Walgreens 2015 Annual Report Download - page 33

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The market price of our common stock may be volatile.
The market price of shares of our common stock may be volatile. Broad general economic, political, market and
industry factors may adversely affect the market price of the shares, regardless of our actual operating
performance. In addition to the other risk factors identified in this Item 1A, factors that could cause fluctuations
in the price of the shares include:
• actual or anticipated variations in quarterly operating results and the results of competitors;
• changes in financial estimates by Walgreens Boots Alliance or by any securities analysts that might
cover Walgreens Boots Alliance;
• conditions or trends in the industry, including regulatory changes or changes in the securities
marketplace;
• announcements by us or our competitors of significant acquisitions, strategic partnerships or
divestitures;
• announcements of investigations or regulatory scrutiny of our operations or lawsuits filed against us;
• additions or departures of key personnel; and
• issuances or sales of Walgreens Boots Alliance common stock, including sales of shares by its directors
and officers or its key investors, including the SP Investors and the KKR Investors.
There are a number of additional business risks that could adversely affect our businesses and financial
results.
Many other factors could adversely affect our businesses and financial results, including:
• If we are unsuccessful in establishing effective advertising, marketing and promotional programs, our
sales or sales margins could be negatively affected.
• Our operating costs may be subject to increases outside the control of our businesses, whether due to
inflation, new or increased taxes, adverse fluctuations in foreign currency exchange rates, changes in
market conditions or otherwise.
• Our success depends on our continued ability to attract and retain store and management and
professional personnel, and the loss of key personnel could have an adverse effect on the results of our
operations, financial condition or cash flow.
• Natural disasters, civil unrest, severe weather conditions, terrorist activities, global political and
economic developments, war, health epidemics or pandemics or the prospect of these events can
impact our operations or damage our facilities in affected areas or have an adverse impact on consumer
confidence levels and spending on our products and services.
• The long-term effects of climate change on general economic conditions and the pharmacy industry in
particular are unclear, and changes in the supply, demand or available sources of energy and the
regulatory and other costs associated with energy production and delivery may affect the availability or
cost of goods and services, including natural resources, necessary to run our businesses.
• If negative publicity, even if unwarranted, related to safety or quality, human and workplace rights, or
other issues damage our brand image and corporate reputation, or that of our vendors or strategic allies,
our businesses may suffer.
Item 1B. Unresolved Staff Comments
There are no unresolved written comments that were received from the SEC Staff 180 days or more before the
end of our fiscal year relating to our periodic or current reports under the Securities Exchange Act of 1934.
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