Walgreens Boots Alliance, Inc.
WBA
recently announced that it is currently administering COVID-19 vaccination across 49 states, Washington, D.C. and Puerto Rico. With the expansion of COVID-19 vaccination, Walgreens continues to play a vital role in the nation’s vaccination and pandemic response efforts.
The company’s initiative to vaccinate residents and staff in long-term care facilities is nearly complete. At present, around 60,000 immunizers are administering COVID-19 vaccinations at more than 7,000 stores and via off-site clinics, with a count of 11 million vaccine doses administered till date.
More in the News
Walgreens started immunizing long-term care patients in late December as part of the Centers for Disease Control and Prevention Pharmacy Partnership for Long-Term Care Program.
Walgreens also noted that it has set up nearly 500 COVID-19 vaccine clinics in underserved areas across the country, including locations in California, Illinois, Georgia and Mississippi, with plans for 100 more off-site clinics in partnership with local community organizations, Uber, and such national partners as the 100 Black Men of America and the National Coalition of 100 Black Women.
Significance of COVID-19 Vaccine Expansion Efforts
The availability of more vaccines and expansion of eligibility by many states and jurisdictions will widen COVID-19 vaccine access across Walgreens’ retail locations. Walgreens’ customer base is expected to get broadened with this.
Walgreens is also working in collaboration with its partners to drive equitable access to vaccines within underserved communities and also to remove transportation barriers for individuals hit hardest by the pandemic.
COVID-19-Related Developments by Walgreens
Walgreens has been witnessing several developments in its ongoing efforts to increase access to COVID-19 vaccines and testing.
In February 2021, Walgreens entered into an agreement with Labcorp to sell Pixel by Labcorp COVID-19 PCR Test Home Collection Kits over the counter in up to 6,000 Walgreens stores nationwide, starting in spring 2021. The addition of this collection kit in-store will enable customers to have access to testing solutions as and when needed – at home, in store or at one of Walgreens’ other conveniently located testing sites.
During the same month, Walgreens entered into an agreement with
Uber Technologies, Inc.
UBER
to offer rides to access COVID-19 vaccine among underserved communities. As part of the Walgreens partnership, last December, Uber committed to provide 10 million free or discounted rides to ensure that transportation does not hinder people’s access to vaccines. Walgreens will play an expanded role to continue building a broad alliance of organizations dedicated to breaking down transportation barriers in underserved communities.
Industry Prospects
Per a report by Coherent Market Insight
, The global COVID-19 vaccine market is valued at $14.5 billion in 2021 and is expected to reach $73.2 billion by 2027 at a CAGR of 30.9%.
Considering the market growth, the efforts by Walgreens to accelerate access to COVID-19 vaccines on a larger scale is well-timed.
Price Performance
Shares of the company have gained 25.7% in a year’s time compared with the
industry
’s growth of 28.7%.
Zacks Rank and Key Picks
Currently, Walgreens carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space include
Cantel Medical Corp.
CMD
and
ConforMIS, Inc.
CFMS
, each carrying a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cantel Medical has an estimated long-term earnings growth rate of 19%.
ConforMIS has a projected long-term earnings growth rate of 42%.
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