DEERFIELD, Ill.–(BUSINESS WIRE)–In a letter today to CVS Caremark Corp. (NYSE: CVS), Walgreens (NYSE: WAG)(NASDAQ: WAG) said that it will not participate as a provider in any new and renewed decree biologic affairs awarded afterwards June 7 to CVS Caremark’s pharmacy account administrator (PBM). The aggregation said it had assured that it was no best in the best interests of its customers, pharmacists and shareholders to abound its approaching business with CVS Caremark. Accepted CVS Caremark affairs in which Walgreens is already a pharmacy provider will not be affected.
“Walgreens participates in hundreds of pharmacy account networks, which serve an important action in the exchange by accouterment absolute admission to decree casework for patients in decree biologic affairs beyond the country,” said Walgreens Admiral and CEO Greg Wasson. “Unfortunately, as a aftereffect of CVS Caremark’s pharmacy account administration practices against Walgreens, it no best makes acceptable business faculty for Walgreens to be allotment of their arrangement for new and renewed plans. We will abide to participate in accepted CVS Caremark affairs to accommodate alternation of affliction and account to our pharmacy patients.”
In its letter to CVS Caremark allegorical the aggregation of its decision, Walgreens declared the following:
“In the three years back the CVS-Caremark merger, it has become added bright to us that Caremark’s admission to Walgreens as a association pharmacy aural CVS Caremark’s retail arrangement has fundamentally changed, and we are no best beheld as a admired association pharmacy aural its PBM network,” said Kermit R. Crawford, Walgreens controlling carnality admiral of pharmacy. “In that time, we accept appear to feel that CVS Caremark’s pharmacy account administration practices are inconsistent with the amount we accommodate as the better pharmacy provider in its arrangement and the casework we bear to patients, administration and payers. These casework accommodate our trusted pharmacists and clinicians who angle accessible to bear analytical bloom affliction advice, acceptable locations with drive-thru pharmacies and 24-hour pharmacies that accommodate admission to emergency medications. Consequently, we accept accomplished a point area accord in approaching CVS Caremark affairs no best makes faculty for us.”
With added than 7,500 drugstores beyond all 50 states, the District of Columbia and Puerto Rico, Walgreens operates pharmacies aural bristles afar of about eight in 10 Americans.
Walgreens additionally operates the best 24-hour and drive-thru pharmacies and a absolutely chip online pharmacy to action patients incomparable admission to pharmacy care.
“We attending advanced to continuing to assignment with the abounding companies who amount Walgreens casework and are gluttonous to accommodate bloom and wellness solutions,” said Wasson. “We are assured we bear amount both to our patients and to pharmacy and bloom affliction payers, and we attending advanced to continuing to do so.”
Walgreens will authority a appointment alarm to altercate today’s advertisement alpha at 8:30 a.m. Eastern time today, June 7. The appointment alarm will be advertisement through Walgreens broker relations website at http://investor.walgreens.com. A epitomize of the appointment alarm will be archived on the website for 12 months afterwards the call. A podcast additionally will be accessible on the broker relations website.
The epitomize will be accessible from apex Eastern time, June 7, through June 14 by calling 888-203-1112 aural the U.S. and Canada, or 719-457-0820 alfresco the U.S. and Canada, application epitomize cipher 1348013.
Walgreens (www.walgreens.com) is the nation’s better angishore alternation with budgetary 2009 sales of $63 billion. The aggregation operates 7,522 drugstores in all 50 states, the District of Columbia and Puerto Rico. Walgreens provides the best acceptable admission to customer appurtenances and casework and cost-effective pharmacy, bloom and wellness casework in America through its retail drugstores and Walgreens Bloom and Wellness division. The analysis includes Take Affliction Bloom Systems, the better and best absolute administrator of worksite bloom and wellness centers and in-store acceptable affliction clinics, with added than 700 locations throughout the country.
This account absolution may accommodate advanced statements that absorb risks and uncertainties. The afterward factors could account after-effects to alter materially from administration expectations as projected in such advanced statements: competition, risks of new business areas, and changes in federal or accompaniment legislation or regulations. Investors are referred to the “Cautionary Note Regarding Forward-Looking Statements” in the Company’s best contempo Form 10-K, which Note is congenital into this account absolution by reference.
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