Walgreens Boots Alliance reports third-quarter growth and names new CEO

Walgreens Boots Alliance has announced strong results for the third quarter and first nine months of the fiscal year 2015, which ended on May 31st 2015.

Net sales in the third quarter increased 48.4 percent year-on-year to $28.8 billion (18.61 billion pounds), reflecting the increased scale of the company since the Walgreens/Alliance Boots merger was completed. Over nine months, sales rose 30.7 percent to $74.9 billion.

Combined net synergies for the first three quarters of fiscal 2015 were $504 million and remain on track to reach at least $650 million for the whole year. The firm is also making good progress on a $1.5 billion cost savings programme running to the end of fiscal 2017.

Walgreens Boots Alliance has also confirmed the appointment of Stefano Pessina as its new permanent chief executive officer (CEO).

He has served in the role on a temporary basis since January. Prior to the Walgreens merger, he was executive chairman of Alliance Boots, a role he assumed in July 2007.

Executive chairman James Skinner said: "Stefano is the very best person to achieve our vision to be a truly global healthcare champion, the first choice for pharmacy, healthcare and wellbeing across the world."