Prescription for growth

Walgreens Boots Alliance shares had their best day in almost five months after the pharmacy chain posted better-than-expected fourth quarter earnings and raised its 2021 guidance.

Deerfield, Illinois-based Walgreens said it made $373 million in the final quarter of fiscal 2020 after losing $1.7 billion the previous quarter, when millions of shoppers stayed home to avoid the rapidly spreading pandemic. Walgreens, which runs more than 9,000 stores in the U.S. and several thousand more internationally, said it expects the pandemic to continue to affect its stores in the first half of 2021, but forecast low single-digit growth in earnings per share for the full year.

“Despite uncertainty amid the global COVID-19 pandemic, we are seeing gradual improvement in key U.S. and UK markets and continued strong performance in our wholesale business,” said CEO Stefano Pessina.

Walgreens jumped 4.8% to close at $37.64 on Thursday.