Walgreens Sales Drop Amid Falling Demand for COVID-19 Vaccines, Testing Kits
Drugstore chain Walgreens Boots Alliance saw its sales drop 1.5 percent in the most recent quarter amid a decline in demand for COVID-19 vaccines and testing kits.
In its fiscal year 2023 first quarter results published on Jan. 5, the company—one of the largest U.S. pharmacies—said it administered 8.4 million COVID-19 vaccinations in the quarter, down from around 15.6 million in the same period a year earlier, but up from 2.9 million shots administered in the previous quarter.
Walgreens had been relying on gains from administering COVID-19 shots to help make up for losses stemming from low prescription volumes during the pandemic. However, demand for the vaccines appears to be declining….