Over the past three months, Walgreens Boots has been outperforming its industry. The company's Retail Pharmacy USA division witnessed comparable prescription growth and benefited from a strong retail prescription market in the last reported quarter. Meanwhile, low prescription volume and continuing government reimbursement pressure in the United Kingdom, have been leading to sluggishness in Retail Pharmacy International division. However, solid pharmacy sales growth encourages us reflecting synergies from Rite Aid store addition. The company has been gaining on account of strategic tie-ups. We are looking forward to Walgreens Boots’ alliance with Express Scripts and Kroger aiming to expand its existing group purchasing efforts and product offerings respectively. Yet, the ongoing generic drug inflation is hurting Walgreens' pharmacy margin. Walgreens Boots faces tough competition along with currency fluctuations.