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Walgreens lost $1.7 billion in its most recent quarter. Photo: Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images

Walgreens lost $1.7 billion in the three-month stretch that ended May 31, as the coronavirus outbreak kept shoppers at home and raised stores' costs.

Why it matters: The pandemic and global stay-at-home orders consumed almost all of those three months. Walgreens will now cut 7% of its workforce, mostly in the United Kingdom.

By the numbers: Walgreens said the coronavirus eliminated at least $700 million in sales and led to higher employee and administrative costs to account for social distancing and cleaning stores.

  • However, most of the lost revenue occurred in pharmacies in the U.K., where stay-at-home orders were stricter. U.S. states were already reopening during the latter parts of Walgreens' quarter.

The big picture: Prescriptions declined heavily because patients stopped going to their doctors and because hospitals were admitted fewer patients.

  • But Walgreens still reported higher U.S. prescription sales due to higher drug prices.

Go deeper

Oct 16, 2020 - Health

Trump administration announces deal with CVS, Walgreens to give COVID-19 vaccine to seniors

Photo: Craig F. Walker/The Boston Globe via Getty Images

The Trump administration announced an agreement on Friday with CVS and Walgreens to distribute coronavirus vaccines to seniors and staff in long-term care facilities for free.

Why it matters: The move could help the president move up in the polls with elderly voters. Seniors, who have been significantly impacted by the virus, helped Trump get elected in 2016, but recent polls have indicated that the group swung sharply against him and toward Joe Biden.

Updated 11 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.
Oct 16, 2020 - Health

Vaccine timeline "to ensure public trust"

Illustration: Sarah Grillo/Axios

Pfizer says people might start getting COVID-19 vaccines before the end of the year, according to a timeline it laid out Friday.

The state of play: By the end of October, the company said it hopes to know whether the vaccine is effective, the Wall Street Journal reports.