Deutsche Bank analysts provided their outlook on Walgreens Boots Alliance, Inc. (NASDAQ:WBA) ahead of the company’s upcoming Q3 earnings, expected to be released on June 30.

The analysts anticipate the company to report revenue of $34.2 billion (up 0.4% year-over-year) and EPS of $0.95 (down 31%) on an adjusted operating income of $868 million. The Street estimates $31.9 billion for Q3 revenue and $0.93 for adjusted EPS.

The company beat consensus last quarter as the Omicron surge drove strong demand for COVID vaccines and testing. In the last call, the company reaffirmed its full-year guidance of low-single-digit adjusted EPS growth but reduced its revenue estimate for Walgreens Health again to $2.2 billion due to a delay in closing the CareCentrix deal.

The analysts see several levers that could drive upside in Q3 results but continue to believe investors may be more focused on guidance for Q4 and any commentary on the full 2023-year.