Opioid legal charge pushes Walgreens to $3.7B fiscal 1Q loss

A huge opioid settlement dragged Walgreens to a $3.7 billion loss in its fiscal first quarter, but the drugstore chain still beat Wall Street forecasts, according to a report from the Associated Press.

Walgreens recorded a $5.2 billion, after-tax charge in the quarter that ended Nov. 30 for opioid-related litigation.

Walgreens and rival CVS Health Corp. finalized a settlement last month with state and local governments to resolve lawsuits related to opioid abuse. Drugstores were subject to claims that they should have realized they were filling too many opioid prescriptions.