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Walgreens 4Q net income drops, but still tops expectations

Updated: September 28, 2012 11:32AM

Walgreens says its fiscal fourth quarter net income tumbled 55 percent compared to a year ago when the drugstore operator recorded a big gain from a business sale. Its adjusted earnings still trumped Wall Street expectations.

The nation’s largest drugstore chain says it earned $353 million, or 39 cents per share, in this year’s quarter. That’s down from $792 million, or 87 cents per share, a year ago.

Excluding one-time items, Walgreens says it earned 63 cents per share. Analysts surveyed by FactSet forecast adjusted earnings of 55 cents per share.

Walgreens recorded a $434 million gain last year from the sale of its pharmacy benefits management business.

The Deerfield-based company had said earlier this month its revenue fell 5 percent to about $17 billion.

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