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Tuesday, December 23, 2014

Strong prescription sales help Walgreen top profit estimates, (NYSE: WAG)

U.S. drugstore chain operator Walgreen Co reported a better-than-expected quarterly profit, helped by a record number of prescriptions filled, sending its shares up 3.6 percent.Cost savings resulting from its acquisition of the remaining stake in Alliance Boots Holdings Ltd, Europe's biggest pharmacy chain, also boosted first-quarter results.The largest U.S. drug retailer also said it was on track to reach its target of $650 million in savings from the Alliance Boots deal in the fiscal year ending August 2015.The company's margins, however, continue to remain under pressure due to lower insurer payments for prescriptions amid increased competition and a rise in generic drug prices.

Walgreen Co. (Walgreens) together with its subsidiaries, operates as a retail drugstore chain in the United States. Shares of WAG remained unchanged at $74.27. In the past year, the shares have traded as low as $55.27 and as high as $76.39. On average, 5944470 shares of WAG exchange hands on a given day and today's volume is recorded at 20014.