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Walgreen Co. I-Trax and Whole Health Management
- 1. Confidential Driving Walgreens Health Care Growth Beyond Core Retail Drugstores and Pharmacies Investor Conference Call March 17, 2008 1
- 2. Confidential Agenda • Introduction/ Safe Harbor Rick Hans Director, Finance • Strategic Overview Jeff Rein Chairman & CEO • Health & Wellness Strategy Greg Wasson President & COO • Health & Wellness Integration Hal Rosenbluth President, Walgreens Health & Wellness • Financial Highlights Bill Rudolphsen CFO • Questions & Answers All 2 © Copyright 2008 Walgreen Co.
- 3. Confidential Safe Harbor • Certain statements and projections of future results made in this presentation constitute forward looking information that is based on current market, competitive, and regulatory expectations that involve risks and uncertainties. • Please see our Form 10-K for a discussion of factors as they relate to forward looking statements dated August 31, 2007. 3 © Copyright 2008 Walgreen Co.
- 4. Confidential Walgreens Health & Wellness • Major strategic initiative to grow Walgreens health care business • Walgreens Health & Wellness will have more than 500 health care clinics and wellness centers • With retail pharmacies, Walgreens will have nearly 7,000 points of care • The market: 7,600 corporate campuses of 1,000 employees or more + families and retirees • Continued expansion of retail Take Care Health Clinics: more than 400 by year end 4 © Copyright 2008 Walgreen Co.
- 5. Confidential Today’s Acquisitions • Public company headquartered in Pennsylvania (AMEX: DMX) • $143 million in annual sales • Nearly 300 worksite locations • Offers worksite health and wellness centers and pharmacies • Private company headquartered in Cleveland • 69 worksite locations • Offerings: primary care, urgent care, wellness programs, health coaching and occupational health services 5 © Copyright 2008 Walgreen Co.
- 6. Confidential An Impressive Roster of Clients 6 © Copyright 2008 Walgreen Co.
- 7. Confidential Strategic Benefits • High quality health care practitioners • Immediate critical mass • Leading provider of high-quality, affordable and convenient care to employer worksites • Relationships with employees, their families and retirees will extend to Walgreens convenient locations • Leverage and extend our trusted and highly credible brand into the workplace • More growth opportunities as we provide a “sticky,” cost- effective solution to employers that result in real savings and long-term relationships • Result: greater shareholder value 7 © Copyright 2008 Walgreen Co.
- 8. Confidential The Market: 7,600 Corporate Campuses Services provided by 3rd party vendor 17% No services provided in workplace 37% 45% Services provided by in-house clinicians Corporate campuses with more than 1,000 employees 8 © Copyright 2008 Walgreen Co.
- 9. Confidential A Simple Strategy • Help employers lower overall health care costs • Provide patients with unparalleled access to needed services • Proven model - clients report significant ROI • Benefits are clear – healthier workforce costs less and is more productive 9 © Copyright 2008 Walgreen Co.
- 10. Confidential Our Value Proposition • Convenient network of clinics, pharmacies and health care services • Care for an entire employer population – including dependents and retirees • Scalable – designed to provide comprehensive, fully integrated services • Organic growth/future acquisitions • Opportunities for employees • Low cost solution for clients 10 © Copyright 2008 Walgreen Co.
- 11. Confidential Walgreens Health & Wellness The Strategy Expand Walgreens presence in health care beyond core retail drugstores and pharmacies The Platform With retail pharmacies, nearly 7,000 points of care 11 © Copyright 2008 Walgreen Co.
- 12. Confidential The Transactions • Terms of the I-trax acquisition – Tender offer of $5.40 per share to commence within 10 business days – Cost of about $278 million including the assumption of $18.3 million in debt • Terms of the privately-held Whole Health Management will not be disclosed • Transactions will be financed with commercial paper and short-term notes • Both transactions are expected to close within 60 days 12 © Copyright 2008 Walgreen Co.
- 13. Confidential Synergies Offer Growth Opportunities • Revenue expansion – New customer pipeline – Expansion of services and sites for current customers – Strong value proposition will attract new clients 13 © Copyright 2008 Walgreen Co.
- 14. Confidential Financial Impact • One-time transaction costs offset by significant sales and cost synergies • Estimated effect on EPS: 2008: immaterial 2009: at least $0.02 2010: at least $0.03 • Achieve more than 15% ROIC 14 © Copyright 2008 Walgreen Co.
- 15. Confidential Summary: Our Corporate Strategy 1. Growing market leadership to strengthen our competitive position – Aggressive organic store expansion – Natural health care/service extensions – Opportunistic acquisitions that are the right fit 2. Prudently manage discretionary spending 3. Invest for attractive returns Delivering sustainable long-term shareholder value 15 © Copyright 2008 Walgreen Co.
- 16. Confidential Questions & Answers 16 © Copyright 2008 Walgreen Co.
- 17. Confidential 17 © Copyright 2008 Walgreen Co.