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Walgreens CFO Plays Down Impact of Amazon Online Pharmacy

  • Walgreens Boots Alliance (NASDAQ:WBA) CFO James Kehoe played down the impact of Amazon’s (NASDAQ:AMZN) newly launched online pharmacy service at the Wolfe Healthcare Conference, Bloomberg reported.
Walgreens store exterior and sign in Pompano Beach, Florida
Source: saaton / Shutterstock.com
  • Kehoe noted that Amazon’s service is currently mail-only, which accounts for about 10% of prescriptions filled in the US, Kehoe said, adding that people remain loyal to physical drugstores.
  • “When you want to get your Covid vaccination, are you going to call Amazon or are you going to call Walgreens or CVS?” Kehoe asked, questioning whether parents whose children are sick would be happy to wait a few days to receive a prescription.
  • Co-COO Alex Gourlay also cited Walgreens’s recently updated mobile application and a feature that allows people to buy items online and pick them up in stores and drive-throughs or curbside in 30 minutes.
  • Kehoe called the negative market response to Amazon’s announcement as “disappointing” after WBA stock dropped 15% since Nov. 16’s close and 37% this year.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/after-wba-stock-drop-cfo-plays-down-impact-of-amazon-online-pharmacy/.

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