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March 26, 2014
08:33 EDTCVSCVS Caremark awarded 3-year contract for Federal Employee Program
CVS Caremark has been awarded a three-year contract to provide integrated pharmacy benefit services for the Blue Cross and Blue Shield Government-wide Service Benefit Plan, also known as the Federal Employee Program. The company will continue to provide retail pharmacy benefit management services, mail service pharmacy, specialty pharmacy services and highly customized clinical programs to FEP's more than 5M federal employees, retirees and dependents. The new agreement runs through 2017.
News For CVS From The Last 14 Days
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September 30, 2014
11:10 EDTCVSWalgreen slightly lower as pharmacy margin pressure continues
Shares of retail drugstore chain Walgreen (WAG) are down slightly after the company noted that it booked a non-cash loss of $866M in the fourth quarter and that it is continuing to endure pharmacy margin pressure. WHAT'S NEW: Walgreen reported Q4 adjusted EPS of 74c, which matched analysts' consensus. The company's Q4 revenue was $19.06B, which was only slightly higher than analysts $19.02B consensus. Customer traffic in Q4 comparable stores decreased 2.2% and basket size increased 3.5%, while total sales in comparable stores increased 5.4%. Walgreen said the quarter was negatively impacted by an $866M, or 90c per share, non-cash loss because it decided to exercise its option to buy the remaining stake in Alliance Boots early. In regards to its partnership with Alliance Boots, Walgreen said that it anticipates synergies of $650M in fiscal year 2015. Walgreen noted that it is moving forward with the implementation of its previously announced cost-reduction initiatives to achieve $1B in savings by the end of fiscal year 2017. The drugstore chain said that it will continue to work through pharmacy margin pressure. WHAT'S NOTABLE: During the company's conference call, Walgreen said that its generic drug inflation will be with the company "for awhile." The drugstore chain noted that inflation was the main headwind to pharmacy margins during the quarter. To combat this, Walgreen said it aims to focus on contracting strategy and will cut pharmacy costs by upping efficiencies. In terms of FY15, Walgreen said its tailwinds included an aging population, growth and chronic donations, new generics and consumerization of healthcare. The company says some headwinds during the quarter included reimbursement pressure, generic drug inflation, Medicare Part D Rate Step Down and the cautious consumer. The company anticipates closing the Alliance Boots partnership in calendar year 2015, as it works towards regulatory approvals and shareholder vote. Walgreen is looking to open an additional 1,000 stores to well-experience formats and foresees FY15 capital expenditures of $1.7B. First quarter interest expense is anticipated to be comparable to Q4 and Q1 tax rate of 30%. The company said that there won't be a material change in free cash flow in 2015. In August, Walgreen forecast fiscal year 2016 EPS of $4.25-$4.60 on revenue of $126B-$130B. At that time, Walgreen said the decision to buy the rest of Alliance Boots would not be an inversion transaction. The company previously said Timothy McLevish would succeed Wade Miquelon as executive vice president and Chief Financial Officer. PRICE ACTION: During morning trading, Walgreen fell 24c or 0.4%, to $59.36. Since its last earnings report, shares of the retail drugstore chain are down around 20%. OTHERS TO WATCH: Peers of Walgreen include Rite Aid (RAD), which is down 0.4% to $4.93, and CVS Health (CVS), which is relatively flat at $80.08.
07:45 EDTCVSJMP Securities to hold a conference
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September 26, 2014
13:53 EDTCVSCVS' Caremark to pay $6M to settle false claims allegations
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September 25, 2014
10:06 EDTCVSCVS Health management to meet with Leerink
Meeting to be held in Los Angeles on October 1 hosted by Leerink.
September 24, 2014
08:33 EDTCVSCVS Health enters into clinical affilitation with three academic medical centers
CVS Health has entered into new clinical affiliations with three leading academic medical centers. The collaborating medical centers include the University of Maryland Medical System, University of Texas Medical Branch at Galveston, and the University of Alabama at Birmingham Health System. Through these clinical affiliations the patients served by these medical centers will continue to have access to clinical support, medication counseling, chronic disease monitoring and wellness programs at CVS/pharmacy stores and MinuteClinic, the retail medical clinic division of CVS Health.
September 23, 2014
10:33 EDTCVSCVS Health management to meet with Wolfe Research
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September 19, 2014
07:22 EDTCVSNational Press Club holds a luncheon meeting
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September 18, 2014
11:55 EDTCVSRite Aid falls as drugstore chain trims FY15 view
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