Shares of Walgreens Boots Alliance (WBA) advanced on Thursday after the biggest U.S. pharmacy chain announced a major cost-cutting program as it struggles to overcome recent challenges, 🎃including a CEO shakeup.

Interim CEO Ginger Graham said performance in 2023 “has not reflected WBA’s st🎶rong assets, brand legacy, or our commitment to our customers and patients.” She added that the company is slashing expe🌸nses by at least $1 billion and lowering its capital expenditures by about $600 million.

Walgreens reported fiscal 2023 fourth quarter profit of $0.67 cents a share, missing forecasts as demand waned for COVID-19 vaccines and tests. Revenue rose 9.2% year-over-year to $35.42 billion, more than expected.

The company now anticipates 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $3.20 to $3.50, short of e🅠stimates. It predicts revenue of $141 billion to $145 billion, while analysts had bee﷽n looking for $144 billion.

Walgreens shares have fallen to levels not seen this century as the firm faced several difficulties, including its 澳洲幸运5官方开奖结果体彩网:expansion of health care services, and a leadership shakeup when former CEO Roz Brewer abruptly resigned last month. The company announced on Wednesday that former Cigna (CI) executive Tim Wentworth will take over as CEO on Oct. 23.

Even with Thursday's gains, Walgreens shares have lost more than one-third of their value this year.