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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 Oct 16, 2021 - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Booster shots overtake first doses in the U.S. — Pfizer to vaccinate entire Brazilian city as part of study — FDA panel endorses shot of J&J booster for adultsU.S. to lift restrictions for fully vaccinated international travelers on Nov. 8.
  2. Health: New cases down, but the West is at risk — Low vaccination rates exacerbate America's caregiving crisis — COVID is here to stay. So what does "victory" look like? — FDA will review Merck COVID-19 pill.
  3. Politics: NHL announces all but four players have been vaccinated — WHO names new advisory group on COVID origins — Biden admin warns Moderna to "step up" global vaccine supply.
  4. Education: LA extends deadline for school employee vaccinations amid staffing shortage — Parent sues Wisconsin school district after child tests positive — Arizona can't use aid for anti-mask education grants, Treasury says.
  5. Variant tracker: Where different strains are spreading.
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.