Crystallizing Value Creation & Market Overview
Drug Stores (7.2% of ABR)
Bundled service partnerships and vertical integration
among incumbents insulates industry from outside threats.
000
00
00
Both Walgreens and CVS
are investing in improved
customer experience.
Walgreens plans to open
1,000 full-service doctor
offices by the end of 2027.
CVS aims to implement
1,500 Health HUB locations
by the end of 2021.
Source:
(1) CVS filings.
(2) Company Documents.
(3) Company Filings as reported by IQVIA.
(4) Company Filings | Latest reported quarter.
Walgreens
PHOTO
80%
Of the scope of a typical primary care
physician treatable at an on-site clinic(1).
85%
Of the US population lives within
3 miles of a Walgreens or CVS(2).
~50%
REALTY
INCOME
7.2%
3013
2.0%
4Q13
1014
2014
3014
4Q14
1015
2015
3015
4Q15
1016
2016
3Q16
4Q16
1017
2017
3Q17
4017
1018
0.0%
2018
3Q18
4018
1Q19
2019
3Q19
4019
1020
2020
3Q20
4Q20
1021
6.0%
5.8%
5.8%
7.4%
6.0%
8.4%
WAAZ
3.7%
2.0%
5.6%
2.8%
1.9%
2.5%
5.0%
3.5%
4.5%
3.2%
9.7%
9.3%
Walgreens: 33 of 34 Quarters of Positive
Same-Store Pharmacy Sales Growth (4).
Combined retail prescription market
share of Walgreens and CVS (3).
8.9%
2021
3Q21
4Q21
63
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