What to expect from Walgreens Boots' FQ1 performance?
Walgreens Boots (NASDAQ:WBA) is scheduled to announce FQ1 earnings results on Thursday, January 6th, before market open.
The consensus EPS Estimate is $1.34 (+9.8% Y/Y) and the consensus Revenue Estimate is $32.87B (-9.4% Y/Y).
Over the last 2 years, WBA has beaten EPS estimates 75% of the time and has beaten revenue estimates 75% of the time.

Over the last 3 months, EPS estimates have seen 11 upward revisions and 1 downward. Revenue estimates have seen 2 upward revisions and 4 downward.
Sales climbed ~8.6% YoY to $132.5B for FY21 and beat analyst expectations in FQ4, recording the fifth consecutive quarterly beat.
In the earnings call that followed, Walgreens Boots Alliance outlined guidance of flat EPS with the base business growth of 4% for FY22. Baird estimates COVID-19 vaccines and testing will drive a material guidance increase, despite any conservative assumptions by management.



Walgreens added Moderna and Johnson & Johnson COVID-19 vaccine booster shots in stores nationwide in October, and began administering Pfizer's vaccine to children ages 5 to 11 in thousands of stores from November.

Recent key developments: Walgreens reportedly received a takeover offer for its Boots drugstore chain in the U.K. at the start of 2022. In the previous month, it capped sales of at-home COVID-19 tests to four per customer amid a surge in demand due to the Omicron threat. The pharmacy group also acquired a 30% stake McKesson had in their German wholesaler joint venture.
Morgan Stanley recently downgraded WBA to Underweight, citing "limited visibility" on the healthcare strategy and flat projected earnings growth through FY23.


Recent SA contributor analyses on WBA have been largely bullish, with one highlighting its expanding customer base amid the pandemic as a strength.