Earnings summaries and quarterly performance for Walgreens Boots Alliance.
Research analysts who have asked questions during Walgreens Boots Alliance earnings calls.
AH
Ann Hynes
Mizuho Financial Group
7 questions for WBA
Also covers: ARDT, BTSG, CI +17 more
Elizabeth Anderson
Evercore ISI
7 questions for WBA
Also covers: AGL, ALGN, CAH +23 more
Eric Percher
Nephron Research
7 questions for WBA
Also covers: AMWL, CAH, COR +5 more
Kevin Caliendo
UBS
7 questions for WBA
Also covers: AHCO, ALGN, AMWL +15 more
CR
Charles Rhyee
TD Cowen
6 questions for WBA
Also covers: AMWL, BTSG, CAH +18 more
George Hill
Deutsche Bank
6 questions for WBA
Also covers: AGL, CAH, CI +16 more
Michael Cherny
Leerink Partners
6 questions for WBA
Also covers: ACCD, ALGN, CAH +18 more
LG
Lisa Gill
JPMorgan Chase & Co.
5 questions for WBA
Also covers: AGL, CAH, CI +13 more
SD
Stephanie Davis
Barclays
5 questions for WBA
Also covers: ACCD, CAH, COR +20 more
Brian Tanquilut
Jefferies
1 question for WBA
Also covers: ACHC, ADUS, AHCO +29 more
Recent press releases and 8-K filings for WBA.
Walgreens Boots Alliance notes tender offer expiration extended
WBA
M&A
Takeover Bid
- Blazing Star Merger Sub, Inc. extended the expiration time for its cash tender offer and consent solicitation to 5:00 p.m. (New York City time) on August 26, 2025, with the settlement date moved to August 28, 2025.
- The withdrawal deadline of 5:00 p.m. on August 4, 2025 remains expired and any notes tendered may not be withdrawn.
- The offer covers Walgreens Boots Alliance’s senior notes ranging from 3.600% due 2025 to 4.100% due 2050 and Walgreen Co.’s 4.400% notes due 2042.
- The tender offers and consent solicitations are contingent on the substantially concurrent closing of WBA’s acquisition, under the merger agreement dated March 6, 2025.
Aug 21, 2025, 10:40 PM
Walgreens Boots Alliance extends tender offer expiration and settlement
WBA
M&A
Takeover Bid
- The Offeror extended the Expiration Time for the Tender Offer and Consent Solicitation from 11:59 p.m. on August 18, 2025 to 5:00 p.m. on August 21, 2025.
- The Settlement Date has been pushed to August 26, 2025.
- The Withdrawal Deadline remains unchanged at 5:00 p.m. on August 4, 2025 and has expired—tendered notes may no longer be withdrawn.
- Completion of the Tender Offer and Consent Solicitation is still conditioned upon satisfaction or waiver of merger and general offer conditions in the Merger Agreement.
Aug 18, 2025, 11:04 PM
Walgreens Boots Alliance debt tender offer early results and consents
WBA
M&A
Debt Issuance
- Tender Offer and Consent Solicitation for nine series of WBA’s senior notes due 2025–2050 and Walgreen Co.’s 4.400% notes due 2042 secured majority tenders and all requisite consents as of the early deadline on August 4, 2025, with participation rates for each series exceeding 83%.
- The offers are conditioned on the concurrent closing of the merger under the Merger Agreement dated March 6, 2025, and remain scheduled to expire at 11:59 p.m. on August 18, 2025, with settlement on August 19, 2025; the Offeror plans to extend expiration to align with the merger closing.
Aug 5, 2025, 12:00 PM
Walgreens Boots Alliance debt tender offer launched
WBA
M&A
Debt Issuance
- Blazing Star Merger Sub, Inc. (the “Offeror”) commenced cash tender offers and consent solicitations for Walgreens Boots Alliance’s nine series of senior notes due 2025–2050 and Walgreen Co.’s 4.400% notes due 2042 in connection with its pending acquisition of WBA.
- Valid tenders and consents must be delivered by 5:00 p.m. (NYC) on August 4, 2025 (Early Tender Deadline); the offers expire 11:59 p.m. (NYC) on August 18, 2025, with settlement on August 19, 2025, to coincide with the merger closing.
- Holders who tender by the Early Tender Deadline will receive a yield-based Total Consideration inclusive of a $50 early tender payment per $1,000 principal amount, plus accrued interest; late tenders receive only the yield-based consideration.
- Completion of the Tender Offer and Consent Solicitation is conditioned on the closing of the March 6, 2025 merger agreement, under which WBA will become a wholly-owned subsidiary of Blazing Star Parent, LLC.
Jul 22, 2025, 11:09 PM
Walgreens Boots Alliance approves Sycamore acquisition
WBA
M&A
Proxy Vote Outcomes
- Shareholders endorsed the Sycamore Partners-affiliated acquisition, with ~96% of votes cast in favor and ~95% approval from unaffiliated shareholders.
- Under the merger terms, WBA shareholders will receive $11.45 per share in cash plus one Divested Asset Proceeds Right for up to $3.00 per share.
- The deal is slated to close in Q3 or Q4 2025, subject to customary regulatory approvals.
- Upon closing, Walgreens Boots Alliance will become a privately held entity and cease public trading.
Jul 11, 2025, 12:00 AM
Walgreens Boots Alliance announces merger agreement with Blazing Star Parent
WBA
M&A
Proxy Vote Outcomes
- On March 6, 2025, Walgreens Boots Alliance entered into a definitive merger agreement with Blazing Star Parent, LLC, under which WBA will become a wholly owned subsidiary upon closing; a proxy statement was filed on June 6, 2025, and a special stockholder meeting is scheduled for July 11, 2025.
- The company amended its proxy statement’s “Special Factors” section to supplement background on confidentiality agreements with Sycamore, management’s three-year standalone financial plan (2025–2027) and extrapolations through 2029, and other deal considerations.
- Centerview updated its valuation analyses—including public trading comparables, precedent transaction multiples (5.5x–7.5x LTM EBITDA), and a DCF with discount rates of 9.25%–10.75%—resulting in implied per-share equity value ranges of $4.60–$19.10.
- The filing includes updated internal financial projections: February Projections and VMD forecasts, plus prior October and December projections for FY 2025–2029, detailing revenue, adjusted EBITDA, and unlevered free cash flow estimates.
Jul 3, 2025, 12:00 AM
Walgreens Boots Alliance private equity deal activity slows amid tariff uncertainty
WBA
M&A
- Rising interest rates and new tariffs have increased borrowing costs and disrupted private equity dealmaking, pressuring the traditional leveraged buyout model.
- In Q1 2025, deal value hit its highest since Q2 2022, driven by Sycamore Partners’ $23.7 billion purchase of Walgreens Boots Alliance and GTCR’s $24.25 billion sale of Worldpay.
- In April 2025, tariff uncertainty triggered a 24% drop in deal value and a 22% decline in deal count compared to Q1 monthly averages.
- The IPO market for private equity-backed exits effectively shut down in early Q2 2025, reflecting heightened volatility and limited exit opportunities.
Jun 1, 2025, 11:16 PM
Walgreens Announces Debt Termination and New Receivables Facility
WBA
Debt Issuance
- Walgreens Boots Alliance entered into an accounts receivable securitization facility with an initial borrowing capacity of $2.5 billion on April 24, 2025 to fully repay its outstanding senior unsecured term loans (August 2023 DDTL and December 2022 DDTL).
- The company terminated all commitments under its $1.0 billion term loan credit agreements due in November 2026 and January 2026, which included the termination of a material definitive agreement.
Apr 25, 2025, 12:00 AM
Walgreens Boots Alliance Settles Litigation with DOJ and DEA
WBA
Legal Proceedings
- The company disclosed on April 18, 2025 that it has entered into a settlement agreement with the DOJ and DEA to resolve litigation related to opioid dispensing rules and controlled substances matters.
- Under the terms, Walgreens Boots Alliance will pay $300 million plus interest over six years, with an immediate initial payment of $20 million due within 21 days.
- The agreement also provides for a potential additional $50 million contingency payment if free cash flow targets are met or if there is a sale, merger, or asset transfer during the settlement term.
Apr 18, 2025, 12:00 AM
Walgreens Boots Alliance Reports Q2 2025 Financial Results
WBA
Earnings
M&A
Guidance Update
- Loss per share narrowed to $3.30, compared to $6.85 in the same quarter last year, with significant non-cash impairment charges of $4.2 billion and after-tax gains of $1.0 billion impacting results.
- Adjusted EPS declined to $0.63 from $1.20 year-over-year, attributed primarily to lower U.S. retail sales and tax-effect adjustments.
- Sales increased by 4.1% year-over-year to $38.6 billion (up 4.7% on a constant currency basis), driven by strength in U.S. Retail Pharmacy and International segments.
- The company has withdrawn fiscal 2025 guidance in light of the pending transaction with affiliates of Sycamore Partners.
Apr 8, 2025, 12:00 AM
Quarterly earnings call transcripts for Walgreens Boots Alliance.
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