Friday 10 October 2025 Several quick looks at Amazon’s test of pharmacy dispensing kiosks in One Medical clinics, VillageMD’s Texas selloff, and Rock Health’s strangely ambivalent report on Q3 digital health investment. Today’s deeper dive is a Must Read–Trilliant Health’s diagnosis on what ails US healthcare and why a “return to first principles” is badly needed, detailed in a 100+ page free report. Editor Donna will be taking a short additional hiatus; back w/o 27 October. Editor Donna’s selective roundup: One Medical’s Amazon Rx kiosks, VillageMD sells off Texas, digital health investment’s Q3 boost Will “expensive, complex and inefficient”... Continue Reading
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Editor Donna’s selective roundup: One Medical’s Amazon Rx kiosks, VillageMD sells off Texas, digital health investment’s Q3 boost
Amazon keeps trying to integrate healthcare and make One Medical work, using Pharmacy as leverage. Like CVS, Walmart, and Walgreens, Amazon succumbed in 2022 to the Gold Rush of buying up a health clinic network and attempting to integrate primary care delivery into its retail model–after stumbling badly and failing with Amazon Care (2019). While the former have either ditched (Walmart), pivoted (CVS–Oak Street), or spun off their primary care providers (Walgreens–VillageMD/Summit Health), Amazon is testing yet another integration with One Medical, their first being with Amazon Prime. In its latest tweak, Amazon is delivering limited onsite pharmacy services via... Continue Reading
Midweek roundup: Transcarent closes Accolade; Walgreens beats Street; New Mountain Capital’s Office Ally buy-in; Neuralink Blindsight human trial coming up; PM Keir Starmer touts NHS data research; FTC’s PBM litigation break
...4% versus prior year to $38.6 billion. Losses were reduced to $2.9 billion versus prior year’s $5.9 billion loss. Per share losses were $3.30 versus $6.85. The year-ago loss included a $12.4 billion non-cash impairment charge related to VillageMD goodwill, which resulted in a $5.8 billion charge attributable to WBA, net of tax and non-controlling interest, and a $455 million non-cash impairment charge related to certain long-lived assets in the U.S. Retail Pharmacy segment. Operating cash flow in the current quarter was negatively impacted by $969 million of legal payments primarily related to PWN/Everly Health [$595 million, TTA 26 Feb]... Continue Reading
Breaking: Stefano Pessina to near-double stake in Walgreens after Sycamore Partners takeover–reports
...also makes the LBO possible. A sale and take-private also benefits his spouse and business partner Ornella Barra, who heads up the WBA international business. The $10 billion equity deal could be worth up to $23.7 billion if assets like VillageMD are divested, with the value of net debt, capital leases, and other items are figured in, along with spinoffs, closures, and carveups [TTA 11 Mar]. Those spinoffs are likely to include Boots in the UK, Shields Health Solutions in specialty pharmacy, other international operations, and even Walgreens’ US pharmacy business. Crain’s Chicago Business The FT in an accompanying article... Continue Reading
The $10 billion Walgreens take-private deal with Sycamore: what you need to know
...$3 bonus per share to shareholders when the VillageMD holdings, including CityMD and Summit Medical, are sold, termed “Divested Asset Proceed Right” or “DAP Right”. This assumes that VillageMD will be sold. How Walgreens is positioning it in their release is a total value of $23.7 billion, which would include net debt, capital leases, present value of opioid liability and Everly settlement, less fair value of all equity investments. (Slightly confusing?) Closing is anticipated as Q4 2025, subject to the usual shareholder approvals (minus WBA chair and 10% owner Stefano Pessina as well as shareholders affiliated with Sycamore Partners) and... Continue Reading
Breaking: Sycamore Partners’ $10B deal for Walgreens may close this week–reports (Updated for debt financing details)–Sale confirmed on Thursday
...As Thursday’s reports intimated, the Sycamore plan would Take Walgreens private on closing Split WBA into three parts or more. Sycamore would keep the US retail side, and sell or spin off the rest. WBA’s holdings include the Boots chain in the UK, the Boots beauty brands such as No. 7, US drugstore chain Duane Reade, and the rest of US Healthcare: VillageMD, CityMD, Summit Medical, and CareCentrix. Those sources allegedly familiar with the advanced discussions said all of those could be sold or spun off. VillageMD is already on the block. Sycamore had already lined up the financing based... Continue Reading
These just in: drug compounders sue FDA over semaglutide scarcity removal; Sycamore’s Walgreens buy plans begin to show
...is to separate WBA into three parts, like Gaul: US retail pharmacy, Boots UK, and US Healthcare (VillageMD, CareCentrix, and Shields Health Solutions). They would have distinct capital structures. There’s minimal information beyond that. Sycamore is not expected to have difficulty financing the take-private, and WBA chairman Stefano Pessina is expected to have an ownership stake. The news drove WBA shares up today about 5% and 10% in the last five days. But the news seems to be moving along. VillageMD’s on the market is assumed but it is not certain any sale would complete in time. Crain’s Chicago Business... Continue Reading
This Just In: Walgreens settles PWNHealth/Everly Health arbitration award for $595 million, reduced from $1 billion
...ongoing lawsuits and pending settlements that are future obligations–presenting the cleanest picture possible of and reducing their Mound of Misery. Where they can, like with Everly, it’s settling for less now, versus dragging out an appeal for two years that will be more costly to litigate, for example in legal fees and award interest, if almost certainly upheld again. These become future obligations for a buyer and make for more unattractiveness. It also follows on VillageMD/CityMD’s recent settlements with New York State and the Department of Justice [TTA 12 Feb] and state-level opioid settlements, though in January the DOJ filed... Continue Reading
“It’s alive!” Walgreens’ deal with Sycamore Partners may be back on the table: report
...saving debt-ridden retailers before, notably with Staples in 2017 and more recently Chicos FAS and Playa Bowls. Its focus is retail and e-commerce, making it an odd (but not too odd) partner for Walgreens. It might be interested in kicking up a downsized retail operation and in Boots’ thriving retail/e-commerce business in the UK, leaving the healthcare/VillageMD, pharmacy, and PBM ownership to others. It’s led to speculation that their interest might be a cherry-pick as part of a breakup team. But, as mariners know, the wise sailor knows that it’s any port in a storm. Crain’s Chicago Business, Yahoo! Business... Continue Reading
This just in: New York State nicks Walgreens’/VillageMD’s CityMD for $14M+ in refunds, canceled debt on improper Covid-19 billing
Here’s a few more inches added to Walgreens’ Mound of Misery. New York State’s Office of the Attorney General found that CityMD, now part of Walgreens’ VillageMD, improperly billed patients for Covid-19 tests. The $14 million total consisted of canceling $7 million in outstanding testing bills for over 87,000 patients plus refunds of about $7 million to over 215,000 patients who already paid. The CityMD tests were performed between March 2020 and November 2022. Many of the patients received billing up to two years after date of service, with added billing for late charges. In addition, CityMD will pay $95,000... Continue Reading
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