We didn’t include this story in this week’s edition of the Fix because we thought SXC and Catalyst picked a really cool name (it’s OK), or even because we think CEO Mark Thierer is one of the brightest executives in the business (he is). It’s because Catamaran is a company to watch.
SXC Health Solutions and Catalyst Health Solutions on Wednesday announced a merger agreement under which SXC and Catalyst will combine in a cash and stock transaction valued at approximately $4.4 billion.
A guest column in the March 12 issue of DSN, “Let me tell you what PBMs do,” by Republican Utah State Rep. Evan Vickers, really set off a firestorm of debate on DrugStoreNews.com and on DSN’s social media sites.
CVS Caremark on Thursday reported solid third-quarter results — 2 cents above the high end of its guidance range — driven in large part by better-than-expected performance in its pharmacy benefit management, which is in the midst of a profit-improvement plan.
At press time, the industry was weighing the potential merger of pharmacy benefit manager rivals Express Scripts and Medco Health Solutions, but executives at CVS Caremark remain more confident than ever that its PBM business is ideally positioned to “effectively compete."
CVS Caremark posted second-quarter results that were at the high end of its guidance and narrowed its 2011 outlook on continued confidence. But it was the pharmacy benefit management business — and the potential merger of PBM rivals Express Scripts and Medco Health Solutions — that was top of mind for many industry observers, and was a topic that CVS Caremark president and CEO Larry Merlo hit head-on at the start of Thursday morning’s conference call.
CVS Caremark’s annual meeting of stockholders held Wednesday morning was an emotional and momentous occasion for the company as it marked the official retirement of Tom Ryan, former chairman and CEO, and the beginning of a new chapter as Larry Merlo takes the reigns as CEO.
With all the talk among the investment community and press about what CVS Caremark should do with its PBM business, it really comes as little surprise that president and CEO Larry Merlo hit the topic head on during Thursday's first-quarter conference call — insisting that there are no plans to split the company.
CVS Caremark is “off to a good start” in 2011 as first-quarter results registered slightly above guidance for both the retail and PBM businesses, and the retail segment continues to gain share. But what president and CEO Larry Merlo wanted to clarify straight away during Thursday morning’s conference was the company’s commitment to its PBM division, and he outlined its plan to further improve PBM performance.