Express Scripts Reports Solid Quarter, Maintains Operational Guidance; Cigna Merger on Track
Express Scripts reported another solid quarter, and we are maintaining our $92 fair value estimate, which represents our modeled stand-alone valuation of $92, Cigna’s offer price of $92, and the assumption that there is a high probability the deal will close with little regulatory pushback. Thus, we believe investors have an opportunity to own this wide-moat pharmacy benefit manager at a significant discount to the acquisition offer price while also maintaining downside protection, given our lon...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
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