than the average analyst estimate of $1.10, according to Refinitiv IBES data.
Walgreens, one of the largest U.S. pharmacies, has been looking to expand beyond its core business. It spent $5.5 billion in 2021 to take a majority stakes in two smaller healthcare providers, VillageMD and CareCentrix, and also completed its $9 billion acquisition of urgent care provider Summit Health in January.
Walgreens said it had incurred a one-time opioid-related charge of $306 million in the quarter, and costs related to the acquisition of Summit Health.