Where Data Tells the Story
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Walmart's pharmacy sales were $1.25 billion in 2023 and projected to be around $1.8 billion in 2024, per Business Insider. That’s far below Walmart’s estimated $32.7 billion in prescription revenues last year, a figure that was lifted by the recent weight-loss drug boom.
Walmart’s prescription revenue has been rising steadily for over a decade, averaging just 2.9% growth per year since 2010. That changed in 2023, when growth suddenly broke into the double digits. In February, CFO John David Rainey told investors that Walmart’s Health & Wellness segment — including pharmacy and over-the-counter drugs — grew by the mid-teens, “due largely to GLP-1 sales.”
However, the surge remains a double-edged sword for Walmart: while the pricey GLP-1 injections have been a boon for pharmacy sales, they also come with thin margins and cut into other grocery items like diet snacks, supplements, and fitness gear, as consumers look away from previously favored weight-loss methods.
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