Benzinga | Oct 14, 2021 03:23PM EDT

Why Walgreens Shares Are Rising Today

Walgreens Boots Alliance Inc (NASDAQ:WBA) is trading significantly higher Thursday after the company announced better-than-expected fourth-quarter fiscal 2021 financial results.

Walgreens reported quarterly earnings of $1.17 per share, which beat the estimate of $1.02 per share. The company reported quarterly revenue of $34.3 billion, which beat the estimate of $33.3 billion.

"Our fourth quarter and fiscal year results exceeded expectations, driven by strong performance in our core business. Comparable U.S. pharmacy and retail sales both saw robust growth and recovery continued in our UK business as COVID-19 restrictions eased in the quarter," said Roz Brewer, CEO of Walgreens.

Walgreens also announced a new consumer-centric healthcare strategy to drive sustainable, long-term profitable growth.

The plan features the launch of Walgreens Health, a new business segment enabled by investments in VillageMD and CareCentrix, accelerating the company's capabilities in primary care, post-acute care and home care.

WBA Price Action: Walgreens has traded as high as $57.05 and as low as $33.36 over a 52-week period.

The stock was up 7.89% at $50.99 at time of publication.

Photo: Mike Mozart from Flickr.