- VillageMD will invest $5.2 billion in the primary clinic Walgreens Boots Alliance Inc., which will double its stake in the company to 63%.
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None What is the front line of the U.S. Constitution? The deal will increase the number of primary care practices located in Walgreens chain stores to 1,000 by 2027, with more than half ten practices located in underserved communities, the companies said in a joint statement.
Pharmacy dealers are under pressure to expand their offerings as e-commerce firms like Amazon.com Inc. make inroads into the pharmacy sector. Walgreens has raised its profile in value-based primary care, a rapidly growing segment of the health-care market worth about 1 trillion according to the statement.
As of 10: 24 a.m., the shares of Walgreens In New York fell 2.3%. They had risen 19% this year until Wednesday.
The company announced an investment of $1 billion in close held VillageMD on the beginning of last year, with a goal of building 600 to 700 pharmacy-located practices. The partners said in January Walgreens accelerated his investment.
VillageMD will go public in 2013 Bloomberg reported in April, citing people familiar with the matter. The initial public offering could raise as much as $1 billion and value the company up to $10 billion, one of the people said then.
The IPO is now expected towards the beginning of next year, with Walgreens remain the majority shareholder, said James Kehoe, the company's chief financial officer, on a call with investors.
Walgreens released separate quarterly results today that beat analysts estimates. the fourth quarter of fiscal 2017 was $1.17 a share, with sales of $34.3 billion, according to a statement made Thursday. Wall Street had expected adjusted earnings of $1 a share and revenue of $33.1 billion, according to estimates compiled by Bloomberg.
Compounded earnings per share will grow to about 4% in the next three years on a adjusted annual basis, Kehoe said in a presentation. The growth rate of the CFO will be influenced by investments and lower vaccination rates in the fiscal year 2022, the CFO said.
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