Walgreens Boots Alliance, Inc. - Common Stock (WBA)
10.24
-1.22 (-10.69%)
Walgreens Boots Alliance is a global healthcare leader that operates a chain of pharmacies, drugstores, and health and wellness retail outlets
The company is known for providing accessible pharmaceutical services and a wide range of health and beauty products. With a commitment to enhancing the health and well-being of its customers, Walgreens Boots Alliance focuses on delivering innovative healthcare solutions, including pharmacy services, immunizations, and health consultations. Additionally, the company engages in retail pharmacy and wholesale distribution, partnering with various healthcare providers to improve patient outcomes and ensure the availability of essential medications and healthcare products.
Shares of pharmacy chain Walgreens Boots Alliance (NASDAQWBA) fell 17% in the morning session after the company announced it is suspending its dividend for the first time in over 90 years. The move to suspend the dividend is a part of the turnaround efforts to improve the balance sheet by reducing debt and improving free cash flow. Though a cut was expected, a complete suspension of the dividend is a surprise given the company's long history of paying one. Even with this move, the path to positive free cash flow in fiscal 2025 is still murky. Store footprint optimization costs, impending debt maturities, and limited upside in the core business in the near term are headwinds.
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