Walgreens Boots Alliance saw profit fall 22.1 percent in the first quarter of fiscal year 2018, according to the company's first quarter results.
Walgreens posted net income of $821 million in the three months ended Nov. 30, compared to $1.05 billion reported in the same period a year prior. The company partially attributed the decline to its investment in China-based Guangzhou Pharmaceuticals Corp.
At the same time, Walgreens' net sales increased 7.9 percent to $30.7 billion. Specifically, Walgreens' first quarter pharmacy sales jumped 8.9 percent year over year to $22.5 billion. Walgreens' relationship with Prime Therapeutics, and their formation of AllianceRx Walgreens Prime, boosted prescription volumes.