Express Scripts Plunges After Losing Biggest Client Anthem
- Anthem contract was 18 percent of 1Q sales, expires in 2019
- Express Scripts earnings beat estimates; raises 2017 guidance
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Express Scripts Holding Co. shares fell after saying it expects to 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.