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UPDATE 1-Walgreens profit beats on higher branded drug prices, prescriptions

(Adds details on branded drug prices, share movement)

Oct 28 (Reuters) - Drugstore chain Walgreens Boots Alliance Inc reported a better-than-expected quarterly profit on Monday as it benefited from higher prices for branded drugs and an increase in prescription volume.

The company said it expects earnings to be roughly flat for fiscal 2020, sending shares up nearly 1.4% to $56.21 before the bell.

Shares have been under pressure since the start of the year as Walgreens faces low reimbursement rates for filling prescriptions, dampening investor expectations over the company's growth prospects.

The company said it now expects an annual savings of $1.8 billion by fiscal 2022 from its cost-cut plan, up from $1.5 billion.

Net income attributable to Walgreens fell to $677 million, or 75 cents per share, in the fourth quarter ended Aug. 31, from $1.51 billion, or $1.55 per share, a year earlier.

Excluding items, the company earned $1.43 per share, beating analysts' expectations of $1.41 per share.

Revenue rose to $ 33.95 billion from $33.44 billion.

Walgreens' shares have fallen 18.9% so far this year, making it the worst performing stock on the bluechip Dow Jones Industrial Average index. (Reporting by Manas Mishra and Trisha Roy in Bengaluru; Editing by Arun Koyyur)