J.P. Morgan Healthcare Conference...2014/01/14 · Today’s presentation includes certain non-GAAP financial measures, and we refer you to the Appendix to the presentation materials

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J.P. Morgan Healthcare Conference

Greg WassonPresident and CEO

January 15, 2014

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� Certain statements and projections of future results made in these presentations constitute forward-looking statements that are based on current market, competitive and regulatory expectations that involve risk and uncertainty. Except to the extent required by the law, we undertake no obligation to update publicly any forward-looking statement after these presentations, whether as a result of new information, future events, changes in assumptions or otherwise.

� Please see our latest Form 10-K &10-Q filings for a discussion of risk factors as they relate to forward-looking statements.

� Today’s presentation includes certain non-GAAP financial measures, and we refer you to the Appendix to the presentation materials available on our investor relations website for reconciliations to the most directly comparable GAAP financial measures and related information.

Safe Harbor and Non-GAAPSafe Harbor and Non-GAAP

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A Walgreens Welcome to San FranciscoA Walgreens Welcome to San Francisco

135 Powell St.San Francisco

(Corner of Powell and O’Farrell)

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Slowed store openings to focus on core

Strategic acquisitions brought leading-edge concepts

Our Journey Over the Past 5 Years Our Journey Over the Past 5 Years

Alliance Boots partnership and long-term strategic relationship with AmerisourceBergen

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Launched Balance Rewards loyalty program

Our Purpose and VisionOur Purpose and Vision

Our Purpose... To help people get, stay and live well

Our Vision... To be the first choice in healthy and daily living for everyone in America – and beyond

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Our Strategic Growth DriversOur Strategic Growth Drivers

Creating a Well Experience AdvancingCommunity Pharmacy

Establishing an EfficientGlobal Platform

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Creating Value for our ShareholdersCreating Value for our Shareholders

Adjusted Net

Earnings: ~$13B*

Operating Cash

Flow:

~$20B

Total

Shareholder

Return:

145%

Our Progress over the Past 5 Years…

* Non-GAAP Financial Measures – see Appendix.

GAAP Net

Earnings: ~$11B

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Today’s AgendaToday’s Agenda

Industry Trends

Strategic Growth Drivers

Value Creation

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Dynamic Industry - Healthcare

Healthcare spend is 17% of GDP, growing to 20% by 2020

10,000 Americans turning 65 daily --spending twice as much on healthcare

Healthcare reform adding 30 million insured Americans

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70% of Americans who visit the ER don’t have or don’t utilize a primary care physician

Emerging healthcare delivery models

Shifting from fee-for-service to pay-for-performance

RPh w/ patient

Dynamic Industry - Healthcare

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Dynamic Industry - Retail

Consumers looking for value

Blurring of retail channels

Growing digital commerce

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How Walgreens is Best PositionedHow Walgreens is Best Positioned

8,200 health and daily living destinations

70,000 of the most trusted professionals in healthcare

400 healthcare clinics

370 worksite clinics

200 health system pharmacies

75 infusion pharmacies

2 central fill mail facilities

2 central specialty care centers

Over 11,000 stores and 370 distribution centers operating in 25 countries*

How Walgreens is Best PositionedHow Walgreens is Best Positioned

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Creating a Well ExperienceCreating a Well Experience

Extraordinary customer care

Right products and solutions

Opened or converted more than 600 Well Experience locations to date

Every community in America

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Stepping Out to CreateSomething New & Unique...

Stepping Out to CreateSomething New & Unique...

Flagship, ChicagoManhattan Beach, CA

Johns Hopkins Medical Net Zero, Evanston, IL17

-3%

-2%

-1%

0%

1%

2%

3%

DecDecDecDec JanJanJanJan FebFebFebFeb Mar/AprMar/AprMar/AprMar/Apr MayMayMayMay JuneJuneJuneJune JulyJulyJulyJuly AugAugAugAug SepSepSepSep OctOctOctOct NovNovNovNov DecDecDecDecOne-YearOne-YearOne-YearOne-Year -2.3%-2.3%-2.3%-2.3% -0.4%-0.4%-0.4%-0.4% -1.4%-1.4%-1.4%-1.4% -0.2%-0.2%-0.2%-0.2% 1.2%1.2%1.2%1.2% 0.8%0.8%0.8%0.8% 2.3%2.3%2.3%2.3% 2.2%2.2%2.2%2.2% 2.9%2.9%2.9%2.9% 2.3%2.3%2.3%2.3% 1.9%1.9%1.9%1.9% 2.5%2.5%2.5%2.5%Two-YearTwo-YearTwo-YearTwo-Year -1.7%-1.7%-1.7%-1.7% 1.2%1.2%1.2%1.2% 0.6%0.6%0.6%0.6% -0.7%-0.7%-0.7%-0.7% 0.2%0.2%0.2%0.2% -0.2%-0.2%-0.2%-0.2% -0.1%-0.1%-0.1%-0.1% 1.6%1.6%1.6%1.6% 1.4%1.4%1.4%1.4% -0.6%-0.6%-0.6%-0.6% 0.2%0.2%0.2%0.2% 0.2%0.2%0.2%0.2%

YOY

% C

hang

e YO

Y %

Cha

nge

YOY

% C

hang

e YO

Y %

Cha

nge

Accelerated Daily Living TrendsAccelerated Daily Living Trends

Two - Year Stack

One - Year % Change

*February FE Comp excludes the benefit of Leap Day FY 2013 FY 2014

Front End Comp Store Sales % Change

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1. Outcomes Pharmaceutical Health Care, 2011. 2. www.dhs.state.mn.us/main/groups/business_partners/documents/pub/dhs16_140283.pdf. Accessed April 24, 2012. 3. Isetts BJ et al. Am J Pharm Assoc. 2008;48:203-214.

Advancing Community PharmacyAdvancing Community PharmacyPatient Adherence Improves OutcomesPatient Adherence Improves Outcomes

Increased pharmacist time with patient

Non-adherence costs U.S. healthcare system $300B/year

Studies find improved adherence after one on one consultation with pharmacist

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0.8

7.46.8 6.7

8.7

0

2

4

6

8

10

FY09 FY10 FY11 FY12 FY13

Millions

Walgreens Immunizations Administered

Advancing Community PharmacyAdvancing Community PharmacyGrowing ImmunizationsGrowing Immunizations

$3.5B

$2.0B$1.2B

$1.2B

$0.9B

$1.5B

$10.3B

Seasonal Influenza

HPVTetDipPertussis/Td

Meningitis

Hep A/Hep B

Pneumococcal/Zoster/Varicella

Estimated Size of US Immunization Market*

*Walgreen Co. Estimates21

89% of the US HIV population has access to one of our 750 HIV Centers of Excellence

Advancing Community PharmacyAdvancing Community PharmacyCenters of Excellence (COE)Centers of Excellence (COE)

COE staffed by specially trained pharmacists

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Expanding centers for other complex diseases like multiple sclerosis and cystic fibrosis

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Advancing Community PharmacyAdvancing Community PharmacyExpanding the Offering at Healthcare ClinicsExpanding the Offering at Healthcare Clinics

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Advancing Community PharmacyAdvancing Community PharmacyInnovative Offerings: DiagnosticsInnovative Offerings: Diagnostics

Lab tests on samples as small as 1/1,000

the size of a typical blood draw

Results to you and your doctor in less

than four hours, on average Pricing dramatically low rates and

accepting major insurance carriers as

well as Medicare and Medicaid. 24

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Advancing Community PharmacyAdvancing Community PharmacySpecialty and InfusionSpecialty and Infusion

Specialty is the fastest growing pharmacy segment -- with 3% of the population projected to drive 50% of total drug spend by 2017

Walgreens is well positioned with the integrated multi-channel assets in place

Offering the largest home infusion network in the nation

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Advancing Community PharmacyAdvancing Community PharmacyDifferentiated ExperienceDifferentiated Experience

Accessible pharmacist

Mobile/online

Privacy for health tests

Integrated healthcare

Convenient prescription pick-up

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Advancing Community PharmacyAdvancing Community PharmacyFocusing on Patient Care through Strategic Partners hipsFocusing on Patient Care through Strategic Partners hips

Stanford University Cancer Research

Center

Johns HopkinsMedicine

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Overall Unplanned Admissions –Hospitals <30 Days by TIme

Advancing Community Pharmacy Advancing Community Pharmacy Walgreens Well Transitions ProgramWalgreens Well Transitions Program

Well Transitions Procedure:-Bedside delivery of discharge medications

-Medication reconciliation

-Two follow-up phone calls to reinforce adherence

-Continuity with Walgreens community pharmacists

20.0%18.4%

21.3%

13.1% 12.8%

10.0%

0%

5%

10%

15%

20%

25%

CY13 Q1 CY13 Q2 CY13 Q3

Rea

dmis

sion

s %

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Patients eligible but not enrolled

Patients enrolled in program

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Advancing Community PharmacyAdvancing Community PharmacyBuilding Physician PartnershipsBuilding Physician Partnerships

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Preferred Plans

Advancing Community PharmacyAdvancing Community PharmacyWinning Medicare Part DWinning Medicare Part D

Med D Volume Growth

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52wks through Nov 2013 vs LY. 30-day equivalent prescriptions

Mass 13.4%

Food 17.3%

Independents 8.0%

Other Chain Drug 14.0%

Walgreens 21.2%

Market 14.1%

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93113

145

178

208

0

50

100

150

200

250


Walgreens 90-Day at Retail Prescriptions(30-Day Equivalents)

+22.2% CAGRMillions

Advancing Community PharmacyAdvancing Community Pharmacy90-Day at Retail90-Day at Retail

1.1%0.0% 0.3%

-7.6%

-5.8%

-10%

-8%

-6%

-4%

-2%

0%

2%


Growth in Industry Mail Prescriptions*

*IMS Data 31

-4%

-2%

0%

2%

4%

6%

8%

DecDecDecDec JanJanJanJan FebFebFebFeb MarMarMarMar AprAprAprApr MayMayMayMay JuneJuneJuneJune JulyJulyJulyJuly AugAugAugAug SepSepSepSep OctOctOctOct NovNovNovNov DecDecDecDecOne-YearOne-YearOne-YearOne-Year -2.2%-2.2%-2.2%-2.2% 7.2%7.2%7.2%7.2% 6.4%6.4%6.4%6.4% 7.4%7.4%7.4%7.4% 6.0%6.0%6.0%6.0% 7.3%7.3%7.3%7.3% 7.2%7.2%7.2%7.2% 7.1%7.1%7.1%7.1% 7.7%7.7%7.7%7.7% 6.1%6.1%6.1%6.1% 6.1%6.1%6.1%6.1% 4.0%4.0%4.0%4.0% 3.6%3.6%3.6%3.6%Two-YearTwo-YearTwo-YearTwo-Year 0.6%0.6%0.6%0.6% -1.1%-1.1%-1.1%-1.1% -1.9%-1.9%-1.9%-1.9% -1.2%-1.2%-1.2%-1.2% -2.1%-2.1%-2.1%-2.1% -1.7%-1.7%-1.7%-1.7% -2.1%-2.1%-2.1%-2.1% -0.6%-0.6%-0.6%-0.6% 0.7%0.7%0.7%0.7% -0.4%-0.4%-0.4%-0.4% 0.5%0.5%0.5%0.5% 1.1%1.1%1.1%1.1% 1.4%1.4%1.4%1.4%

YOY

% C

hang

e YO

Y %

Cha

nge

YOY

% C

hang

e YO

Y %

Cha

nge

Solid Script MomentumSolid Script Momentum

Comp Data Adjustments: Day Fall, 90 Day, Flu Shot, and Flu Script

Two - Year Stack

One - Year % Change

FY 2013 FY 2014

Script Comp Store % Change

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Our Strategic Growth Drivers...Our Strategic Growth Drivers...



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Establishing an Efficient Global PlatformEstablishing an Efficient Global PlatformGreater Scale and Global ReachGreater Scale and Global Reach

Streamline global pharmaceutical supply chain

Increase patient access to pharmaceuticals

Easier for Pharma to bring new products and solutions to market

Global sourcing benefits

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$154M

$350M-$400M†

$1B†

$0

$200

$400

$600

$800

$1,000

FY13 FY14E FY16 Goal

Combined Synergies with Alliance Boots

GenericsBranded Products

(Pharma)

Branded Products(Non-Pharma)

Own Brands and General Merch.

Goods not for Resale

Front of Store Growth

Establishing an Efficient Global PlatformEstablishing an Efficient Global PlatformSynergy Work StreamsSynergy Work Streams

† Forward-Looking Statements – See cautionary note in attached Appendix.

Six Synergy Work Streams

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Distribution Agreement

Equity Alignment

Strategic Collaboration

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Establishing an Efficient Global PlatformEstablishing an Efficient Global PlatformAmerisourceBergenAmerisourceBergen

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FY 2016 Goals †

Revenue >$130 Billion

Operating Income (GAAP) $8.5 - $9.0 Billion

Adjusted Operating Income* $9.0 - $9.5 Billion

Synergies $1 Billion

Operating Cash Flow ~$8 Billion

Net Debt** ~$11 Billion

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†Forward-Looking Statements – See cautionary note in attached Appendix. All figures assume constant currency and exercise of option to acquire remaining 55% interest. All financial goals assume no major mergers and acquisitions or strategic transactions.* Non-GAAP Financial Measures – see Appendix.** Net debt defined as balance sheet debt less cash and cash equivalents. Net debt excludes lease obligations.~ 1.1B shares projected to be outstanding in FY 2016. Projected shares outstanding assumes no share repurchases.

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Progress on Long-Term Goals...Progress on Long-Term Goals...

Reinvest in Core

Strategies

Invest in Strategic

Opportunities

Return Cash to

Shareholders

Maintain Strong

Balance Sheet and

Financial Flexibility

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Capital Allocation for Future Value CreationCapital Allocation for Future Value Creation

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Reinvesting in Core StrategiesReinvesting in Core Strategies

Over Past 5 Years…

Cumulative Cap Ex:

~$7B

New Locations:

1,648

Well Experience Stores:

600

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Investing in Strategic OpportunitiesInvesting in Strategic Opportunities

Over Past 5 Years, Cumulative M&A & Strategic Investments: ~$10B*

Retail Consolidation Omni-Channel Access

Snyder’s

*Includes cash and equity investments

Healthcare Expansion

Crescent Healthcare

Omnicare Infusion

Cardinal Specialty

Rx Solutions

McKesson Specialty

BioScrip Specialty

Strategic Partnerships

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0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$1.26Dividends Paid per Fiscal Year in Dollars

$

E

Dividend and Total Shareholder ReturnDividend and Total Shareholder Return

20 Year Total Shareholder Return CAGR --- 14.6%



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At the Corner of Happy and HealthyAt the Corner of Happy and Healthy

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AppendixThe following information provides reconciliations of the supplemental non-GAAP financial measures, as defined under SEC rules, presented in this presentation to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). The company has provided these non-GAAP financial measures in the presentation, which are not calculated or presented in accordance with GAAP, as supplemental information in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the company’s financial results both including and excluding the adjusted items and believes that the non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the Company’s business from period to period and trends in the company’s historical operating results. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the presentation. The company does not provide a non-GAAP reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.

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Net Earnings (GAAP)

Acquisition Related Costs

Hurricane Sandy

Acquisition Related

Amortization

LIFO Provision

Gain on WHI Sale

Fair Market Value of warrants

Adjustment

DEA Settlement

Costs

Medicare Part D

Organizational Efficiency Costs

Alliance Boots Related Tax

Adjusted Net Earnings (Non-GAAP)

Fiscal 2009Q1 408 - - 22 27 - - - - - - 457 Q2 640 - - 22 31 - - - - - - 693 Q3 522 - - 24 20 - - - - - - 566 Q4 348 - - 26 31 - - - - - - 493

Full Year 2,006 - - 94 109 - - - - - - 2,209 Fiscal 2010

Q1 489 - - 25 20 - - - - - - 534 Q2 669 - - 24 17 - - - - - - 710 Q3 463 - - 33 11 - - - 43 - - 550 Q4 470 - - 34 39 - - - - - - 543

Full Year 2,091 - - 116 87 - - - 43 - - 2,337 Fiscal 2011

Q1 580 - - 33 26 - - - - - - 639 Q2 739 - - 28 35 - - - - - - 802

Q3 603 - - 35 32 - - - - - - 670 Q4 792 - - 42 38 (273) - - - - - 599

Full Year 2,714 - - 138 131 (273) - - - - - 2,710 Fiscal 2012

Q1 554 - - 37 28 - - - - - - 619 Q2 683 - - 39 45 - - - - - - 767 Q3 537 12 - 41 38 - - - - - - 628 Q4 353 70 - 45 85 - - - - - - 553

Full Year 2,127 82 - 161 195 - - - - - - 2,565 Fiscal 2013

Q1 413 23 24 59 34 - - - - - - 553Q2 756 13 - 71 46 (13) - - - - 42 915Q3 624 17 - 52 76 - (48) 47 - - 44 812Q4 657 7 - 59 (5) - (62) - - 8 38 702

Full Year 2,450 60 24 241 151 (13) (110) 47 - 8 124 2,982

Reconciliation of Adjusted Net EarningsReconciliation of Adjusted Net Earnings$ in Millions

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Net Earnings (GAAP)

Acquisition Related Costs

Hurricane Sandy

Acquisition Related

Amortization

LIFO Provision

Gain on WHI Sale

Fair Market Value of warrants

Adjustment

DEA Settlement

Costs

Medicare Part D

Organizational Efficiency Costs

Alliance Boots Related Tax

Adjusted Net Earnings (Non-GAAP)

Fiscal 2014Q1 695 16 - 58 37 - (161) - - 15 28 688

Reconciliation of Adjusted Net EarningsReconciliation of Adjusted Net Earnings$ in Millions

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1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Cash Flow from Operations (GAAP)

$390 $1,116 $985 $548 $312 $1,428 $1,519 $852

Capital Expenditures (GAAP)

(490) (553) (610) (572) (638) (454) (442) (393)

Free Cash Flow (Non-GAAP)*

($100) $563 $375 ($24) ($326) $974 $1,077 $459

Reconciliation of Free Cash FlowReconciliation of Free Cash Flow

$ in Millions

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*Free cash flow is defined as net cash provided by operating activities in a period minus additions to property and equipment (capital expenditures) made in that period. This measure does not represent residual cash flows available for discretionary expenditures as the measure does not deduct the payments required for debt service and other contractual obligations or payments for future business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statements of cash flows.

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1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11


$1,168 $595 $1,056 $925 $1,165 $886 $1,230 $362


(304) (220) (262) (228) (273) (196) (230) (514)


$864 $375 $794 $697 $892 $690 $1,000 ($152)


$ in Millions

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1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13


$809 $1,007 $1,847 $768 $601 $1,198 $1,379 $1,123


(419) (304) (379) (448) (336) (245) (293) (338)


$390 $703 $1,468 $320 $265 $953 $1,086 $785


$ in Millions

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1Q14


$133


(364)


(231)

$ in Millions

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Certain Definitions & Assumptions

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CERTAIN ASSUMPTIONS: Unless the context otherwise indicates or requires:

• This presentation assumes constant currency exchange rates after the date hereof based on current rates; • References to the combined company and pro forma combined financial and other information assume that Walgreens has elected to exercise its option in Step 2 during the period in 2015 when it has the right to do so; • Walgreens transaction with Alliance Boots does not include the benefit of Alliance Boots minority interest in Galenica Ltd., a Swiss healthcare group, so Walgreens shareholders will not benefit from the financial performance of Galenica Ltd. even though Alliance Boots proportionate interest in their profits is reflected in Alliance Boots financial statements for periods prior to May 10, 2013; and• All financial goals assume no major mergers and acquisitions or other strategic transactions.

Trading Profit - Profit from operations before amortization of customer relationships and brands, exceptional items and share of post-tax earnings of associates and joint ventures

Historical Alliance Boots Financial Information – Alliance Boots’ audited consolidated financial statements for the years ended March 31, 2013 and 2012 were filed as Exhibit 99.1 to the Walgreen Co. Form 8-K filed on May 15, 2013. Such financial statements of Alliance Boots were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) and audited in accordance with auditing standards generally accepted in the United States. All descriptions of the company’s agreements relating to Alliance Boots and the arrangements and transactions contemplated thereby in this presentation are qualified in their entirety by reference to the full text of the agreements, copies of which have been filed with the SEC. See the Company’s Form 8-K filings on June 19, 2012, August 6, 2012, September 10, 2012 and September 13, 2012.

All descriptions in this presentation of the agreements relating to the strategic long-term relationship with AmerisourceBergen announced by the Company and Alliance Boots on March 18, 2013 and the arrangements and transactions contemplated thereby are qualified in their entirety by reference to the description and the full text of the agreements in the Company’s Form 8-K filing on March 20, 2013.

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Cautionary Note Regarding Forward-Looking Statement sCautionary Note Regarding Forward-Looking Statement s

Cautionary Note Regarding Forward-Looking Statements. Statements in these materials and the accompanying presentation that are not historical, including, without limitation, estimates of future financial and operating performance, including the amounts and timing of future accretion and synergies, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "likely," "outlook," "forecast, "would," "could," "should," "can," "will," "project," "intend," "plan," "goal," “target,” "continue," "sustain," "synergy," "on track," "believe," "seek," "estimate," "anticipate," "may," "possible," "assume," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, those relating to our commercial agreement with AmerisourceBergen, the arrangements and transactions contemplated by our Framework Agreement with AmerisourceBergen and Alliance Boots and their possible effects, the Purchase and Option Agreement and other agreements relating to our strategic partnership with Alliance Boots, the arrangements and transactions contemplated thereby and their possible effects, the parties' ability to realize anticipated synergies and achieve anticipated financial results, the risks associated with transitions in supply arrangements, the risks associated with international business operations, the risks associated with governance and control matters in minority investments, whether the option to acquire the remainder of the Alliance Boots equity interest will be exercised and the financial ramifications thereof, the risks associated with equity investments in AmerisourceBergen including whether the warrants to invest in AmerisourceBergen will be exercised and the financial ramifications thereof, changes in vendor, payer and customer relationships and terms, changes in network participation, the implementation, operation and growth of our customer loyalty program, changes in economic and market conditions, competition, risks associated with new business areas and activities, risks associated with acquisitions, joint ventures and strategic investments, the ability to realize anticipated results from capital expenditures and cost reduction initiatives, outcomes of legal and regulatory matters, and changes in legislation or regulations. These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K, which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, Walgreens does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the initial distribution of this presentation, whether as a result of new information, future events, changes in assumptions or otherwise.

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Documents

J.P. Morgan Healthcare Conference...2014/01/14 · Today’s presentation includes certain non-GAAP financial measures, and we refer you to the Appendix to the presentation materials