Express Scripts' shares plummeted more than 10% in the wake of the news that it lost its largest client. Anthem accounts for about 18% of the pharmacy benefit manager's revenue.
Express Scripts said Monday that its biggest client, Anthem, will not renew its contract with the pharmacy benefit manager after the current agreement expires at the end of 2019.
The announcement is the culmination of a spat that has lasted more than a year in which Anthem claimed that the PBM failed to pass along billions of dollars in savings from negotiated drug prices.
