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Walgreens to invest $300M in digital health

October 1, 2019

After reporting a dip in net earnings for the first quarter, Walgreens plans to invest $300 million in digital health to make up for the losses.

The drugstore’s net earnings dropped to $1.156 billion from $1.349 billion in the same quarter of 2018. Walgreens CEO Stefano Pessina told analysts that to make up for its worst quarterly results since 2014, it plans to cut annual expenses by $1.5 billion to make room for digital health.

“We will be putting $300 million to boost the partnerships and boost our capabilities on digitalization of the company,” Walgreens CFO James Keho told analysts.

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