Walgreens Boots Alliance, Inc.(NASDAQ:WBA) reported its Q3 results, with EPS of $0.96 coming in better than the Street estimate of $0.91. Revenue was $32.6 billion, above the Street estimate of $32.01 billion.

The beat was driven by better than forecasted Covid vaccines and tests, a sharp rebound in the International segment, offset by higher than expected losses in the burgeoning Walgreens Health segment.

The company maintained its full 2022-year guidance. However, analyst at Deutsche Bank model core US pharmacy EBITDA ex vaccines to be down 26.5% year-over-year, and the company’s guidance commentary suggests the US EBITDA could be down approximately 25% in Q4, implying a weakened core as the run rate headed into 2023.