Dec 24, 2014
Walgreens Co.
(WAG-NASDAQ)
$76.51
Note to Readers: More details to come; changes are highlighted. Except where noted, and highlighted, no other
section of this report has been updated.
Reason for Report: Flash Update: 1Q15 Earnings
Prev. Ed: Nov 7: 4Q14 and FY14 Earnings (broker price and share price are as of Oct 9, 2014)
Note: The tables below (Revenue, Margins, and Earnings per Share) contain material from fewer brokers than in
the Valuation table. The extra figures in the Valuation table come from reports that did not have accompanying
spreadsheet models.
Flash Update
Walgreens Beats Q1 Earnings, Alliance Boots Deal Bears Fruit – Dec 23, 2014
Walgreens reported adjusted net earnings of $0.81 per share in 1Q15, up 12.5% from $0.72 of 1Q14.
The adjusted figure also beat the Zacks Consensus Estimate of $0.74 by 9.5%.
A year-over-year (y/y) high-single-digit increase in the revenues primarily resulted in this bottom-line
improvement.
In Aug 2012, Walgreens had entered into a strategic partnership with a global international pharmacy-led
health and beauty group Alliance Boots GmbH, in which it acquired a 45% stake for $6.7 billion. This
alliance fits Walgreens' strategy to advance community pharmacy and bring additional specialty
pharmacy products and services closer to patients.
So far, Walgreens' partnership with Alliance Boots has been yielding positive results, with combined
synergies reaching $140 million in 1Q15. Moreover, Alliance Boots contributed $0.11 per share to
Walgreens' 1Q15 adjusted net earnings.
Walgreens expects this joint synergy program to deliver approximately $650 million in FY15.
On a reported basis (including certain one-time items), net earnings came in at $809 million or $0.85 per
share, an improvement of 16.4% or 18.1% respectively from the net earnings of $695 million or $0.72 per
share of 1Q14.
Quarter in Detail
During 1Q15, Walgreens' total sales reached $19.6 billion registering sales growth of 6.7% y/yand a
comfortable beat over the Zacks Consensus Estimate of $19.4 billion. This sales result came in line with
the preliminary November sales figures posted by Walgreens in the first week of December.
In 1Q15, Walgreens delivered solid performance across both its pharmacy and retail products
businesses, which resulted in the top-line improvement.
© Copyright 2013, Zacks Investment Research. All Rights Reserved
Front-end comparable store (those open for at least a year) sales and basket size grew 1.5% and 4.2%,
respectively, in 1Q15. Overall, comparable store sales improved 5.7%. On the other hand, customer
traffic in comparable stores was down 2.7%.
Pharmacy sales (accounting for 66.8% of total sales in 1Q15) climbed 9% y/y while pharmacy sales in
comparable stores increased 8.1%. Moreover, Walgreens filled a record 222 million prescriptions (up
4.3% year over year) during 1Q15.
Prescriptions filled at comparable stores rose 4.1%. As of Nov 30, Walgreens retail prescription market
share on a 30-day adjusted basis reached 19%, as reported by IMS Health.
Notably, Walgreens has completed its financing to seal the Alliance Boots transaction. Walgreens
expects to close the second step of the transaction on Dec 31, 2014, following the special meeting of
shareholders to be held on Dec 29 in New York City.
Margins
Adjusted gross profit increased 2.6% y/y to $5.35 billion. However, as expected, adjusted gross margin
contracted 100 basis points (bps) to 27.3% as pharmacy gross profit was negatively impacted by lower
third-party reimbursement and generic drug price inflation, partially offset by an increase in the brand-togeneric drug conversions.
However, as expected, both pharmacy and front-end margins gained from purchasing synergies from the
company's joint venture with Alliance Boots.
Adjusted selling, general and administrative (SG&A) expenses scaled up 1.7% y/y to $4.3 billion.
Adjusted operating margin remained flat at 5.2%.
Details, other news update and broker comments will be provided in the next edition.
Portfolio Manager Executive Summary
Walgreen Co. (WAG), or Walgreens, operates retail drugstore chains in the U.S. These drugstores sell
prescription and non-prescription drugs, and general merchandise. General merchandise includes beauty
care, personal care, household items, candy, photofinishing service, greeting cards, seasonal items, and
convenience food. Customers can have prescriptions filled at the drugstore counter as well as through
telephone, mail and the Internet.
Of the 21 firms covering Walgreens, 12 (57.1%) assigned positive ratings, 8 (38.1%) provided neutral
ratings and 1 (4.8%) conferred a negative rating on the stock.
Positive or equivalent outlook (12/21 firms): Bullish firms are satisfied with Walgreens’ in-line 4Q14
financial results. In 4Q14, the company’s prescription share of Medicare Part D exceeded its overall
retail prescription share. However, the volume growth could not offset the effects of lower
reimbursements and the firms expect this pattern to continue in FY15 as well. The firms believe that the
recently announced partnership of Walgreens with WebMed, under which the latter’s virtual wellness
coaching programs will be provided to Walgreens customers, will not be able to drive much earnings
growth for the company. However, they believe this partnership will elevate Walgreens’ position in the
digital market, by helping educate customers, encourage healthy behavior, manage chronic conditions,
and overall increase customer loyalty, thus possibly driving foot traffic at its stores.
According to firms, Walgreen’s “Balance Rewards” customer loyalty program is helping lower the
company’s print ad costs and is bringing individualized marketing benefits. Recent work to increase the
share of the company’s private brand products within the mix, as well as a new front-end merchandising
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strategy, has the potential to positively impact same store sales and profits. Finally the bullish firms are
of the opinion that Walgreens will benefit from several tailwinds, including benefits from the AB deal,
higher volumes from the ACA, specialty drug launches and ongoing acquisition activity.
Neutral or equivalent outlook (8/21 firms): Neutral firms remain on the sidelines owing to Walgreens’
in-line 4Q14 financial results accompanied by the mixed outlook for the near term. The firms were
impressed with the contribution of Alliance Boots in 4Q14, which continued to be better-than-expected.
Moreover, they expect Walgreens’ base business will improve, particularly as the company's customerloyalty program continues to gain traction. They are optimistic that Walgreens will benefit from its
integration with Alliance Boots, which is currently doing well. However, at the same time, these firms are
concerned of the fact on Walgreens decision to continue operation at its original headquarter in Chicago,
following the accelerated acquisition of the Alliance Boots. They believe, had Walgreens moved its
headquarter to one of the European countries, it could have gained the benefits of tax inversion, which
might otherwise hamper earnings. Moreover, firms expect the rising pressure on drug pricing to
adversely impact the company’s profitability in the near term.
Given that management expects most of the current headwinds like overall reimbursement pressures,
generic drug inflation, and step downs for Med D reimbursement rates will persist through FY15, some
of the neutral firms have lowered their EPS estimates for FY15. However, with the flu season off to a
relatively healthy start and given the expectations that this season could be more pronounced than last
year’s, firms anticipate a further acceleration in script growth over the coming months. This in turn will
usher in profits for Walgreens.
Nov 7, 2014
Overview
Headquartered in Deerfield, IL, Walgreens is principally a retail drugstore chain that sells prescription and
non-prescription drugs and general merchandise. General merchandise includes, among other things,
household items, convenience and fresh foods, personal care, beauty care, photofinishing services and
candy. Customers can have prescriptions filled in retail pharmacies as well as through the mail, and may
also place orders by telephone and online.
As of Feb 28, 2014, Walgreens operated 8,681 locations in all 50 states, the District of Columbia, Puerto
Rico and Guam and the U.S. Virgin Islands, including 8,210 drugstores (138 more compared with the
year-ago period). The company also operates infusion and respiratory service facilities, worksite health
and wellness centers, specialty pharmacies and mail service facilities. Its Take Care Health Systems
subsidiary manages more than 750 in-store convenient care clinics and worksite health and wellness
centers. The company’s website is www.walgreens.com. The company’s fiscal year ends on Aug 31; all
calendar references differ from the fiscal year.
The firms identified the following factors for evaluating the investment merits of WAG:
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Key Positive Arguments
Health & Wellness Division: Walgreens is
strengthening its health and wellness division with
acquisitions and is growing its presence in specialty
pharmacy, which has substantial growth potential.
Key Negative Arguments
Declining Margins: Over the past few years, increased
reimbursement pressure and generic drug cost inflation
has been hampering Walgreens’ margin, on a significant
level. The management does not expect this situation to
improve in the near term.
Initiatives: The company is constantly introducing
strategic initiatives to boost long-term growth. Many
firms believe that Walgreens’ recent partnership
with WebMed will elevate its position in the digital
market. Besides it also has the potential to drive
foot traffic at its stores.
Regulations: The continued efforts of health
maintenance organizations (HMOs), managed care
organizations, PBMs, and other third party payors,
including government agencies such as Medicaid, to cut
costs by reducing prescription drug costs and
reimbursement rates could pose a threat to Walgreens’
future operating performance.
Strong Balance Sheet: Based on a strong balance
sheet, the company returns value to shareholders
through dividends and share repurchases.
Moreover, a strong cash balance augurs well for
acquisitions.
Low Generic Drugs Introduction Rate: Walgreens
expects the trend of low introduction rate of new generic
drugs to continue in FY15. This has led few firms to lower
their EPS estimate for FY15.
Improved Supply Chain: The long-term deal with
AmerisourceBergen is another upside. The firms
are sanguine about improved supply chain
performance in the next fiscal. Moreover, they are
encouraged by the expected accretion from this
deal.
Nov 7, 2014
Long-Term Growth
Walgreens has long been considered as one of the premier chains in the drug retailing industry with its
superior execution and strong position in many major U.S. drug store markets that provide it with a
significant share in managed care. It is an industry leader commanding impressive market share and high
levels of execution and brand loyalty, which position it well to capture growth off the aging baby boomers
and a government-led expansion of prescription drug coverage.
Over the past several years, Walgreens has taken a number of strategic steps to stimulate customer
demand amid a challenging macroeconomic scenario. Subsequent to acquiring a 45% stake in Alliance
Boots GmbH for $6.7 billion, this leading retail pharmacy chain acquired a mid-South U.S.-based regional
drugstore chain for $438 million. While some firms take note of these bold strategic moves, others are of
the view that the Alliance Boots deal could lead to a loss of focus from the current issues in the U.S.
Walgreens also partnered with a number of hospitals and health systems to improve patient care, provide
greater access to important pharmacy and healthcare services, and reduce costs.
Over the long term, the firms believe that specialty utilization will drive earnings. It is expected that
management’s efforts will be successful in increasing the volume of generic drug introduction in the
upcoming quarters. This, in turn, is expected to improve front end margin in the long run.
The firms are also encouraged to note the company’s consistent efforts to support the positive
momentum going forward. During the 2Q13 conference call, Walgreens had disclosed a 10-year
comprehensive primary distribution agreement with AmerisourceBergen for branded and generic
products effective Sep 1, 2013, to improve its global pharmaceutical supply chain.
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On Jan 8, 2014, Walgreens announced its plans for strategic developments in FY14. The management is
expecting the U.S. health care spending to grow 3% to 20% of gross domestic product by 2020. Aging
population and health care reforms are considered to be the major tailwinds. Walgreens is planning to
capitalize on the shift in payment models to pay-for-performance in health care. In an effort to strengthen
its foothold in the $2.6 trillion health care market, the company will focus on three strategic growth
drivers: creating a new and improved store format called Well Experience, advancing community
pharmacy and establishing an efficient global platform on behalf of its customers and shareholders.
Given the ongoing wave of generic launches, a shift toward lower-cost providers of care, the increasing
prevalence of specialty and Walgreens’ sophisticated operational infrastructure, firms are optimistic about
Walgreen’s growth trajectory over the long term.
Management is also strengthening its presence globally. Walgreens and Alliance Boots will utilize their
resources to achieve this goal. Walgreens is aiming to make the global pharmaceutical distribution
channel more efficient. It is focusing on establishing leading positions in markets beyond the U.S and
Europe and also in some of the emerging markets.
The firms believe that key drivers for long-term growth include the improved supply chain due to
AmerisourceBergen relationship, incremental Alliance Boots synergies, and new initiatives along with
accelerated cost savings. With the current generic wave, the generic prescription drug volume growth is
projected to accelerate over the next few years. The firms also believe that this will benefit Walgreens as
the rate of generic drug introduction is expected to increase for the company in the upcoming years.
Walgreens is optimistic about the financial and operational benefits from the AmerisourceBergen deal for
FY14 with margin expansion and bottom-line accretion. Given this backdrop, the firms are also optimistic
about the long-term deal which should boost Walgreens’ presence in the retail drug purchasing space.
However, during the 3Q14 earnings call Walgreens withdrew its FY16 outlook.
Nov 7, 2014
Target Price/Valuation
Rating Distribution
Positive
57.1%↓
Neutral
38.1%↑
Negative
4.8%↓
Avg. Target Price
$69.77↓
Maximum Target
$83.00↓
Minimum Target
$56.00↑
No. of Analysts with Target price/Total
17/21
Upside from current
13.4%
Maximum Upside from current
34.8%
Minimum Downside from current
9%
Risks to the target price include lower-than-expected growth in the retail business, increased industry
regulation or changes to the existing health care law, or a material loss of business, weak front-end
business compelling the company to take a promotional stance, or inability to meet the synergy goals.
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Recent Events
On Sep 30, 2014, Walgreens reported fiscal 4Q14 and FY14 results. Highlights are as follows:
 Walgreens reported adjusted EPS of $0.74 in 4Q14, up 1.4% y/y. In FY14, Walgreens reported
adjusted EPS of $3.28, up 5.1% y/y.
 Revenues in 4Q14 increased 6.2% y/y to $19.06 billion. In FY14, the same increased 5.8% y/y to
$76.39 billion.
 Guidance: The company estimates that accretion from the Alliance Boots deal in fiscal 1Q15 will be
an adjusted $0.10–$0.11 per share. Further, it estimates the joint synergy program to deliver combined
synergies of $650 million in FY15.
On Oct 7, 2014, Walgreens announced that it has more than doubled its preferred network relationships
with national Medicare Part D plan sponsors for 2015 and will be a part of preferred networks for nine
plan sponsors. The networks are designed to offer greater access to pharmacy services and cost savings
opportunities.
On Oct 6, 2014, Walgreens announced that it is conducting a developer contest to encourage integration
of its Balance Rewards application program interface (API), which allows users of other apps to earn
Balance Rewards loyalty program points for making healthy choices. Rewards points can be redeemed
for merchandise in-store or online.
On Oct 2, 2014, Walgreens reported that it has partnered up with WebMD Health to improve health and
wellness in America by helping and incenting consumers to make healthier choices at home, work and
on-the-go. In the coming months, the two companies will work together to provide WebMD’s virtual
wellness-coaching programs directly to Walgreens customers.
Revenue
Revenues in 4Q14 increased 6.2% y/y to $19.06 billion. In FY14, Walgreens reported revenues of $76.39
billion reflecting a rise of 5.8% y/y.
The Zacks Digest total revenue in 4Q14 was in line with the company’s report.
Provided below is a summary of segment revenue as compiled by Zacks Digest:
Revenue ($ in million)
4Q13A
2013A
3Q14A
4Q14A
2014A
1Q15E
2Q15E
2015E
2016E
Digest Average
$17,941.0
$72,217.0
$19,401.0
$19,057.0
$76,392.0
$19,278.9↑
$20,538.5
$80,660.2↑
$83,612.0↓
Digest High
$17,941.0
$72,217.0
$19,401.0
$19,057.0
$76,392.0
$19,417.0↑
$20,660.0
$81,301.7↑
$83,612.0↓
Digest Low
$19,057.0
$76,391.5
$19,098.0↓
$20,432.0
$79,678.0↑
$83,612.0↓
5.2%↑
4.8%
5.6%↑
3.7%↓
4.1%↑
3.7%
$17,941.0
$72,217.0
$19,401.0
Y/Y Growth
5.1%
0.8%
5.9%
6.2%
Same-Store sales
-1.0%
-1.0%
5.0%
Store growth
2.4%
1.4%
1.1%
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Total sales in comparable stores improved 5.4% y/y in 4Q14, while front-end comparable store sales
(those open for more than a year) rose 1.3% y/y. However, customer traffic in comparable stores was
down 2.2% while basket size increased 3.5% in 4Q14.
Prescription sales (accounting for 65.7% of sales in 4Q14) moved up 9.3% y/y, and prescription sales in
comparable stores increased 7.8%. Moreover, during 4Q14, Walgreens filled 211 million prescriptions
(up 4.2% y/y). Prescriptions filled at comparable stores climbed 3.9% y/y. The company consistently
observed strong growth in prescriptions filled for Medicare Part D patients, which increased 9.2% y/y in
4Q14.
Walgreens gained retail prescription market share of 30 basis points (bps) to scale 19.0% in FY14.
Moreover, in FY14, Walgreens filled a record 856 million prescriptions. Since the beginning of FY13,
Walgreens Medicare Part D prescription market share has grown more than twice as fast as its overall
retail prescription market share.
In 4Q14, Walgreens opened/acquired 46 new drug stores, compared to 33 opened/acquired in 4Q13.
New Strategic Developments:
On Aug 13, 2014, Walgreens reported that it is expanding its Healthcare Clinic retail locations with entry
into the Dallas-Fort Worth market. The company plans to bring 13 Healthcare Clinic at select Walgreens
locations to the Dallas Metroplex by the end of 2014. The first clinic opened July 28 in Southlake.
On Aug 6, 2014, Walgreens announced that it has exercised its option to complete the second step of its
strategic transaction with Alliance Boots GmbH ahead of the original option period, which was between
February and August 2015. This action follows the launch of the companies’ long-term strategic
partnership in June 2012, when Walgreens acquired a 45 percent equity ownership in Alliance Boots,
with the option to proceed to a full combination by acquiring the remaining 55 percent of Alliance Boots in
three years’ time. Walgreens expects to close the transaction in the first quarter of calendar 2015.
On July 22, 2014, Walgreens introduced its new “Balance Rewards for healthy choices” initiative to help
participants modify behavior risk factors associated with the nation’s most urgent public health issues.
This initiative, one of the pillars of Walgreens 81 million active member Balance Rewards loyalty
program, will incant adoption of healthy habits and reward those choices with Balance Rewards points.
On Jun 25, 2014, Walgreens completed the sale of a majority interest in its subsidiary, Take Care
Employer Solutions to Water Street Healthcare Partners (Water Street). At the same time, Water Street
made an investment in CHS Health Services (CHS), an unrelated entity, and merged CHS with Take
Care Employer to create a leading worksite health company dedicated to improving the cost and quality
of employee health care. Water Street owns a majority interest in the new company while Walgreens
owns a significant minority interest and has representatives on the new company's board of directors.
Walgreens recorded an immaterial gain from the transaction.
On Oct 1, 2013, Walgreens and Alliance Boots had arrived at a long-term and strategic relationship with
AmerisourceBergen. Per the announcement made during Mar 2013, Walgreens and AmerisourceBergen
have successfully begun implementing their 10-year agreement for pharmaceutical distribution from early
Sep 2013. In addition, AmerisourceBergen has also teamed up with Alliance Boots and Walgreens under
a three-pronged agreement that underlines a strategic collaboration, equity alignment and distribution
agreement.
As per the Branded and Generic Pharmaceutical Distribution agreement, AmerisourceBergen will be the
distributor and supplier of branded pharmaceutical products and generic pharmaceutical products of
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Walgreens. Walgreens will be benefited by substantial operational benefit and enhanced supply chain
from this deal. The company expects modest accretion from this market- based contract for fiscal 2014.
As per the Global Supply Chain Opportunities branched agreement, the company will benefit from
AmerisourceBergen’s expertise in its wholesale distribution and specialty and manufacturer services
business across the United States. This move is also expected to facilitate avenues for new projects and
services.
With the view of strengthening the long-term relationship under the equity position pronged agreement,
Walgreens together with Alliance Boots granted the right to purchase a minority equity position in
AmerisourceBergen in the open market. The same did not include the obligation to purchase up to 7% of
fully diluted equity of AmerisourceBergen. Since 2Q14 AmerisourceBergen has begun distributing
generic pharmaceutical products that Walgreens previously used to self-distribute. The levels of generic
pharmaceuticals distributed have increased throughout the fiscal year and AmerisourceBergen
distributed substantially all of these pharmaceuticals for the Company as of August 31, 2014.
Walgreens’ partnership with Alliance Boots is yielding positive results, with synergies for FY14 scaling
approximately $491 million. In 4Q14, the Alliance Boots deal was accretive to adjusted earnings by $0.06
per share. The company estimates accretion from Alliance Boots in 1Q15 at an adjusted $0.10–$0.11 per
share.
This alliance fits Walgreens’ strategy to advance community pharmacy and bring additional specialty
pharmacy products and services closer to patients. The company expects this to expand its centralized
specialty and mail service pharmacy operations.
Loyalty Card: On Sep 16, 2012, Walgreens launched a complete customer loyalty program ‘Balance
Rewards' to stimulate spending through points and rewards earned by customers. This program includes
over 7,900 Walgreens and Duane Reade stores in the U.S. and offers multi-channel access to join the
program. At the end of FY14, the company’s Balance Rewards loyalty program had 82 million active
members. Walgreens integrated its award winning Paperless coupons into this program and had nearly
1.5 million people enrolled in Balance Rewards for healthy choices program. Currently, Walgreens is
offering store-wide events designed to further build loyalty.
The firms are expecting the revenues to improve as Walgreens is focusing on products with higher profit
and demands.
Outlook: Walgreens estimates the joint synergy program to deliver FY15 combined synergies of
approximately $650 million.
Margins
Adjusted gross profit increased 2.6% y/y to $5.32 billion in 4Q14, primarily owing to the improvements
observed in script comps and front-end comp sales. However, adjusted gross margin contracted 100
bps to 27.9% primarily driven by a decline in pharmacy gross margin. The pharmacy gross margin
decrease was a result of increasing third-party reimbursement pressure particularly due to a few contract
step downs, increases in Medicare Part D mix including the strategy to continue driving 90-day
prescriptions at retail, pronounced generic drug inflation and the mix of specialty drugs. However, the
positive effect of the increased rate of introductions of new generics in 3Q14 versus 3Q13 and
purchasing synergies in the pharmacy partially neutralized these decreases in the pharmacy margin. The
LIFO provision was $132 million in FY14 versus $239 million in FY13.
The Zacks Digest average gross margin in 4Q14 was in line with the company’s report.
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With selling, general and administrative (SG&A) expenses increasing 4.8% y/y to $4.5 billion,
adjusted operating margin (excluding equity earnings in Alliance Boots) during 4Q14 contracted 67 bps
to 4.4%. The Zacks Digest average operating margin in 4Q14 was above the company’s report.
Provided below is a summary of margins as compiled by Zacks Digest.
Margins ($ in million)
4Q13A
2013A
3Q14A
4Q14A
2014A
1Q15E
2Q15E
2015E
Gross
28.9%
29.3%
28.1%
27.9%
28.3%
27.4%↓
28.0%
27.3%↓
Operating
5.9%
5.7%
5.9%
5.9%
5.9%
Pre-Tax
4.6%
4.9%
5.0%
4.9%
4.9%
4.6%
5.6%
5.0%
2016E
Note: As per the Zacks Digest model, cost of goods sold (COGS) is expected to increase 7.3% y/y in
FY14 and increase 8.0% y/y in FY15; SG&A expense is expected to increase 2.3% y/y in FY15. In
comparison, revenue is expected to increase 5.8% y/y in FY14 and 5.6% y/y in FY15.
Please refer to the Zacks Research Digest spreadsheet on WAG for total forward margin estimates and details.
Earnings per Share
In 4Q14, Walgreens reported adjusted EPS of $0.74 up 1.4% y/y. Including one-time items, Walgreens
reported loss of $0.25 per share, against earnings of $0.69 in 4Q13.
The reported earnings results of Walgreens in 4Q14 was negatively affected by non-cash loss of $866
million or $0.90 per diluted share owing to the amendment and exercise for the company's Alliance Boots
call option.
In FY14, Walgreens reported adjusted EPS of $3.28, up 5.1% y/y. Including one-time items, Walgreens
reported earnings of $2.00 per share, down 21.9% y/y.
The Zacks Digest average EPS in 4Q14 was much below the company’s report.
Provided below is a summary of earnings per share as compiled by Zacks Digest:
EPS
4Q13A
2013A
3Q14A
4Q14A
Digest High
$0.69
$2.67
$0.88
Digest Low
$0.61
$2.62
Digest Average
$0.64
Y/Y Growth
35.1%
2014A
1Q15E
2Q15E
2015E
$0.71
$0.75
$0.91
$3.28↓
$0.73
$0.62
$0.65
$0.80
$3.00↑
$2.65
$0.79
$0.66
$0.70
$0.86
$3.14↓
5.2%
4.0%
3.0%
-5.0%
0.6%
2016E
Outlook: The company estimates that accretion from Alliance Boots in 1Q15 will be an adjusted $0.10–
$0.11 per share, including a benefit of $0.02 related to Alliance Boots’ acquisition of its partner’s interest
in a joint venture. This estimate does not include amortization expense, the impact of AmerisourceBergen
warrants or one-time transaction costs.
Please refer to the Zacks Research Digest spreadsheet on WAG for additional details on EPS forecasts.
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Nov 7, 2014
Analyst
Aparajita Dutta
Content Ed.
No. of brokers reported/Total
brokers
QCA
21/21
Aniruddha Ganguly
Lead Analyst
Urmimala Biswas
Reason for Update
Flash Update
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