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Overview
Walgreen (NYSE : WBA) is one of the largest pharmacy chains globally, which sells both prescription and non-prescription drugs as well as retail merchandise (cosmetics, convenience foods, photo processing services, seasonal merchandise). In addition to its store offerings, Walgreen provides pharmacy services like prescription fulfillment through mail order, telephone, and Internet.
CVS health is the main competitors of WBA in Retail Pharmacy - prescription drugs and OTC drugs space. In this dashboard, we would analyze the key operating metrics of WBA and compare them with CVS Health.
WBA is expected to cross $133 billion in total revenues by the end of 2019
WBA derives a majority of its revenues from Retail pharmacy business in U.S and abroad. On the other hand, CVS's main revenue streams is Pharmacy services.
Total-WBA
Total-CVS
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YOY change in total revenues -WBA vs CVS (.......)
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WBA is heavily dependent on Retail Pharmacy segment
% share of retail pharmacy US in total revenues - WBA
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% share of retail pharmacy US in total revenues -CVS
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Retail Pharmacy (US) has contributed more than 72% of WBA's revenues over the last 4 years, whereas the revenue share for CVS was around 43%. This implies that WBA is heavily dependent on Retail Pharmacy Segment (U.S)
Retail Pharmacy business can be divided into two segments:
#1 Pharmacy Drugs (US) Revenues:
This represents the revenue generated by WBA and CVS through prescription drugs in the U.S.
WBA's Pharmacy drugs-USA revenues have grown at an average annual rate of 10% from $53.4 billion in 2015 to $70.8 billion in 2018.
Although CVS' pharmacy drugs revenues have suffered due to lower "revenue per retail prescription", it is expected to report a strong growth in 2019 driven by increase in number of prescriptions.
Pharmacy Drugs USA -WBA
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Pharmacy Drugs USA-CVS
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YOY change in WBA Pharmacy Drugs US
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YOY change in CVS Pharmacy Drugs US
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#1.1: Number of prescriptions filled in the US
CVS's number of prescriptions have grown at an average annual rate of 9.3% over the last 4 years, whereas WBA's average annual growth rate was around 7%. Further, CVS filled more than 1.3 billion prescriptions in 2019, which was 22% more than WBA's figure.
Number of Prescriptions Filled by Walgreens (US)
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Number of Prescriptions Filled by CVS Health (US)
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YOY change in No. of Prescriptions Filled by Walgreens
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YOY change in Number of Prescriptions Filled by CVS Health-CVS
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#1.2: Revenue per retail prescription
Although CVS' number of prescriptions are higher than WBA's figure, it has lower revenue per prescription.
WBA has seen consistent growth on this metrics with 2018 reporting a figure of $64.7, which was 35% more than the CVS' figure.
While revenue per retail prescription for WBA has increased over the last 4 years, CVS has seen a negative growth on this metrics.
Revenue per Retail prescription-WBA
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Revenue per Retail prescription-CVS
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YOY change in Revenue per Retail prescription-WBA
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YOY change in Revenue per Retail prescription-CVS
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#2 OTC & Other (US Retail Pharmacy):
OTC & Other revenues for both the companies have followed the same trend over the last 4 years
WBA's segment revenues slightly increased in 2016, before decreasing to $27.1 billion in 2017. Further, it increased by 1.8% to $27.5 billion in 2018, which is same as 2015 figure.
CVS Health's OTC & Other revenues fell from $20.3 billion in 2016 to $19.8 billion in 2017, before reporting a marginal decrease in 2018. Overall, it increased by 2% from $19.5 billion in 2015 to $19.8 billion in 2018.
OTC & Other-WBA
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OTC & Other-CVS
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YOY change in WBA OTC & Other US
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YOY change in CVS OTC & Other US
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#2.1: Number of retail drugstores in the U.S.
CVS has a larger retail presence in the U.S. compared to WBAWBA's number of retail drugstores have remained almost unchanged -- baring 2018 which saw an increase of 18% y-o-y , whereas CVS has recorded slight growth on this metrics over the last 4 years.
Metric 4: Square Footage Per Store
Average size of WBA's retail drugstore is more than that of CVS.
Square Footage per Store-WBA
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Square Footage per Store-CVS
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YOY change in Square Footage per Store-WBA
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YOY change in Square Footage per Store-CVS
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Metric 5: Revenue per square foot for OTC & Other segment
WBA's revenue per square foot was almost 50% higher than CVS' figure and has remain almost same over 2015-2017. However, WBA's figure decreased by 28% in 2018 due to 18% jump in number of retail drugstores.
Although CVS hasn't seen much change in revenue per square foot for OTC & Other segment, the figure has suffered over the last 2 years.
Revenue per Square Foot - WBA
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Revenue per Square Foot-CVS
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YOY change in Revenue per Square Foot-WBA
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YOY change in Revenue per Square Foot-CVS
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Taken together, WBA's retail pharmacy revenues in the U.S are well above that for CVS Health
Although CVS outperforms WBA in terms of retail presence and number of prescriptions, WBA's revenue per retail prescription and revenue per square foot is way more than CVS figure.
Total Retail Pharmacy Revenues US -WBA [=A+B]
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Retail Pharmacy USA- Pharmacy Drugs -WBA [A]
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OTC & Other-WBA [B]
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Disagree With Our Forecasts? Create Your Own
1. How to save your forecasts:
Click on the blue Try Trefis button in the header to create an account, then navigate back to this dashboard. Now, any changes you make to these inputs will be auto-saved as a scenario (see left panel of dashboard).
2. How to monitor your scenario vs. actual results
Once you have saved your forecast, you can rename your scenario by clicking on the gear icon next to the scenario (on the left panel). For more info, see this quick, 30-sec video (look at the 9 sec mark)
With your forecast saved and named, you can see how well you forecast the performance of the company at the end of each period and compare your forecasts to hundreds of other Trefis users who came up with their own forecasts. Lastly, you can share with friends and colleagues to show them how you fared and compare your forecasts to theirs.
