CVS May Take 23 Million Walgreen Purchases, Boosting Profit
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CVS Caremark Corp. said the end of Walgreen Co.’s agreement to provide drugs for Express Scripts Inc. customers may give it as many as 23 million prescription sales and boost profit as much as 11 cents a share next year. CVS shares advanced the most in more than three years.
Walgreen and Express Scripts, an employee-benefits manager, have failed to replace a contract expiring at the end of the year, putting about 90 million prescriptions up for grabs. CVS may gain 16.9 million to 23 million prescriptions, the company said in slides presented to analysts today.