Shares of Walgreens Boots Alliance (NASDAQ: WBA) fell sharply last year as a combination of declining vaccine demand, headwinds on consumer discretionary spending, and misguided acquisitions led to a series of dismal earnings reports from the company.

Walgreens Boots Alliance posted a wider quarterly loss, hit by the costs of closing stores and weaker retail sales, but shares surged after a smaller-than-expected drop in adjusted earnings. Walgreens shares soared more than 28% to$11.

Walgreens stock is soaring Friday after the embattled pharmacy chain reported strong earnings and gave an upbeat outlook.