Walgreens Boots Alliance is primarily a retail pharmacy chain. WBA operates roughly 8,500 U.S. stores under the Walgreens and Duane Reade banners, with pharmacy accounting for about 77% of U.S. segment sales and front-of-store health, beauty, and general merchandise making up the rest. Internationally, WBA operates the Boots health and beauty chain in the UK and other markets, plus a pharmaceutical wholesale and distribution business in Germany. WBA also operates a U.S. Healthcare segment, which includes VillageMD primary care clinics, Shields specialty pharmacy services, and CareCentrix post-acute care management. The core pharmacy business works by purchasing drugs from a wholesaler and dispensing them to patients, with about 97% of U.S. pharmacy sales reimbursed by PBMs, insurers, and government payors. The central challenge for WBA is sustained downward pressure on reimbursement rates from PBMs. WBA is in an active turnaround under CEO Tim Wentworth, focused on renegotiating PBM contracts, closing roughly 1,200 underperforming U.S. stores, expanding its own-brand retail portfolio, and reducing debt through asset sales. WBA is also exploring monetization of VillageMD after heavy losses from its earlier push into healthcare services.