Walgreens suspended its cash dividends paid on a quarterly basis, according to a company press release. The decision aims to strengthen its balance sheet and improve free cash flow, the company said. On the heels of the announcement, common stock fell around 8% after hours to $10.57 for a market cap of $9.9bn. The issuer's $750mn 8.125% unsecured notes due 2029 last traded above par today. The $872.3mn 4.8% unsecured notes due 2044 last traded 75.25, up from 74.75 on Jan. 28, according to trade data. The retail pharmacy company's cash flow is expected to dip into negative territory during fiscal 2025 amid unfavorable reimbursement dynamics, as well as softer consumer demand with increased competition. Opioid litigation settlement costs add another layer of risk to the balance sheet, which features $4.6bn of bond and loan maturities for 2025 and 2026, not including the undrawn $2.25bn revolver due next year, as LFI reported.