Walgreens shares give up gains after company warns of rising labor costs to keep up with Covid vaccines and tests

[fa icon="calendar"] Jan 6, 2022 9:00:00 AM / by VillageMD

  • Walgreens beat analysts’ expectations for fiscal first-quarter earnings, as customers came to stores for Covid vaccines and tests.
  • Despite that, shares of the company fell after Walgreens spoke of rising labor costs as its pharmacists are stretched thin by administering vaccines and filling prescriptions.
  • The drugstore chain raised its forecast for the year, saying it now anticipates adjusted earnings per share to grow the low single-digits instead of being flat.
  • The company said it administered 15.6 million Covid vaccines in the fiscal first quarter — bringing its total to over 56 million to date.

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Written by VillageMD

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