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Walgreens is an American pharmacy store chain headquartered in Deerfield, Illinois.[4][5] It is the second largest pharmacy chain in the United States, behind CVS Pharmacy.[6] Walgreens operated more than 8,700 stores in the U.S. as of March 2025.[7] In addition to pharmacy services, Walgreens also offers photo services.[8] Walgreens was founded in Chicago by Charles Rudolph Walgreen in 1901. On December 31, 2014, Walgreens acquired Switzerland and UK-based Alliance Boots, and formed a new holding company, Walgreens Boots Alliance. Walgreens became a subsidiary of the new company, which retained its Deerfield headquarters and traded on the Nasdaq under the symbol WBA.[9] As of August 2025, Walgreens is owned by private equity firm Sycamore Partners. Walgreens has been the subject of a number of lawsuits over discrimination, drug fraud, federal billing fraud, distribution of opioids, discrepancies between shelf price and scanned price, overcharging, illegal disposal of hazardous waste, selling expired items, misleading investors, unlicensed pharmacists, and wage theft. In 2021, Walgreens was one of several pharmacy chains found by a federal jury to have substantially contributed to the opioid crisis.

Key Information

Retail history

[edit]
Early "Walgreen Drugs" sign still in use in San Antonio, Texas
Early "Walgreen Drugs" sign still in use in San Antonio, Texas

Walgreens began in 1901, when Charles Rudolph Walgreen purchased a small food front store on the corner of Bowen and Cottage Grove Avenues in Chicago, where he had worked as a pharmacist.[10] Walgreen manufactured his own line of drug products. By 1913, Walgreens had grown to four stores on Chicago's South Side. It opened its fifth in 1915 and four more in 1916. By 1919, there were 20 stores in the chain.

Logo used from 2005 to 2020

As a result of alcohol prohibition, the 1920s were a successful time for Walgreens: although alcohol was illegal, Walgreens sold prescription whiskey.[11] This prescribed alcohol was sold at inflated price, compared to a speakeasy.[12] In 1922, Walgreens introduced a malted milkshake, which led to its establishing ice cream manufacturing plants.[13] A Walgreens employee named Ivar Coulson modified the basic malted milk recipe by adding scoops of vanilla ice cream.[14][15] The milkshake was sold at $0.20 and Walgreens became the place to "hang out".[13] The next year, Walgreens began opening stores away from residential areas. In the mid-1920s, there were 44 stores with annual sales of $1.2 million combined. Walgreens had also expanded by then into Minnesota, Missouri, and Wisconsin. By 1930, it had 397 stores with annual sales of $4 million. This expansion partly was attributed to selling the prescribed alcohol that Walgreen often stocked under the counter, as accounted in Daniel Okrent's Last Call: The Rise and Fall of Prohibition.[16]

Although milkshakes and malted milk had been around for some time before, Walgreens has claimed credit for the popularization of the malted milkshake (or at least its version of it, invented by Ivar "Pop" Coulson in 1922).[17]

The stock market crash in October 1929 and subsequent Great Depression did not greatly affect the company.[citation needed] By 1934, Walgreens was operating 601 stores in 30 states.[citation needed] After Walgreen died in 1939, his son Charles R. Walgreen Jr. took over the chain until his retirement.

In 1946, Walgreens purchased Sanborns, one of Mexico's largest pharmacy and department store chains, from Frank Sanborn (Walgreens sold Sanborns to Grupo Carso in 1982).[18]

Charles "Cork" R. Walgreen III took over after Walgreen Jr.'s retirement in the early 1950s and modernized the company by switching to barcode scanning. [citation needed]The company also created larger-sized Walgreens Superstores and purchased the Globe Discount City chain of big-box stores from United Mercantile, Inc. in the 1960s.[citation needed] The Walgreen family was not involved in senior management of the company for a short time after Walgreen III retired. In the 1980s Walgreens owned and operated a chain of casual family restaurants/pancake houses called Wag's. Walgreens sold most of these to Marriott Corp. in 1988,[19] and by 1991 the chain was out of business. In 1986, Walgreens acquired the MediMart chain from Stop & Shop.[20] Kevin P. Walgreen was made a vice-president in 1995 and promoted to senior vice president of store operations in 2006.[21]

A Walgreens pharmacy in Murphy, North Carolina in 2023
The prescription counter in the pharmacy department of a typical Walgreens

21st century

[edit]

On July 12, 2006, David Bernauer stepped down as CEO of Walgreens and was replaced by company president Jeff Rein, who was later named chief executive officer and chairman of the board. That year, Walgreens acquired the Happy Harry's chain in Delaware, Pennsylvania, Maryland, and New Jersey.[22] In 2007, Walgreens acquired Hal Rosenbluth's Take Care Health Systems, a chain of quick-care clinics, for an undisclosed amount.[23] On October 10, 2008, Rein was replaced by Alan G. McNally as chairman and acting CEO.[24] On January 26, 2009, Gregory Wasson was named CEO effective February 1, 2009.[25]

In 2010, Walgreens acquired New York City-area chain Duane Reade for $1.075 billion, including debt, and continued to use the Duane Reade name on some stores in the New York City metropolitan area.[26] In March 2011, Walgreens acquired Drugstore.com for $409 million.[27] On June 19, 2012, Walgreens paid $6.7 billion for a 45% interest in Alliance Boots.[28] That year, Walgreens acquired Mid-South drugstore chain operating under the USA Drug, Super D Drug, May's Drug, Med-X, and Drug Warehouse banners.[29] In November 2010, Walgreens filed a trademark infringement lawsuit against the Wegmans supermarket chain, claiming the "W" in the Wegman's logo was too similar to Walgreens'.[30] The suit was settled in April 2011, with Wegmans agreeing to discontinue use of its "W" logo by June 2012, although the supermarket retained the right to use the "Wegmans" name in script.[31][32] Since 2010, Walgreens has had a technology office in Chicago, serving as its digital hub.[33]

In 2011, Walgreens announced it would end its relationship with Express Scripts,[34] a prescription benefits manager. A coalition of minority groups, led by Al Sharpton's National Action Network,[35] sent letters urging CEO Gregory Wasson to reconsider. Groups sending letters were National Hispanic Christian Leadership Conference,[36] the Congress of Racial Equality,[37] Hispanic Leadership Fund[38] and others. In 2012, Walgreens announced that it would continue to participate in Express Scripts.[39] Many news outlets described the overall process as a conflict, with terms like "spat,"[40] "battle,"[41] "war,"[42] and "rift."[43]

Walgreens location in Neptune Beach, Florida in 2017

In July 2013, Walgreens had attempted to acquire Toronto-based Shoppers Drug Mart, which would have marked Walgreens' first expansion into Canada and outside the U.S., but ultimately acquired by Loblaw Companies.[44] Later on September 10, 2013, Walgreens announced it had acquired Kerr Drug.[45]

In the summer of 2014, a corporate relocation to Switzerland was considered as part of a merger with Alliance Boots, a European drugstore chain.[46] This drew controversy as many consumers felt that it was an attempt at tax inversion. In August 2014, Walgreens purchased the remaining 55% of Alliance Boots. The combined company became known as the Walgreens Boots Alliance and was headquartered in Chicago.[47][48] In December of that year, Walgreens purchased the Almus Pharmaceutical generic brand.[49] Also that year, Walgreens acquired Farmacias Benavides.[50] On July 28, 2016, Walgreens announced it would shut down Drugstore.com, as well as Beauty.com, to focus on its own Walgreens.com website.[51] On September 19, 2017, the Federal Trade Commission (FTC) approved Walgreens' fourth attempt to purchase Rite Aid, with 1,932 stores, for $4.38 billion.[52]

In February 2020, Walgreens announced the appointment of president of operations Richard Ashworth as company president, but he left within the year.[53][54][additional citation(s) needed]

Walgreens announced it was closing 150 locations in the U.S. (plus 300 in the UK) in June 2023.[55]

A Walgreens store that closed in early 2025, one of many branches to close around that time

On June 27, 2024, Walgreens said it would close a "significant portion" of its 8,600 U.S. locations within three years as it struggled to keep up with a fast-changing retail pharmacy industry. The company said 25 percent, or around 2,150 of its stores were underperforming and would be considered for closure. It did not identify any closure locations.[56]

In December 2024, Walgreens Boots Alliance was in talks to sell itself to private equity firm Sycamore Partners.[57] In March 2025, Walgreens announced it had finalized a deal with Sycamore Partners to go private for an equity value of $10 billion.[58] It was reported on August 28, 2025 that the acquisition of Walgreens was complete, ending its run as a publicly traded company.[2]

Store model

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Walgreens corner store located in street-level retail space, Washington, D.C.
A typical Walgreens interior with greeting cards on display

In its 2009 business model, Walgreens are freestanding corner stores, with the entrance on the street with the most traffic flow, figuratively making it a "corner drugstore" similar to how many independent pharmacies evolved. Many stores have a drive-through pharmacy.[59] Most freestanding stores have a similar look and layout, including a bigger and more spacious layout than certain stores in major cities. Newer buildings have a more modern design than older stores. Some stores in major cities, such as New York and Chicago, have multiple floors, most notably their flagship stores. Behind the front registers are tobacco products and alcoholic beverages. Some stores do not sell these products, e.g., New Jersey stores that do not sell alcohol and Massachusetts stores that do not sell tobacco.[60]

Lawsuits and criticism against Walgreens

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Allegations of discrimination

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In March 2008, Walgreens settled a lawsuit with the Equal Employment Opportunity Commission (EEOC) that alleged the company discriminated against African Americans for $24 million.[61] The settlement was split between the 10,000 African-American employees of the company.[61] In the agreement, Walgreens avoided any admission of guilt. The decree, one of the largest monetary settlements in a race case by the EEOC, provides for the payment of over $24 million to a class of thousands of African American workers and orders comprehensive injunctive relief designed to improve the company's promotion and store assignment practices.

In September 2011, Walgreens settled a lawsuit with the EEOC that claimed that a store improperly terminated a worker with diabetes for eating a package of the store's food while working to stop a hypoglycemia attack.[62]

Drug fraud

[edit]
A Walgreens in Little Egg Harbor, New Jersey, which opened in 2006

In June 2008, after Walgreens was sued for drug fraud—"switching dosage forms on three medications without doctor approvals in order to boost profits"—it agreed to stop these actions and pay $35 million to the federal government, 42 states, and the Commonwealth of Puerto Rico.[63][64][65]

Federal billing fraud and price negotiation

[edit]

In June 2008, Walgreens "agreed to pay $35 million to the U.S. and 42 states and Puerto Rico for overcharging state Medicaid programs by filling prescriptions with more expensive dosage forms of ranitidine, a generic form of Zantac, and fluoxetine, a generic form of Prozac."[66][67]

In 2009, Walgreens threatened to leave the Medicaid program, the state and federal partnership to provide health insurance coverage to the poor, in Delaware over reimbursement rates. Walgreens was the largest pharmacy chain in the state and the only chain to make such a threat.[68] The state of Delaware and Walgreens reached an agreement on payment rates and the crisis was averted.[69]

In 2010, Walgreens stopped accepting Medicaid in Washington state, leaving its one million Medicaid recipients unable to use Medicaid to pay for their prescriptions filled at these 121 stores.[70]

On April 20, 2012, the U.S. Department of Justice announced that Walgreens agreed to pay $7.9 million in a settlement. The fine related to allegations of violations of the federal Anti-Kickback Statute and the False Claims Act regarding beneficiaries of federal health care programs.[71]

In January 2019, Walgreens Boots Alliance Inc. agreed to pay more than $269 million to settle federal and state lawsuits that accused the corporation of overbilling federal healthcare programs.[72] In September 2024, it agreed to another $106 million to settle whistleblower claims it billed federal programs for prescriptions that were temporarily bottled, but never picked up by patients.[73]

Use of proprietary drugs

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Walgreens was named in a lawsuit by the United Food and Commercial Workers Unions and Employers Midwest Health Benefits Fund in the Northern District Court of Illinois in January 2012. The suit alleged that Walgreens and Par Pharmaceutical violated the Racketeer Influenced and Corrupt Organizations Act[74] in "at least two widespread schemes to overcharge" for generic drugs.[66] The lawsuit alleges drugstore chain Walgreen and generic pharmaceutical maker Par established a partnership in which Par manufactured and/or marketed generic versions of antacid Zantac and antidepressant Prozac in dosage forms that weren't subject to private and governmental reimbursement limitations. It further said Walgreen purchased those dosage forms from Par at a cost substantially higher than the widely prescribed dosage forms and then "systematically and unlawfully filled its customers' prescriptions with Par's more expensive products rather than the inexpensive dosage forms that were prescribed by physicians."

Distribution of opioids

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In September 2012, the U.S. Drug Enforcement Administration (DEA) accused Walgreens of endangering public safety and barred the company from shipping oxycodone and other controlled drugs from its Jupiter, Florida, distribution center. The DEA said that Walgreens failed to maintain proper controls to ensure that it did not dispense drugs to addicts and drug dealers. The DEA also said that six of Walgreens' Florida pharmacies ordered in excess of one million oxycodone pills a year. In contrast, in 2011 the average pharmacy in the U.S. ordered 73,000 oxycodone tablets a year according to the DEA. One Walgreens pharmacy in Fort Myers, Florida, ordered 95,800 pills in 2009, but by 2011, this number had jumped to 2.2 million pills in one year. Another example was a Walgreens pharmacy in Hudson, Florida, a town of 34,000 people near Clearwater, that purchased 2.2 million pills in 2011, the DEA said. Immediate suspension orders are an action taken when the DEA believes a registrant, such as a pharmacy or a doctor, is "an imminent danger to the public safety." All DEA licensees "have an obligation to ensure that medications are getting into the hands of legitimate patients," said Mark Trouville, former DEA special agent in charge of the Miami Field Division. "When they choose to look the other way, patients suffer and drug dealers prosper."

The Jupiter, Florida, distribution center, which opened in 2001, is one of 12 such distribution centers owned by Walgreens. Since 2009, Walgreens' Jupiter facility has been Florida's largest distributor of oxycodone, the DEA said. Over the past three years, its market share has increased, and 52 Walgreens are among the top 100 oxycodone purchasers in the state, the DEA said.[75]

In 2013, United States Attorney Wifredo Ferrer said Walgreens committed "an unprecedented number" of recordkeeping and dispensing violations. Walgreens was fined $80 million, the largest fine in the history of the Controlled Substances Act at that time.[76]

In November 2021, a federal jury found that Walgreens, along with CVS and Walmart, "had substantially contributed to" the opioid crisis.[77] The trial lasted six weeks with the jury returning a verdict finding the pharmacies liable. It was the first trial where pharmacy companies defended themselves amid the opioid epidemic.[78]

In May 2022, Walgreens agreed to pay a settlement of $683 million to the state of Florida concerning opioid sales. Walgreens did not admit to wrongdoing as part of the settlement.[79]

In August 2022, the state of Tennessee sued Walgreens, alleging that the pharmacy fueled the state's opioid epidemic by failing to maintain effective controls against abuse of the prescription painkiller. The lawsuit claims that Walgreens willfully flooded the market with an oversupply of prescription narcotics in violation of public nuisance and consumer protection laws.[80][81]

In August 2022, a federal judge in Cleveland awarded $650 million to Lake County and Trumbull County in an opioid suit that included CVS and Walmart. Lawyers representing the counties said the companies were responsible for $3.3 billion in damages. Two other companies, Rite Aid and Giant Eagle, were also sued by the counties but settled before trial for an undisclosed amount.[82]

Fines over continuous discrepancies in shelf price and scanned price

[edit]
A Walgreens on Rt.1 South, Saugus, Massachusetts in 2012

Wisconsin's Department of Agriculture, Trade and Consumer Protection fined Walgreens over differences between shelf price and scanned price and for signage in 2012. In 2013, Walgreens paid a $29,241 fine.[83]

The New York State Attorney General announced in April 2016 that a settlement was reached in the complaint that Walgreens used misleading advertising and overcharged consumers. Walgreens would pay $500,000 in penalties, fees and costs, and change advertising and other practices.[84]

A judge in Kansas City, Missouri, ordered Walgreens to pay a $309,000 fine for pricing discrepancies in 2015.[85]

Illegal disposal of hazardous waste

[edit]

In December 2012, a judge ordered Walgreens to pay $16.57 million to settle a lawsuit claiming that over 600 stores were illegally dumping hazardous waste and unlawfully disposing of customer records containing confidential medical information.[86]

Selling expired products and over-charging

[edit]
Walgreens in Perry, Florida

A Santa Clara County Superior Court judge allowed Walgreens to pay $2.25 million in January 2018 to resolve a consumer protection lawsuit brought by Bay Area prosecutors alleging that the company sold expired baby food, infant formula, and over-the-counter drugs. The suit also alleged that Walgreens violated state law by charging more than the lowest-posted or advertised price for items.[87]

Medication denied because of religious beliefs

[edit]

In June 2018, a staff pharmacist at a Walgreens in Peoria, Arizona, refused to give a woman medication to end her pregnancy. The medication was prescribed by a doctor after tests revealed that the pregnancy would end in a miscarriage. The woman said she was left "in tears and humiliated". Walgreens responded that its policy allows pharmacists to refuse to fill prescriptions.[88][89]

U.S SEC settlement for misleading investors

[edit]

In September 2018, Walgreens agreed to pay $34.5 million to settle a U.S. Securities and Exchange Commission (SEC) investigation on charges of misleading investors on financial targets. The SEC alleged that former CEO Greg Wasson and then-CFO Wade Miquelon acted "negligently" in giving financial estimates.[90]

Over-billing governments

[edit]

In January 2019, Walgreens paid $269.2 million for two separate counts of defrauding the federal and 39 state governments in over-billing schemes.[91]

Unlicensed pharmacist

[edit]

In February 2020, Walgreens agreed to pay $7.5 million to settle a consumer protection lawsuit accusing the company of placing people's health at risk by permitting an unlicensed person to work as a pharmacist without an adequate background check. The person had handled over 745,000 prescriptions and filled over 100,000 prescriptions for controlled substances. The State of California, Alameda County, and Santa Clara County all took part in the investigation.[92] When it was asked by the California Board of Pharmacy during the investigation, Walgreens was unable to furnish a copy of her employment application. Although there are records that the person had attended classes in a university pharmacy program, there are no records that she had completed her degree requirements that would allow her to take the pharmacist licensing exams.[93]

Wage theft violations

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In March 2021, a class action against Walgreens resulted in a settlement of $4.5 million. Walgreens was accused of wage theft and labor law violations of its employees in California between 2010 and 2017, including that Walgreens "rounded down employees' hours on their timecards, required employees to pass through security checks before and after their shift without compensating them for time worked, and failed to pay premium wages to employees who were denied legally required meal breaks."[94][95][96][97]

Dispensing incorrect vaccines to preschoolers

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In September 2021, a Walgreens pharmacist in Baltimore, Maryland, accidentally gave a 4-year-old girl a full adult dosage of the Pfizer–BioNTech COVID-19 vaccine instead of the intended Influenza vaccine. A Walgreens spokesperson said such mistakes were rare.[98] A few weeks later, a Walgreens pharmacist in Evansville, Indiana, accidentally gave a 4-year-old boy, a 5-year-old girl, and their parents a full adult dosage each of the Pfizer vaccine instead of the intended flu vaccine. Unlike the Maryland girl, both Indiana children instantly got sick enough that the parents took them to a pediatric cardiologist for treatment. At the time of the injections, the FDA had not yet approved the use of the Pfizer vaccine to children under age 12. Although Pfizer was in the process of seeking approval for use in children ages 5 to 11 with the dosage that would be one third that for an adult, it had not asked permission to vaccinate children ages 4 and younger. This time, Walgreens refused to comment on the case when requested by news media.[99][100]

Abortion pill controversy

[edit]

In January 2023, Walgreens, in addition to CVS, announced their intentions to start dispensing mifepristone, one of the two drugs used in a medication abortion, following a change in regulations from the Food and Drug Administration.[101] The offering of abortion pills at pharmacies such as Walgreens has caused major political turmoil, and has resulted in numerous protests in-front of the pharmacies.[102]

After receiving their certification to do so, Walgreens started offering abortion pills at a few of their locations. However, numerous attorneys general in conservative states sent advisories to Walgreens to not sell abortion pills within their state. Walgreens conceded, which caused criticism from numerous abortion-rights activists.[103]

California Governor Gavin Newsom announced that the state would no longer be doing business with Walgreens due to the company's response to conservative states on abortion pills.[104]

Metrics

[edit]

In 2022, Walgreens dropped task-based metrics for pharmacy staff performance due to concerns that speed KPIs were putting patient safety at risk.[105][106][107][108]

Brands

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List of Walgreens Boots Alliance brands[109]
Brand Product
Almus Pharmaceuticals Medication
Be Jolly Holiday
Big Roll Toilet Paper
Botanics Skincare
Complete Home Household
CYO Cosmetics
Certainty Incontinence
Dashing Holiday
Finest Nutrition Vitamins
Infinitive Electronics
Liz Earle Skincare (UK)
Modern Expressions Holiday
Nice! Groceries
No. 7 Skincare
Patriot Candles Candles
PetShoppe Pets
Playright Toys
Sleek MakeUP Cosmetics
Smile & Save Paper Towels
Soap & Glory Cosmetics
Soltan Sunscreen (UK)
Well at Walgreens Healthcare
Well Beginnings Baby
West Loop Clothing
Wexford Office Supplies
YourGoodSkin Skincare
A neon-lit store on Canal Street in New Orleans in 2015

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Walgreens

View on Grokipedia
from Grokipedia

, Inc. (WBA) is an American multinational holding company headquartered in , that operates as an integrated healthcare, , and retail organization with approximately 12,500 locations across eight countries, including over 8,500 Walgreens stores in the United States and .
The Walgreens retail chain traces its origins to 1901, when Charles R. Walgreen Sr. purchased a drugstore in , , and subsequently expanded through innovations like the invention of the malted in 1922, the opening of the first drive-thru in 1991, and acquisitions such as in 2010 and select stores in 2017.
WBA was formed in 2014 via the combination of Walgreens and , establishing it as one of the world's largest -led and wellbeing enterprises, employing around 311,000 team members and serving millions of customers daily with prescription dispensing, immunizations, screenings, and consumer goods.
Notable achievements include pioneering customer-focused features that drove rapid growth to over 1,000 stores by 1984 and public listing on the in 1934, alongside contributions to through widespread programs.
However, the company has encountered significant challenges, including a $3 billion quarterly loss reported in 2024, plans to close about 1,200 underperforming U.S. stores by 2027 due to profitability issues and market competition, and legal settlements such as a $106.8 million resolution in 2024 for alleged improper healthcare billing.

History

Founding and Early Expansion (1901–1940s)

Charles R. Walgreen Sr., born to Swedish immigrants, acquired the Chicago drugstore at which he had been employed on the city's South Side in , establishing the foundation of the company. Located in a residential neighborhood, the single outlet initially focused on traditional pharmacy services, including prescriptions and selling sundries. In 1909, Walgreen formally incorporated the business as Walgreen Co., enabling structured operations amid growing demand for reliable drug retail. Early expansion remained concentrated in Chicago, with the company reaching four stores by 1913, the fifth opening in 1915, and the ninth in 1916. By 1920, Walgreens operated 20 locations, primarily serving local communities through personalized service and fresh soda fountains that became a customer draw. The 1920s marked accelerated growth, including the 1921 opening of the first downtown Chicago store outside residential areas, signaling a shift toward higher-traffic sites; by the mid-decade, the chain had 44 outlets generating combined annual sales of $1.2 million. In 1929, Walgreen Sr. introduced the agency store model, partnering with independent pharmacies in smaller towns to extend brand reach without full ownership, which supported affiliation with over 100 such outlets initially. The 1930s saw nationwide proliferation, with Walgreens entering 30 states and operating 601 stores by 1934, bolstered by private-label products sold to non-company pharmacies for additional revenue. Economic pressures from the prompted operational efficiencies, yet the chain sustained expansion through diversified offerings like milkshakes and ice cream sodas. Charles R. Walgreen Sr. died in 1939, after which his son, Charles R. Walgreen Jr., assumed leadership, guiding the company into the amid II-era constraints on supplies and labor while maintaining growth trajectories.

Post-War Growth and Innovation (1950s–1990s)

Following , Walgreens transitioned to merchandising, opening its first store in in June 1952, which allowed customers to browse products independently rather than relying on clerks. By 1953, the company operated 22 stores, positioning it as an industry leader in this format that reduced labor costs and increased efficiency. This shift supported steady growth, with store count rising modestly from 410 in 1950 to 451 in 1960, while sales doubled from $163 million to $312 million over the decade, driven by higher transaction volumes and suburban expansion. In the , Walgreens experimented with diversification by acquiring three discount department stores in 1962, expanding to 13 by 1966 before closing them all by 1973 due to unprofitability, refocusing on core pharmacy and retail operations. The company entered in 1960, marking its first international territory, and in 1968 became the first major U.S. drug chain to implement child-resistant prescription containers ahead of federal mandates. Soda fountains, once a hallmark, were phased out as consumer preferences shifted away from in-store dining. The 1970s accelerated expansion, with sales surpassing $1 billion in 1975—the first for any U.S. drugstore chain—and reaching $1.34 billion by 1979 alongside 688 stores. That year, Walgreens relocated its headquarters to , to support administrative scaling. Growth emphasized owned stores in dense urban and suburban markets, avoiding broad franchising unlike some competitors. Into the 1980s, acquisitions bolstered footprint: 21 SuperX stores in 1981 and 66 Medi-Mart outlets in in 1986. The 1,000th store opened in 1984, and early pharmacy computers were installed starting in that year, enhancing prescription processing and inventory tracking. By 1989, stores numbered 1,484, reflecting a strategy of selective in high-traffic areas. The 1990s marked explosive growth, with the 2,000th store in 1994 and over 2,200 by 1997, targeting 3,000 by 2000 through entries into markets like Dallas-Fort Worth, , and . Innovations included the first freestanding store in in 1991, pharmacies in 1992, and the Healthcare Plus mail-order service that year. The SIMS inventory system rolled out in 1994 for real-time supply chain management, while sales hit $11.78 billion in 1996. In 1997, Intercom Plus enabled remote prescription refills, and a launched RX Network in ; by 1999, an debuted, anticipating e-commerce integration. This era's emphasis on technology and convenient formats—freestanding units over strip-mall leases—differentiated Walgreens, prioritizing customer accessibility and .

21st Century Transformations (2000s–2010s)

In the early 2000s, Walgreens pursued an aggressive domestic expansion strategy known as the "7 by 10" plan, aiming to grow to 7,000 stores by through annual openings of approximately 400 to 550 new locations, supported by capital expenditures exceeding $1 billion annually in some years. This approach capitalized on increasing demand for convenient retail services, resulting in the company surpassing 3,000 stores by 2000 and reaching over 7,700 by 2010, with a focus on underserved suburban and urban markets. The strategy emphasized drive-thru pharmacies and 24-hour operations to differentiate from competitors, driving revenue growth from pharmacy sales, which accounted for the majority of earnings. By the late 2000s and early 2010s, Walgreens shifted toward consolidation through targeted acquisitions to bolster in key regions. In 2010, it acquired the 257-store chain in the metropolitan area for $1.075 billion, including debt, enhancing its urban footprint in a high-density, competitive market while retaining the brand for local recognition. Subsequent deals included the 2011 purchases of online retailers and Beauty.com to enter , and regional chains such as USA*Drug in 2012 and Kerr Drug in 2013, adding over 200 stores primarily in the Southeast. These moves diversified revenue streams beyond physical expansion amid rising competition from big-box retailers and mail-order pharmacies. A pivotal transformation occurred with Walgreens' international pivot, beginning in 2012 with the $6.7 billion acquisition of a 45% stake in , Europe's largest pharmacy-led health and beauty retailer, establishing a foundation for global operations. This culminated in 2014 with the $15.9 billion purchase of the remaining 55% stake, forming on December 31 and creating the world's first global -led health and wellbeing enterprise with over 13,000 stores across multiple continents. The merger integrated Boots' European expertise in front-of- retail with Walgreens' U.S. dominance, aiming to leverage scale for supply chain efficiencies and cross-border product development, though it introduced challenges in integrating disparate operations. Parallel to geographic expansion, Walgreens explored healthcare innovations, notably partnering with in 2013 to deploy in-store blood-testing centers using finger-prick technology, investing $140 million with plans for nationwide rollout to enhance preventive care access. The initiative launched in select Walgreens locations but was terminated in 2016 following revelations of ' inaccurate testing claims and regulatory scrutiny, leading Walgreens to sue for and . Concurrently, domestic efforts included the 2010 launch of the Optimal Wellness program for chronic disease management and a $100 million "Way to Well" commitment in 2011 for community health screenings, signaling an early pivot toward integrated pharmacy-health services amid evolving reimbursement models.

Recent Developments and Restructuring (2020s)

In October 2024, announced a footprint optimization program to close approximately 1,200 underperforming U.S. stores over the next three years, with about 500 closures targeted for fiscal year 2025 ending September 2025. This initiative built on prior efforts, including 300 previously approved closures, amid declining front-of-store sales and pressures that contributed to $11.7 billion in losses for fiscal years 2023 and 2024. By early 2025, the company had shuttered 70 stores in the first fiscal quarter and planned further reductions to streamline operations and cut costs. Financial strains intensified with a $2.85 billion net loss in the second quarter of fiscal 2025, driven by a substantial impairment charge on its VillageMD and broader operational inefficiencies. These challenges, compounded by $12 billion in from past acquisitions and strategic missteps like the failed expansion into , prompted aggressive to reduce leverage and refocus core pharmacy and retail segments. To facilitate deeper operational changes away from public market pressures, Walgreens entered an agreement to be acquired by private equity firm , with shareholders approving the transaction on July 11, 2025, and completion occurring on August 28, 2025, at $11.45 per share in cash plus potential additional value up to $3.00 per share from monetizing stakes in VillageMD and other assets. The deal included debt tender offers to restructure obligations, aiming to stabilize credit quality and enable targeted investments. Immediately post-acquisition, Sycamore reorganized into five independent entities—Walgreens retail pharmacies, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD—each operating under private ownership to pursue specialized strategies, potential divestitures, or efficiency gains tailored to their markets. This separation addressed longstanding integration issues from prior mergers, such as the 2012 combination, and positioned segments for standalone evolution amid competitive retail pharmacy dynamics.

Business Model and Operations

Store Format and Retail Strategy

Walgreens primarily operates neighborhood drugstores designed for convenience, with typical locations averaging 13,500 square feet and featuring drive-thru pharmacies, 24-hour operations in select urban areas, and a mix of pharmacy services alongside front-end retail for health, beauty, and convenience items. These stores emphasize accessibility through prime corner locations and proximity to residential areas, supporting quick-service models that integrate prescription fulfillment with everyday essentials. Since 2019, Walgreens has piloted smaller-format stores, roughly 20-25% the size of traditional ones (approximately 3,000-3,500 square feet), which prioritize consultations and personalized care over extensive retail , stocking fewer over-the-counter items and emphasizing pharmacist-patient relationships to address "pharmacy deserts" in underserved areas. By 2020, the company had tested around 30 such prototypes, internally codenamed "Cooper," with layouts reducing front-end space to enhance clinical focus and operational efficiency. Recent iterations include redesigned stores with only two visible aisles for essentials like vitamins and personal care, keeping most products in secure backroom storage to combat shrinkage from , though such measures have occasionally deterred impulse buys and impacted sales. The retail strategy has shifted toward footprint optimization amid competitive pressures from e-commerce, big-box retailers, and rising operational costs, including a 2024 announcement to close 1,200 underperforming U.S. stores over three years—approximately 500 in fiscal 2025 alone—to redirect resources to higher-margin pharmacy and healthcare services. This "shrink-to-core" approach targets retaining and upgrading stores in productive locations while expanding small-format pilots, which by 2025 emphasize medication-centric designs over broad retail assortments, reflecting a pivot from expansive growth to disciplined cost controls and core competency reinforcement. In fiscal 2025's first quarter, Walgreens closed 67 stores as part of this initiative, with remaining locations outperforming closures in sales metrics. ![The interior of a Walgreens pharmacy in Murphy, North Carolina, United States 03.jpg][float-right]

Pharmacy Services and Healthcare Integration

Walgreens operates approximately 8,500 stores in the , each providing core services including prescription filling, refills, transfers, and status management through online and in-store platforms, with delivery options including same-day prescription delivery for eligible orders (by end of day if placed sufficiently in advance), 1-2 business days, and 5-10 business days. General merchandise offers same-day delivery in as little as 1 hour for a $5.99 fee (free for orders over $35). Pharmacists offer consultations, management, and for customized prescriptions, available at all locations for basic needs and specialized facilities for complex or hazardous drugs. The company also maintains a specialty division focused on rare diseases and chronic conditions, serving millions of patients with tailored care, financial assistance, and adherence support. Immunization services form a key component, with Walgreens administering vaccines for , , , pneumococcal disease, Tdap, and others via scheduled appointments or walk-ins, often combining multiple shots in one visit. In preparation for the 2025 influenza season, Walgreens expanded with additional technician hours, contract immunizers, and operational adjustments to handle increased demand. During the , the chain played a significant role in distribution, continuing to offer boosters and pediatric doses as availability permitted. Healthcare integration extends beyond traditional pharmacy through in-store Healthcare Clinics, providing treatment for minor illnesses, physical exams, health screenings, and basic lab tests by nurse practitioners and physician assistants. Virtual healthcare options allow online consultations for diagnoses and prescriptions, enhancing accessibility without in-person visits. In April 2024, Walgreens launched and services within its specialty to address advanced treatments for complex conditions. A major push into primary care came via investments in VillageMD, with Walgreens committing $5.2 billion in 2021 for a majority stake to develop value-based care models integrated with pharmacy services. Initial plans targeted 500 to 700 Village Medical at Walgreens clinics across 30 markets by 2025, co-locating physician-led practices in or near stores for coordinated care in chronic disease management and preventive services. This included expansions like 22 Arizona sites in 2022, aiming to create jobs and improve patient outcomes through digital integration. However, financial pressures led to clinic closures in 2024 and considerations of selling the stake, reflecting broader challenges in scaling healthcare amid high costs and reimbursement hurdles. Despite setbacks, the strategy underscores efforts to evolve from retail pharmacy to comprehensive health providers, leveraging store footprints for accessible care.

Supply Chain and Technology Adoption

(WBA) maintains a centralized infrastructure comprising multiple distribution centers across the , designed to streamline from suppliers to its approximately 8,000 retail locations. These facilities handle inbound freight consolidation, outbound store replenishment, and specialized handling for pharmaceuticals and perishable , with strategic placements in regions like (e.g., Orlando and West Palm Beach) to optimize regional delivery efficiency. In response to rising demand for faster prescription fulfillment, WBA has expanded its network of micro-fulfillment centers (MFCs), automated facilities that process and dispense medications for nearby stores. As of January 2025, WBA planned to scale MFC-serviced stores from existing levels to nearly 6,000 within the following year, leveraging and to reduce processing times and labor dependencies. The twelfth MFC opened in , in June 2025, exemplifying this shift toward localized, high-volume integrated with store operations. WBA's sourcing strategy emphasizes transparency and standardization, evidenced by its June 2024 with TradeBeyond to deploy a unified platform across . This initiative aims to accelerate product , enhance supplier risk monitoring, and unify procurement processes for brands like Walgreens and Boots, addressing fragmentation in a multinational supply base. Complementing this, WBA's Supplier Program evaluates vendors on category-specific metrics via an online system, prioritizing ethical and environmental compliance without compromising operational speed. Technology adoption has been pivotal in modernizing WBA's , with investments in digital twins and AI-driven platforms for real-time visibility and . Collaborations, such as with Palantir, enable unification of disparate data sources to model scenarios, optimizing inventory flows and reducing disruptions in retail operations. Pharmacy-specific innovations include expanded robotic prescription-filling systems, which automate dispensing to handle peak volumes efficiently, as part of broader efforts to integrate automation across fulfillment. WBA's overarching digital transformation, accelerated since 2020, underpins these advancements through a unified IT model focused on cloud migration (e.g., to ) and of service delivery. This includes AI for demand forecasting and for logistics optimization, supporting omni-channel demands amid growth. A dedicated innovation center launched in August 2025 further embeds AI and into core systems, targeting enterprise-wide efficiency in sourcing and distribution.

Products and Brands

Owned Brands and Private Labels

Walgreens maintains an extensive portfolio of private label products under owned brands, emphasizing affordability, quality control, and exclusivity to differentiate from national brands. The core Walgreens Brand spans categories including over-the-counter medicines, vitamins, supplements, personal care items, beauty products, and household essentials, with a satisfaction guarantee on select items. This includes beauty tools and accessories such as makeup brushes, sponges and applicators, eyelash curlers, tweezers and eyebrow tools, and skin care tools, available online and in-store with options for same-day delivery, 1-day delivery, pickup, and free shipping on orders over $35; promotions often feature deals like buy 1 get 1 50% off select items, rewards cash on multiple purchases, and coupons, stocking both Walgreens brand and other popular brands. The Nice! brand targets grocery and snack offerings, formulated without artificial flavors, sweeteners, or synthetic dyes to appeal to value-conscious consumers seeking everyday essentials like , nuts, seeds, and beverages. In July 2024, Walgreens introduced the Nice! For You sub-line as a health-focused extension, comprising more than 150 SKUs in , mixes, and grocery staples such as , , and trail mixes, positioned to support wellness goals at lower price points. Household and cleaning products fall under the Complete Home brand, launched in May 2019 to include paper goods, plastics, and cleaners as part of a broader refresh aimed at enhancing competitiveness through simplified assortments and improved packaging. In 2024, Walgreens debuted a premium skincare collection with nine items—all priced below $23—including facial creams, lip masks, and sunscreens, targeting accessible luxury in the beauty segment. Private label development traces to the 1930s, when Walgreens expanded to over 1,000 proprietary items ranging from coffee to , establishing an early focus on in-house and sourcing for cost efficiency and customer loyalty. These brands collectively contribute to Walgreens' strategy of driving store traffic and margins by offering comparable quality to name brands at reduced prices, with ongoing innovations in and tiering to address evolving consumer preferences for and .

Partnerships and Third-Party Offerings

Walgreens has pursued strategic partnerships to enhance its service portfolio, particularly in healthcare innovation and patient access, though some initiatives have encountered significant setbacks. A prominent example was the 2013 collaboration with , Inc., announced on September 9, which aimed to integrate advanced blood-testing services using finger-prick samples into Walgreens stores, starting with wellness centers in locations. Walgreens invested $50 million in the venture, viewing it as a means to offer convenient, low-volume lab testing to customers. However, regulatory scrutiny and disclosures of inaccurate results from ' technology led Walgreens to suspend operations in early 2016 and formally terminate the partnership on June 13, 2016, followed by that resulted in a confidential settlement. In expansion, Walgreens formed an initial partnership with VillageMD in 2020 to co-locate physician-led clinics within stores, evolving into a $5.2 billion investment for majority ownership announced October 14, 2021, with plans to open 500–700 sites across 30 U.S. markets by 2025. This aimed to integrate value-based care models, leveraging Walgreens' retail footprint for comprehensive health services. By 2024, however, operational challenges and market pressures prompted Walgreens to record a $6 billion impairment charge on its VillageMD stake in the fiscal second quarter, alongside closing 160 clinics and exploring a potential full sale of its interest as of 2024. Recent healthcare partnerships emphasize and data-driven care. On August 19, 2024, Walgreens entered a first-of-its-kind agreement with the Biomedical Advanced Research and Development Authority (BARDA) to improve decentralized access, addressing barriers in recruitment and trial execution through its network. Similarly, a September 12, 2023, partnership with Pearl Health seeks to advance value-based delivery by enabling provider enablement tools for Medicare . In October 2024, Walgreens allied with to assist life sciences firms in enhancing outcomes via commercial data and analytics platforms. A collaboration with , highlighted in September 2025, focuses on targeting underserved communities, potentially reaching 4.3 million . For third-party offerings, Walgreens facilitates access to external services and products through integrated platforms. Its Rx Savings Finder tool connects customers to third-party prescription discount coupons, applicable at pharmacies for uninsured or underinsured individuals. Delivery partnerships include , launched in September 2020 for 30-minute non-prescription item fulfillment and expanded April 24, 2024, to accept SNAP/EBT payments directly via the app, marking the first such integration for a delivery platform with Walgreens. A prior tie-up with (now ) similarly enables on-demand delivery of groceries, personal care, and snacks. In July 2018, Walgreens debuted a digital marketplace aggregating and specialist services from 17 third-party providers, encompassing behavioral health, , , and lab diagnostics to broaden virtual care options. Walgreens also partners with Western Union to provide money transfer services at its stores, available for sending and receiving funds domestically and internationally.

Financial Performance

Walgreens' revenue expanded significantly from fiscal 2000 to , rising from $21.99 billion to $77.61 billion, primarily through aggressive domestic store openings—reaching over 8,000 locations by —and growth in and front-end sales. The 2014 completion of the acquisition, following a 2007 and 2012 stake purchase, propelled to $112.92 billion in fiscal 2015, incorporating international operations in . Subsequent years saw climb to a peak of $137.41 billion in 2019, supported by via Walgreens Health and wellness initiatives, before stabilizing around $132–147 billion amid slower and macroeconomic pressures. By fiscal 2024, reached $147.66 billion, reflecting modest 6.17% year-over-year growth but challenged by retail competition from and big-box retailers. Profitability, measured by pretax income, mirrored revenue expansion in the and early , increasing from $1.27 billion in fiscal 2000 to $4.50 billion in 2013, driven by operational efficiencies and higher-margin reimbursements. Post-merger, pretax income peaked at $6.83 billion in 2018, benefiting from synergies such as shared supply chains and Boots' market dominance, though integration costs and fluctuations tempered gains. From 2020 onward, profitability eroded sharply, with pretax losses exceeding $13.9 billion in fiscal 2024, attributable to non-cash goodwill impairments on healthcare assets like VillageMD (over $6 billion in charges), opioid-related settlements totaling billions, and rising operational costs from labor and shrinkage. trends aligned closely, turning negative at -$3.08 billion in 2023 and -$8.64 billion in 2024, underscoring structural pressures from declining retail margins (below 30% gross) and unprofitable expansions into clinics.
Fiscal YearRevenue ($B)Pretax Income ($M)Key Factors
200021.991,270Baseline expansion phase
200543.212,480Store count surpasses 5,000
201068.403,600Pharmacy sales dominance
201477.613,750Pre-merger peak
2015112.926,070Alliance Boots full integration
2019137.414,850Healthcare services growth
2020121.98-330COVID-19 disruptions
2024147.66-13,900Impairments and settlements

Key Metrics and Recent Fiscal Results (2020–2025)

(WBA) experienced volatile financial performance from fiscal 2020 to 2024, with revenue fluctuating due to COVID-19-related demand in early years, followed by normalization, inflationary pressures, and strategic shifts toward healthcare services. swung from losses in FY2020—driven by litigation charges and goodwill impairments—to profits in FY2021 and FY2022, before deteriorating into substantial losses in FY2023 and FY2024 amid asset write-downs, expenses, and declining retail margins. Adjusted metrics, excluding one-time items, showed more resilience, with adjusted (EPS) remaining positive through FY2024 despite headline losses. Key fiscal results are summarized below, based on WBA's annual reports (fiscal year ends August 31). Revenue grew overall from $139.1 billion in FY2020 to $147.7 billion in FY2024, reflecting a of approximately 1.5%, bolstered by U.S. sales and international operations, though offset by store closures and soft front-end retail. Operating income faced headwinds from labor costs, supply chain disruptions, and investments in VillageMD healthcare clinics, culminating in adjusted operating income of $3.0 billion in FY2024, down from prior years.
Fiscal YearRevenue ($ billions)Net Income/Loss ($ billions)Diluted EPS ($)Adjusted EPS ($)Approx. Global Stores
2020139.1-2.0-2.303.4818,000+ (peak pre-closures)
2021132.74.44.844.67~13,500
2022132.74.34.705.04~13,400
2023139.1-3.0-3.583.22~13,300
2024147.7-8.6-10.012.8812,700
Balance sheet metrics highlighted ongoing challenges, with total reaching approximately $30 billion by FY2024, contributing to a exceeding 1.0 and elevated interest expenses that pressured profitability. hovered around $10 billion as of mid-2025, reflecting investor concerns over leverage and turnaround execution. Store footprint contracted amid optimization efforts, with U.S. Walgreens locations falling from about 8,900 in FY2020 to roughly 8,200 by FY2024, alongside plans to shutter up to 1,200 underperforming sites by 2027 to improve efficiency. In partial FY2025 results (through Q3 ended May 31, 2025), sales rose 7% year-over-year to quarterly figures averaging near $38-39 billion, driven by prescription growth, but adjusted operating income declined amid higher costs and VillageMD divestitures. These trends underscore WBA's pivot from traditional retail toward integrated and healthcare, though execution risks from refinancing and regulatory settlements persisted.

Cost Management and Turnaround Initiatives

In October 2023, assumed the role of CEO at (WBA) and initiated a comprehensive turnaround strategy aimed at addressing persistent financial underperformance, including high operating costs and unprofitable store locations. The plan emphasized stabilizing the core U.S. retail pharmacy operations through footprint optimization, rigorous cost controls, cash flow enhancements, and divestitures of non-core assets. A central component involved closing approximately 1,200 underperforming U.S. stores over three years ending in 2027, with around 500 closures targeted for fiscal year 2025 alone. This footprint optimization program sought to concentrate resources on the roughly 6,000 profitable locations out of WBA's approximately 8,000 U.S. stores, incurring $333 million in related costs during the first quarter of fiscal 2025. By early 2025, the company had shuttered 70 stores between September and November 2024, with plans for an additional 450 closures that fiscal year. To achieve broader cost reductions, WBA targeted $1 billion in annual savings through operational efficiencies, improvements, and renegotiated vendor contracts, alongside a $600 million cut in capital expenditures for fiscal 2024. In fiscal 2025, specific measures included $500 million in optimizations and an additional $150 million reduction in capital spending. The company suspended its quarterly in January 2025 to conserve cash and deleverage its balance sheet, reducing dividend payouts from $415 million in the first quarter of fiscal 2024 to $216 million in the comparable 2025 period. These initiatives yielded mixed early results, with cost savings partially offsetting sales declines and contributing to improved adjusted operating income in segments like U.S. Healthcare during the first quarter of fiscal 2025, though overall net losses persisted at $265 million for that period. By the third quarter of fiscal 2025, benefits from cost reductions were evident in reduced operating losses, supporting a 42% year-over-year drop in net losses for the first nine months to $3.3 billion. In March 2025, WBA went private in a $10 billion deal led by , providing flexibility to execute further restructuring without public market pressures, though core cost management efforts continued under new leadership.

Expansions and Acquisitions

Domestic and International Growth

Walgreens initiated its domestic expansion in the United States shortly after its founding in in 1901, opening a second store in and reaching 20 locations by 1919. By 1929, the chain had grown to 525 stores, including entries into major markets like and , amid innovations such as malted milk shakes and self-service soda fountains that drove customer traffic. This period marked aggressive territorial expansion, with stores increasing to over 500 by the early 1930s despite the , supported by a focus on urban locations and prescription services. Post-World War II, growth moderated to 451 stores by 1960 from 410 in 1950, but accelerated in the 1980s with the introduction of 24-hour operations and drive-thru pharmacies, culminating in 1986 as the largest expansion year to date. The chain continued scaling through the late 20th and early 21st centuries, opening its 8,000th U.S. store in by the early while acquiring regional chains like USA Drug in the mid-South to fill market gaps. By 2024, Walgreens operated approximately 8,500 stores across all 50 states, the of Columbia, and , emphasizing neighborhood accessibility and healthcare services. However, facing profitability pressures from retail shifts and , the company announced in October 2024 plans to close about 1,200 underperforming U.S. stores—roughly 25% of its domestic footprint—over the next three years, prioritizing cash-flow-positive locations starting with 500 closures in 2025. Internationally, Walgreens' presence prior to major structural changes was negligible, with growth largely contingent on partnerships and subsidiaries post-2012 that extended operations beyond the U.S. now maintains roughly 4,000 stores outside the across , , and , operating in eight countries total as of 2025. These international locations, excluding core U.K. and operations, have shown modest revenue contributions amid efficiency improvements, though specific organic expansions remain limited compared to domestic efforts. Recent fiscal reports indicate international segments, comprising about 40% of expected operating income, continue to prioritize operational streamlining over rapid store additions.

Major Mergers, Including Alliance Boots

In June 2012, Walgreen Co. announced a strategic partnership with GmbH, acquiring a 45% equity stake for $6.7 billion, structured as $4 billion in cash and approximately 83.4 million shares of Walgreen valued at roughly $2.7 billion based on the June 18, 2012, closing price of $31.96 per share. The deal, completed on August 2, 2012, granted Walgreen an option to purchase the remaining 55% stake within three years for an adjusted price of around $9.5 billion, aiming to leverage ' extensive European operations—spanning over 3,500 stores in 12 countries—for Walgreen's international expansion amid slowing U.S. growth. This initial investment marked Walgreen's largest foray into global markets, combining its domestic pharmacy dominance with ' expertise in health, beauty, and wholesale distribution. The partnership progressed to full integration on December 31, 2014, when Walgreen exercised its option, acquiring the remaining 55% of and merging the businesses under a new holding company, , Inc. (WBA). The merger reorganized Walgreen as a of WBA, creating a unified entity with annual revenues surpassing $103 billion and a presence in more than 25 countries, though it abandoned a proposed corporate inversion to amid U.S. regulatory scrutiny. This combination enhanced efficiencies and cross-border synergies but exposed WBA to European economic volatility and integration challenges, including cultural and regulatory differences. Prior to , Walgreen pursued growth through acquisitions rather than mergers, such as the 2010 full integration of for $1.075 billion, which expanded its urban U.S. footprint but did not involve equity partnerships or structural mergers comparable in scale. No other transactions qualified as major mergers involving combined corporate structures; subsequent deals, like the 2021 VillageMD acquisition for $5.2 billion, focused on healthcare services without altering the core pharmacy entity. The transaction remains Walgreen's singular transformative merger, fundamentally reshaping its global strategy despite later financial strains from debt incurred in the process.

Opioid Distribution Oversight and Settlements

In 2006, a (DEA) audit of Walgreens' distribution center in , identified deficiencies in the company's suspicious order monitoring system, which failed to detect and report patterns indicative of diversion. This issue persisted, culminating in 2013 when Walgreens agreed to pay $80 million in civil penalties to resolve DEA allegations that its , distribution center violated the by not reporting suspicious orders of opioids and other controlled substances shipped to retail pharmacies near "pill mill" clinics between 2003 and 2011. The settlement required enhanced reporting protocols but did not admit liability. Walgreens faced further scrutiny for retail-level oversight failures, including inadequate monitoring of prescriptions and dispensing to high-risk patients. In a 2022 federal , a judge ruled that Walgreens substantially contributed to San Francisco's opioid crisis through a 15-year pattern of neglecting on prescribers, failing to track dispensing in overdose hotspots, and not halting or reporting suspicious activities as required . The ruling highlighted internal denials of resources for compliance and emphasized that pharmacies bear responsibility under the to prevent diversion beyond mere order-filling. To address multidistrict and state-level opioid litigation, Walgreens entered a December 2022 multistate settlement agreement, committing up to $5.7 billion over 15 to 18 years to states and localities that opt in, with funds allocated for abatement, treatment, and prevention programs. Payments vary by —for instance, received over $340 million and $285 million—contingent on low opt-out rates among subdivisons. The agreement mandates pharmacy-led initiatives like safe dispensing protocols and prescriber education but includes no admission of wrongdoing. In April 2025, Walgreens resolved separate federal allegations by agreeing to pay up to $350 million ($300 million upfront, plus $50 million if sold or merged before 2032) for filling millions of invalid prescriptions from 2012 to 2023, including early refills and excessive quantities, in violation of the and False Claims Act. Prosecutors cited pressures on pharmacists to prioritize speed over scrutiny and suppression of red-flag data by compliance teams. As part of the resolution, Walgreens entered a seven-year DEA administrative agreement requiring validated prescription checks, annual training, sufficient staffing, and prescriber blocking mechanisms, alongside a five-year Health and Human Services Office of Inspector General corporate integrity agreement enforcing comprehensive compliance monitoring and reporting. The settlement stems from four whistleblower actions, with relators sharing 17.25% of the False Claims Act recovery.

Billing Practices and Government Audits

Walgreens has faced several U.S. Department of Justice (DOJ) investigations and settlements under the False Claims Act (FCA) concerning improper billing to federal and state health care programs, including Medicare and . These cases primarily involved allegations of submitting claims for prescriptions not dispensed to patients or inflating prices to secure higher reimbursements, often uncovered through whistleblower actions, internal reviews, and government audits of pharmacy claims data. The company has not admitted liability in all instances but has paid substantial sums to resolve the matters, alongside implementing system enhancements and entering compliance agreements. In September 2024, Walgreens agreed to pay $106.8 million to settle allegations that it billed Medicare, , , and other federal programs for thousands of prescriptions processed between 2009 and 2020 that patients never collected. The issue arose from failures to reverse claims for unclaimed medications, leading to over $66 million in prior refunds by Walgreens after self-reporting the conduct; the settlement covered the remainder without an admission of . Walgreens stated it had enhanced its management systems to prevent recurrence, attributing the errors to operational processes rather than intentional . A 2019 settlement required Walgreens to pay $269.2 million across two FCA cases stemming from overbilling practices. One component, $209.2 million, addressed improper billing for insulin pens by misrepresenting days-of-supply data to claim reimbursement for excessive quantities during the 2010s, prompting patients to receive unnecessary devices. The other, $60 million, resolved claims that Walgreens failed to disclose discounted prices from its Prescription Savings Club program, resulting in inflated "usual and customary" charges to from 2007 onward. Unlike later settlements, Walgreens admitted responsibility in these matters and entered a Corporate Integrity Agreement with the HHS Office of to strengthen billing oversight. More recently, in March 2025, Walgreens settled for over $2.8 million with and Georgia over allegations of submitting inflated "usual and customary" prices for generic drugs to their programs from 2008 to 2023, causing overpayments by reporting higher-than-actual accepted prices. This followed audits revealing discrepancies in pricing data submitted to state agencies. The settlement emphasized systemic reporting errors in calculations, with no admission of intent to defraud. These resolutions highlight ongoing government scrutiny of pharmacy chains' automated billing systems and transparency, driven by FCA incentives for whistleblowers and routine program integrity audits that cross-reference claims against dispensing records and patient pickups. Walgreens has maintained that such issues reflect complexities in high-volume prescription processing rather than deliberate misconduct, though critics argue they indicate inadequate internal controls.

Environmental and Operational Compliance Issues

In December 2020, Walgreen Co. agreed to pay $3.5 million to the City of to resolve allegations of unlawfully disposing , including prescription medications, cleaning agents, and electronics, into municipal landfills in violation of California's hazardous waste control laws. The settlement stemmed from inspections revealing improper segregation and disposal practices at multiple stores, where hazardous materials were mixed with regular trash rather than being treated or recycled as required under (RCRA) regulations adapted for state enforcement. Earlier, in December 2012, Walgreens settled a civil lawsuit with authorities for $16.57 million over improper disposal of from more than 600 stores statewide, including pesticides, , , and pharmaceutical residues dumped into landfills. The violations involved failure to classify and manage characteristic —such as ignitable or corrosive substances—per federal and state standards, leading to environmental risks from in landfills. Walgreens did not admit liability but committed to enhanced training and waste management protocols. In February 2020, the fined Walgreens $95,000 for selling household products exceeding (VOC) limits for smog-forming emissions, contributing to approximately 3.72 tons of excess VOCs across multiple retailers including Walgreens. This enforcement highlighted operational lapses in product labeling and compliance with California's Air Toxic Control Measure for Products. On the operational front, the U.S. Food and Drug Administration issued a warning letter to Walgreen Co. on September 12, 2023, citing deficiencies in electronic Drug Registration and Listing System (eDRLS) submissions for certain drug products, including incomplete or inaccurate listings that could mislead regulators on product status and availability. Separately, on September 11, 2023, the FDA warned Walgreens Boots Alliance for website claims promoting unapproved drug products and unverified health benefits, violating the Federal Food, Drug, and Cosmetic Act's requirements for truthful labeling and premarket approval. These issues reflect broader challenges in pharmacy operations, where retail chains must ensure accurate regulatory filings amid high-volume dispensing. The Occupational Safety and Health Administration has conducted inspections at Walgreens facilities, documenting violations such as inadequate hazard communication and machine guarding, though specific fines vary by site and have not resulted in company-wide settlements on the scale of environmental cases.

Employment and Discrimination Claims

In 2005, African American employees filed Tucker v. Walgreen Co., a nationwide class action alleging systemic racial discrimination in promotions and job assignments for retail and pharmacy management positions, claiming African Americans were disproportionately assigned to stores in predominantly minority neighborhoods with lower sales potential. The U.S. Equal Employment Opportunity Commission (EEOC) consolidated its pattern-or-practice lawsuit with the private action, resulting in a proposed $20 million consent decree in July 2007 to resolve claims without admission of liability, providing back pay, compensatory damages, and injunctive relief including revised promotion policies and diversity training. A final consent decree was approved in March 2008, covering class members hired after preliminary approval and establishing monitoring for compliance. Walgreens has faced multiple EEOC lawsuits for under with Disabilities Act (ADA). In one case, the company settled for $180,000 after allegedly firing a diabetic employee for eating a $1.39 bag of chips during a hypoglycemic episode without providing a , denying wrongdoing but agreeing to policy revisions and training. Another federal suit in was resolved with similar relief, including reinstatement eligibility and anti-retaliation protections for an employee denied accommodations. In May 2025, an sued Walgreens, alleging termination for dispensing errors was influenced by her undiagnosed ADHD, claiming failure to accommodate the disability despite performance issues. Pregnancy discrimination claims have also arisen, with the EEOC suing in September 2022 over Walgreens' refusal to grant emergency medical leave to a pregnant in , forcing her resignation; the case settled in March 2024 for $205,000 plus injunctive relief such as updated leave policies and training, without admitting liability. This violated Title VII of the , as alleged. More recent filings include a July 2025 settlement in a retaliation where a claimed firing after reporting , and an October 2025 California lawsuit alleging workplace , , and failure to address violence threats, alongside Labor Code violations. An Indiana Civil Rights Commission charge in an unspecified recent year accused Walgreens of disability discrimination by failing to rebut evidence of non-rehiring despite qualifications. Beyond , Walgreens has settled s involving and hour violations, such as a $4.5 million agreement in 2020 for off-the-clock bag checks and unpaid time affecting non-exempt workers, and ongoing claims for denied meal breaks and expense reimbursements filed in August 2025. A separate settled in 2024 addressed allegedly improper disclosures leading to denied job opportunities. These resolutions typically include no admission of fault and focus on procedural reforms.

Product Safety and Pricing Disputes

Walgreens encountered significant product safety concerns through its partnership with , a blood-testing startup, beginning in 2013. The collaboration involved establishing in-store wellness centers offering finger-prick blood tests for conditions like and , with Walgreens investing over $100 million in innovation fees and promoting the service to customers. Revelations in 2015 exposed Theranos' technology as fraudulent and unreliable, leading to a 2016 class-action accusing Walgreens of in failing to validate the tests' accuracy and misleading consumers about their efficacy. In September 2023, Walgreens agreed to a $44 million settlement with affected patients, reimbursing double the test fees paid without admitting liability, while the company had previously sued Theranos to recover its investment. In March 2025, Walgreens initiated a voluntary nationwide recall of multiple store-brand treatment products, including aerosol sprays like Walgreens Treatment Solution and Walgreens Spot Treatment, after independent laboratory tests detected elevated levels of , a linked to and blood disorders. The recall affected products manufactured between 2020 and 2024 with specific lot numbers, prompted by safety assessments exceeding FDA thresholds for in non-prescription drugs, though no adverse health events were reported at the time. Customers were instructed to discontinue use and return items for full refunds or disposal. Pricing disputes have centered on allegations of inflated charges and misrepresentation of drug costs to insurers and customers. In November 2024, Walgreens settled a class-action for $100 million, resolving claims that from 2007 to 2017, it overcharged commercially insured patients for generic prescriptions by designating non-discounted prices as "usual and customary" while offering lower rates to Prescription Savings Club members for a $20 annual fee, thereby increasing insurer reimbursements. The settlement, which denied wrongdoing, applied to over 600 generic drugs across multiple states. Further disputes involved insurer , with Walgreens agreeing in January 2024 to a $360 million payment to settle accusations of reporting artificially high acquisition costs for prescriptions from 2009 to 2020, leading to excessive s under benefit contracts. In March 2025, Walgreens paid $2.8 million to resolve False Claims Act allegations in and Georgia for overbilling programs by claiming prices exceeding actual drug costs between 2014 and 2020. These cases reflect broader industry challenges with transparency, where discrepancies in reported versus actual can amplify costs for payers without necessarily indicating intentional , as Walgreens maintained in each resolution.

Corporate Governance

Leadership Transitions

Stefano Pessina served as CEO of (WBA) following the 2014 merger with , during which he oversaw international operations and strategic expansions. On January 26, 2021, Pessina informed the board of his intent to step down as CEO to assume the role of Executive Chairman upon the appointment of a successor, citing a desire to focus on long-term amid ongoing business transformations. Rosalind Brewer was appointed CEO on March 15, 2021, bringing experience from roles at and , with an emphasis on and digital strategies. Brewer's tenure, lasting less than three years, involved navigating post-pandemic recovery, including distribution and cost-management initiatives, but faced challenges from declining sales and debt pressures. On September 1, 2023, Brewer resigned as CEO and board member by mutual agreement with the board; Ginger Graham, the lead , was appointed interim CEO to ensure continuity during the search for a permanent replacement. , previously president of U.S. Healthcare at WBA, succeeded her as CEO in October 2023, focusing on cost reductions, store optimizations, and healthcare segment growth amid financial restructuring efforts. Following WBA's acquisition by and transition to a private entity on August 28, 2025, Walgreen Co. (the U.S. retail operations) appointed Mike Motz, former CEO of Staples, as its new CEO, replacing Wentworth who transitioned to a director role. This shift aligned with the privatization's aim to streamline operations through separate business units, with Motz tasked with retail turnaround leveraging his merchandising expertise.

Ownership Changes, Including 2025 Acquisition

Walgreens Boots Alliance (WBA) originated from Walgreens' strategic partnership with Alliance Boots, beginning with the acquisition of a 45% stake in Alliance Boots on October 22, 2007, for approximately €5.8 billion to establish a global pharmacy presence. This was followed by an agreement on August 6, 2012, to purchase the remaining 55% stake, culminating in the full merger and formation of WBA as a publicly traded entity on December 31, 2014, valued at around $26.4 billion including debt. The transaction integrated Walgreens' U.S. operations with Alliance Boots' international footprint, particularly in the UK and wholesale distribution, under shared ownership led by Walgreens executives. WBA operated as a listed on the under the ticker WBA until 2025, with institutional investors holding a stake prior to the buyout. On March 6, 2025, WBA entered a definitive agreement to be acquired by , a New York-based , in a transaction valued at up to $23.7 billion, including the assumption of debt. The deal, structured as a merger with a Sycamore affiliate, provided shareholders with $11.45 per share in cash, representing a premium over recent trading prices amid WBA's financial challenges. , WBA's executive chairman, and his family reinvested their full ownership interest, partnering with Sycamore to retain influence in the post-acquisition structure. Shareholders approved the acquisition on July 11, 2025, and it closed on August 28, 2025, delisting WBA from and transitioning it to private ownership controlled primarily by Sycamore. Immediately following the completion, Sycamore reorganized WBA's operations into five standalone entities: Walgreen Co. as a private U.S. retail with Mike Motz appointed as CEO; Boots ; the international wholesale business; VillageMD healthcare services; and other specialized units, aiming to enhance operational focus and value extraction. This ended nearly a century of public trading for Walgreens' core business, shifting control to with potential implications for debt management and restructuring.

Economic and Community Impact

Employment and Market Presence

As of August 31, 2024, Walgreens Boots Alliance (WBA) operated approximately 8,500 stores in the United States, representing the core of its retail pharmacy presence, alongside around 3,700 international locations primarily under the Boots brand in countries including the United Kingdom (1,840 stores), Mexico (1,183 stores), Thailand (246 stores), and the Republic of Ireland (95 stores). By October 2025, the U.S. store count had declined to about 8,058 amid ongoing closures targeting underperforming sites, with plans to shutter an additional 1,200 U.S. locations by 2027, including roughly 500 in fiscal year 2025, to address profitability pressures from theft, competition, and shifting consumer behaviors. In the U.S. prescription drug market, WBA holds a 14.6% share as of 2024, second to CVS Health's 14.7%, with pharmacy revenues exceeding $99.5 billion annually, though total sales growth slowed to 7.2% year-over-year in the third quarter of fiscal 2025 amid broader retail challenges. WBA employed approximately 312,000 people worldwide as of August 2024, including 193,000 full-time and 119,000 part-time workers, with a significant portion—around 220,000—in its retail pharmacy segment, encompassing pharmacists, technicians, and store associates. These figures reflect a reduction from prior years, influenced by cost-cutting measures following WBA's in August 2025 and earlier fiscal strains. Store closures have directly impacted frontline employment, potentially displacing thousands of roles as approximately 60% of underperforming sites are phased out by 2027, exacerbating labor turnover in a sector facing shortages for specialized positions like pharmacists. Corporate layoffs have compounded this, with cuts including 256 roles in October 2024, 80 in corporate affairs in October 2025, and additional reductions in media and internal teams in August 2025, aimed at streamlining operations post-.

Access to Affordable Healthcare

Walgreens operates over 8,000 stores in the United States, with more than half located in medically underserved communities, facilitating broader access to pharmaceuticals and basic health services for populations facing geographic or economic barriers to care. The chain accepts plans in multiple states, including all prescriptions since October 1, 2022, enabling low-income patients to fill covered medications at its pharmacies. Additionally, Walgreens participates in patient assistance programs sponsored by drug manufacturers, which provide free or discounted prescriptions to uninsured or underinsured individuals unable to afford their medications. To enhance affordability of generic drugs, Walgreens offered the Prescription Savings Club from 2007 until its discontinuation in August 2024, which provided discounted pricing on over 8,000 medications, including generics as low as $5 for a 30-day supply, for an annual membership fee of $20 per individual or $35 per family. In April 2020, the program lowered prices on hundreds of additional medications to tiers of $5, $10, or $15, expanding options for common treatments like antibiotics and chronic condition drugs. However, a 2024 class-action settlement required Walgreens to pay $100 million after allegations that insured customers were charged higher prices than club members for the same generics between 2007 and 2024, highlighting discrepancies in pricing transparency despite the program's intent to reduce costs. Walgreens has expanded into through its investment in VillageMD, committing $5.2 billion in October 2021 to open 600–700 clinics co-located in stores by 2025, targeting underserved urban and rural areas to deliver value-based care integrated with pharmacy services. These Village Medical at Walgreens practices accept and Medicare in participating markets, aiming to improve preventive care and chronic management for low-income patients by reducing reliance on services. Complementary offerings include virtual healthcare consultations via licensed clinicians, providing diagnoses and prescriptions within hours at reduced costs without insurance requirements. Partnerships, such as with in 2022, have introduced no-cost health advisory services for eligible members near Walgreens locations, further bridging gaps in personalized, affordable guidance. Financial pressures have prompted Walgreens to close numerous VillageMD clinics in 2024 and explore selling its stake in the provider, potentially limiting long-term gains in access amid broader retail healthcare retrenchment. Despite these challenges, Walgreens continues to support vaccination programs, offering free flu and shots to certain insured groups like Ambetter members, alongside discounts on store-brand health products to promote preventive measures at lower costs. Current tools like the Rx Savings Finder enable customers to apply third-party coupons for prescription discounts, sustaining some affordability mechanisms post-Savings Club.

Criticisms of Store Closures and Industry Pressures

In October 2024, Walgreens announced plans to close approximately 1,200 underperforming stores over the next three years, with 500 closures targeted for fiscal year 2025, citing unprofitability in about 25% of its locations amid declining front-end retail sales and pharmacy reimbursement pressures. These decisions stem from broader industry challenges, including reduced prescription drug reimbursements from pharmacy benefit managers, intensified competition from online retailers and big-box stores, and rising operational costs exacerbated by inflation. Retail theft, or "shrinkage," has further eroded profitability, prompting security measures like product lockups that inadvertently suppress impulse purchases and overall store traffic. Critics, including Democratic Senator , have argued that these closures, potentially accelerated by Walgreens' August 2025 acquisition by private equity firm , could exacerbate pharmacy deserts in low-income, rural, and minority communities, limiting access to essential medications and increasing health inequities. Such concerns highlight fears of job losses—potentially numbering in the thousands—for pharmacy staff and retail workers, with ripple effects on local economies, though company executives maintain that sustaining unprofitable outlets risks broader . Labor advocates and community groups have similarly criticized the closures for disrupting healthcare access in underserved areas, where alternative providers may be scarce, potentially forcing reliance on costlier or distant options. However, these criticisms often underemphasize the causal drivers of unprofitability, such as structural shifts in consumer behavior toward e-commerce and mail-order pharmacies, which have diminished the viability of brick-and-mortar models saturated in urban markets. Walgreens' leadership has countered that closures target specific underperformers based on local market dynamics, store footprint, and performance metrics, aiming to reallocate resources toward more efficient operations rather than blanket abandonment. Post-acquisition debt burdens from private equity involvement have fueled additional scrutiny, with analysts warning of heightened bankruptcy risks that could precipitate further rationalizations, though empirical evidence from similar deals suggests varied outcomes depending on restructuring efficacy.

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