Express Scripts Plunges as Biggest Client Threatens to Leave
- Most pharmaceutical savings will go to clients, CEO says
- Stock drops 6.9 percent in biggest decline since 2012
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Express Scripts Holding Co.sank in early trading Wednesday after health insurer Anthem Inc., its biggest client, threatened to ditch it for a competitor unless the pharmacy benefit manager can deliver $3 billion a year more in savings on drug costs.
Losing Anthem would depose Express Scripts as the U.S.’s biggest manager of prescription drug benefits, and the threat sent the stock down 6.9 percent to $79.69 at the close in New York. It was the biggest one-day drop since November 2012.