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It was the launch that sent pharmacy stocks into a tailspin.

Within hours of Amazon announcing it was starting Amazon Pharmacy last November, analysts began issuing warnings to investors in would-be rivals including CVS and Walgreens. “Today’s announcement is a net negative” for drugstores, one note from Evercore analysts read. “Retail Pharmacy is trading down big pre-market,” noted another, from Baird. But nearly a year after Amazon Pharmacy’s public debut — and three years after its purchase of specialty pharmacy startup PillPack — it remains unclear how Amazon will carve out its corner in an increasingly crowded market.

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