Between Walgreens’ earnings call last week and its J.P. Morgan Healthcare Conference presentation on Monday, it’s becoming clear that the company won’t be acquiring anything anytime soon.
“We are not cash rich right now. We’re not in a position where we can do large acquisitions, and I believe we’re not in a position where we need to [in order] to grow the company in a meaningfully responsible way on an earnings basis for the longer term,” said Tim Wentworth, CEO of Walgreens Boots Alliance. Wentworth assumed the helm of the retail pharmacy conglomerate after its previous CEO Rosalind Brewer was ousted at the end of summer 2023.
Wentworth’s remarks at JPM 2024 echoed what he said in last week’s earnings call: the company isn’t planning to branch out, especially as it is closing 60 VillageMD clinics in an effort to get the company’s health care delivery portfolio on the path to profitability. “I would not expect to see us investing in additional primary care assets in our portfolio of investments,” he said.