Walgreens, Express Scripts Announce Agreement
- Tue, 7/24/12 - 9:39am
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After a long dispute, Walgreens and Express Scripts have reached an agreement to allow the pharmacy benefit manager's customers to fill prescriptions at the nation's largest drugstore chain. Terms of the deal were not revealed, but it will begin on September 15.
Express Scripts customers have been unable to fill prescriptions at Walgreens since January 1. Express Scripts, which acquired Medco Health Solutions earlier this year to create the largest PBM in the United States, had indicated Walgreens was asking for too much money for reimbursements.
In its 2011 annual report, Walgreens said Express Scripts processed approximately 88 million prescriptions representing approximately $5.3 billion in Walgreens's sales. Walgreens filled approximately 800 million prescriptions last year and had $72.2 billion in revenue.
"I am pleased that Walgreens and Express Scripts have been able to reach an agreement that works for both parties and is consistent with our company's principles," Walgreens CEO Greg Wasson said in a statement. "This agreement is good for our shareholders, our employees and the patients and communities we serve every day."
Said Express Scripts CEO George Paz: "We are happy to include Walgreens in our broadest network of pharmacies and we are pleased to reach an agreement to do so. Our business model is based on strong alignment with our plan sponsors -- employers, health plans, unions and government health programs -- providing them with a clinically sound and economically responsible pharmacy benefit."
The Express Scripts news release is available at http://phx.corporate-ir.net/phoenix.zhtml?c=69641&p=irol-newsArticle&ID=...