Express Scripts Reports Improving Results as Cigna Merger Remains on Track
Express Scripts reported another solid quarter, and we are maintaining our $92 fair value estimate and wide moat rating. Our valuation represents Cigna’s offer price, which also matches our discounted cash flow-driven valuation for the pharmacy benefit manager. There were no major updates related to the Cigna merger, as this deal recently received Department of Justice approval with no pushback. We expect the transaction to close within the next few months. From an operational standpoint, we bel...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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