October 15, 2024 12:55 GMT
CONSUMER STAPLES: Walgreen Boots (B1 Stable/BB Neg) 4Q earnings call remarks
CONSUMER STAPLES
Equities now +5% retracing from +9%
So a bit more breakdown on FY25 guidance in prepared presentation. Clear miss on the core US retail as it flags continuing reimbursement pressures.
US Retail Pharmacy
- Sales $115-118b, +0.6%yoy at mid-point and beat on c$113.4b
- adj. EBIT of $0.9-$1.2b, -52% and miss on c$1.35b
- implies margin of 0.9% at midpoints down -60bps yoy and a miss on c1.4%
International
- Sales $23.6-24b, +1.1%yoy and miss on consensus $24.2
- adj. EBIT of $0.8-0.83, +2.8%yoy and a beat on c$0.8b
- implies margin of 3.4% unch yoy but a beat on c3.3%
US Healthcare
- Sales $8.6-$9b, +5.5$yoy and a miss on c$9.2b
- adj. EBIT of $0.05-0.09b, beat on c$0.06b
- implies margin of 0.8%, +240bp yoy and beat on c0.35%
From before for the entire group:
- Revenue $147-151b, mid-point is +0.9%yoy and a beat on consensus at -0.5%.
- adj. EBIT $1.6-$2b, mid-point is -31%yoy and a miss on consensus at $1.9b
- implies margin of 1.2% at mid-point, -30bps yoy and a slight miss on consensus at 1.3%.
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