Express Scripts Plunges After Losing Anthem in Legal Dispute
Bloomberg -------- Express Scripts Holding Co. shares fell after the company said it will lose its biggest customer, health insurer Anthem Inc., which will drop the pharmacy benefit manager after accusing it of overcharging by billions of dollars a year. Anthem last year sued Express Scripts for about $15 billion, saying it was being overcharged by about $3 billion a year and that the pharmacy benefit manager wasn’t passing along discounts it gets on drugs. “We do not have $3 billion in savings to give Anthem from pricing concessions,” Chief Executive Officer Tim Wentworth said on a call with investors Tuesday after the company said Anthem wouldn’t renew. “This is the point we’ve made since the figure was first stated by Anthem in January of 2016, at a time when we earned less than $2 billion on Anthem’s business the prior year.” To learn more click on the picture below to read the article.