You keep posting about a rabbit to be pulled out of this financial chronicle, the road to the PBM's impasse has been laid down and is evident in the last Q numbers. A short primer shows these stats, 65% of Wag's revenue comes from Rx's services, back out say 10% for non-insured Rx Script purchases, leaving 55% of revenue from PBM contracting. This 55% of Rx revenue also generates sales in the OTC medications of about 10+%, Yielding 65% from some form of medications sales.
35% 0f reported revenue comes from the rest of Walgreens offerings including, Sushi, hair dye and lets not forget the Remi Martin.
You know the numbers from the Super PBM, so how do you expect the rabbit to Appear without a costly premature rabbit intervention.
I have followed this stock for 15 years and owned a lot of it for much of that time. As you know, it has underperformed for much of my recent history on this board.
I am going to reiterate one more time my rationale for "the rabbit." Walgreens can not survive as a growth player in this space without mending its fences with ESRX before they lose the MHS Rx biz. Medco actually represents a bigger chunk of WAG's Rx volume than Express Scripts. There are only 2 ways this can happen. WAG can buy Rite Aid and force ESRX to play ball. Or. WAG can pay out the wazoo to settle with ESRX before Medco biz goes away, also.
Either way, the GROSS miscalculation by existing management should MHS Rx volume also go away would end life-as-it-has-been-known for virtually the entire C-Suite in Deerfield. I don't think these guys want the gravy train to derail.