Walgreens Boots Alliance FY 3Q15 Earnings Call Notes

Interim CEO named permanent

“As you have seen today, I have been appointed by the Board as Chief Executive Officer, replacing the Interim appointment that I was previously fulfilling. The Board has decided that bearing in mind the pace of change and the amount that we have still to do there is a benefit to stability at the senior level in the organization”

The best way for us to thank you is to deliver on our plans

“I thank you for your continued support and but also acknowledge that the best way to thank you is to deliver on our plans. And I can assure you we fully intend to continue to do so.”

We are actively looking for acquisitions

“I have said many times, that I believe that the American markets will go through a substantial wave of consolidation horizontally and vertically. I have said very clearly that we want to be part of this, at the right time with the right partner. We are open to any kind of combination which could improve the value of our company and we are looking actively around us to understand which is the best option for us. But please don’t forget that we are looking actively not just in the U.S. but even in other countries because we consider ourselves a global company.”

We can clearly see the need for consolidation in our industry

“we can clearly see the need or the opportunity for horizontal and vertical consolidation in our industry and this is happening. In reality I believe that this is a good news for us because the consolidation, the horizontal consolidation will create a clear market and will give us more opportunities in future. What we will be able to do specifically is a little too early to say, but I repeat we want to be one of the players in this space and we see a lot of opportunities and the opportunities are really open along the chain, along the space of this healthcare industry.”

It’s true the market is quite bullish but it’s also true the cost of money is still quite low

“As you know we have been always [indiscernible] with potential acquisitions, so we will if we will have an opportunity we will analyze this opportunity very rationally and we will do it just if this will create additional value. It’s true the market is now quite bullish but it’s also true that the cost of the money is still quite low and there are other ways to create value, not just acquisitions, so we are analyzing all the opportunities. If we will see an opportunity which fit our strategy and which can create value we will take action.”