Express Expects Anthem Not to Renew Contract Post-2019; Lowering Our FVE
Express Scripts has announced that it expects Anthem not to renew its contract after it expires at the end of 2019. Accordingly, we are cutting our fair value estimate to $85 from $100. Anthem comprises a significant percentage of both revenue and profit for Express, and this contract loss is a major headwind for the pharmacy benefit manager, or PBM. However, we believe the firm’s outlook post-Anthem remains solid, as its cost saving and efficiency services will still be needed by drug benefit p...Express Scripts Holding is a pharmacy benefit management (PBM) company. The company has two reportable segments: PBM, which consists of clinical solutions, Express Scripts SafeGuardRx
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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