The group said it expects to spend an additional about US$500mln on store conversions and related activities, but expects to save US$300mln in "annual synergies" such as procurement and cost savings within four years of the transaction closing. Walgreens' chief executive, Stefano Pessina said the firm has done well despite "ongoing prescription reimbursement pressure and competing in fast-changing retail environments." The company said it expects its 2018 adjusted EPS to be in a range of US$5.40 to US$5.70, compared with consensus of US$5.40.