Healthcare Providers and Services
Company Overview of Express Scripts, Inc.
Express Scripts, Inc. offers pharmacy benefit management services. It provides network-pharmacy claims processing, benefit-design consulting, drug-utilization review, formulary management, and medical and drug data analysis services. The company was founded in 2012 and is based in St. Louis, Missouri. Express Scripts, Inc. operates as a subsidiary of Express Scripts Holding Company.
One Express Way
St. Louis, MO 63121
Founded in 2012
Key Executives for Express Scripts, Inc.
Chairman, Chief Executive Officer and President
Chief Operating Officer and Executive Vice President
Chief Accounting Officer, Vice President and Controller
Executive Vice President, General Counsel, Secretary and Director
Executive Vice President of Sales and Marketing
Compensation as of Fiscal Year 2016.
Express Scripts, Inc. Key Developments
Prime Aid Pharmacy Corp and Five Pharmacies File Lawsuit Against Express Scripts, Inc
Aug 4 16
Two lawsuits, one seeking more than $200 million in damages and another seeking the class action status for a class it estimates would include 50,000 pharmacies have been filed against Express Scripts Inc. in Missouri district court. The first suit was filed July 28 by Prime Aid Pharmacy Corp., which alleges it was improperly terminated from the company's network and was victim of a fraudulent scheme by the company to eliminate it as a competitor by stealing hundreds of its patients. A second suit was filed against the company on August 1, 2016 also in the U.S. District Court for the Eastern District of Missouri, by five pharmacies that allege Express Scripts stole their customers to boost its own business. In its suit, Prime Aid is seeking more than $200 million in compensatory damages, as well as more than $1 million that it alleges Express Scripts is wrongfully withholding for prescriptions Prime Aid filled for the company clients. In the other suit filed Aug. 1, five plaintiff pharmacies allege that as a pharmacy benefits manager the company is the middleman between retail pharmacies and insurers and employees, and as such is entrusted with information on the pharmacies' customers and their prescriptions. In the suit, the pharmacies state that the company wrongly used that information to divert clients to its own business, generating billions of dollars in illegal profits.
Express Scripts Holding Company Announces the Early Tender Results and Pricing for its Tender Offers of the Notes Issued by Medco Health Solutions, Inc. and Express Scripts, Inc
Jul 15 16
On July 14, 2016, Express Scripts Holding Company announced the early tender results and pricing for its tender offers to purchase for cash up to an aggregate principal amount of the 7.125% senior notes due 2018 issued by Medco Health Solutions, Inc., the 7.250% senior notes due 2019 issued by Express Scripts, Inc. and the 6.125% senior notes due 2041 issued by the Company that will not result in an aggregate amount that all holders of any such series of Notes are entitled to receive, excluding accrued and unpaid interest, for their Notes of such series that are validly tendered and accepted for purchase in the applicable tender offer exceeding the applicable aggregate maximum tender amount. The aggregate maximum tender amounts for the 2018 Notes, the 2019 Notes and the 2041 Notes are $450.0 million, $188.8 million and $310.0 million, respectively. The Tender Offers were made pursuant to an offer to purchase dated June 29, 2016 and related letter of transmittal, the terms and conditions of the Tender Offers. In order to receive additional consideration for tendering early, holders of Notes must have validly tendered and not validly withdrawn their Notes prior to or at 5:00 p.m., New York City time, on July 13, 2016 (Early Tender Date). At the Early Tender Date, holders had tendered and not validly withdrawn approximately $368.5 million of the $1,200 million aggregate principal amount of outstanding 2018 Notes, $162.6 million of the $500 million aggregate principal amount of outstanding 2019 Notes and $316.5 million of the $700 million aggregate principal amount of outstanding 2041 Notes. Because the aggregate principal amount of 2041 Notes tendered and not validly withdrawn would result in an aggregate amount that all holders of 2041 Notes are entitled to receive, excluding accrued and unpaid interest, for their 2041 Notes exceeding the applicable aggregate maximum tender amount, the Company will not accept for purchase all 2041 Notes that have been tendered. Rather, the Company will accept 2041 Notes for purchase on a prorated basis, using a proration rate of approximately 0.7945. The Company will accept for purchase the aggregate principal amount of Notes tendered by a holder multiplied by the applicable proration rate and then rounded down to the nearest $1,000 increment. The Tender Offers expire at 11:59 p.m., New York City time, on July 27, 2016, unless extended or earlier terminated.
Anthem Inc. Files Lawsuit over Express Scripts Inc
Mar 23 16
Anthem Inc. is suing Express Scripts Inc. alleging it has been charging too much for drugs. The lawsuit, filed in U.S. District Court in New York, seeks to recover damages for alleged excessive pharmacy pricing and the right to terminate Anthem's contract with Express Scripts. Anthem seeks $15 billion in damages for uncompetitive pharmacy pricing from December 1, 2015, through 2020, including a year of transition costs and business impacts. Anthem is also seeking $150 million for 'operational breaches'. Insurers contract with middleman companies such as Express Scripts, which negotiate rebates and discounts on prescription drugs on behalf of the people they insure and pocket some of the savings. Anthem entered into a 10-year agreement with Express Scripts in 2009 that included a provision for a periodic review of pricing, to ensure that the prices Anthem received were competitive with others in the marketplace. According to the lawsuit, Express Scripts' current pricing for the contract now exceeds competitive pricing by $13 billion, plus an additional $1.8 billion through a transition period after the contract ends. The lawsuit alleges Express Scripts has, itself, been vocal about high drug prices charged by pharmaceutical companies has delayed the repricing process for months and refused to negotiate over proposals to bring its pricing in line with competition.
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