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Express Scripts ESRX

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    1. New Morningstar Analyst Report for AmerisourceBergen Corp

      Stock Reports

      Mon, 25 Aug 2014

      advantageous generic drug pricing. The firm also recently won the Express Scripts mail order contract and, while this contract yields a lower ..... macro trends. We have accounted for the firm’s recent Express Scripts and Walgreen contract wins, which will add significantly

    2. A Few Picks to Tide Over the Bargain-Hunters

      Headlines

      Sun, 17 Aug 2014

      action like it did in 2008-2009. Express Scripts ESRX | 4 Stars | Wide Moat This pharmacy ..... the industry's dominant players, Express Scripts should pick up a nice tailwind as ..... cutting remains in focus. (For more on Express Scripts , see markets editor Jeremy Glaser

    3. Horizon Pharma: Upbeat 2015 Guidance Increases Confidence

      Headlines

      Mon, 11 Aug 2014

      management thinks that it can mitigate the downside risks of Duexis and Vimovo being taken off formularies by Caremark and Express Scripts in 2015. However, there are risks to these growth estimates, and they should not be taken lightly. I am lowering my

    4. Update: Theravance Reports Increased Patient Access And High Confidence In Dividend

      Headlines

      Thu, 7 Aug 2014

      the CVS Caremark formulary exclusion list and will be available at Tier 3 without restriction effective January 1, 2015. Express Scripts , BREO will move from Tier 3 to preferred Tier 2 unrestricted position in the Basic Formulary starting in 2015, but unfortunately

    5. A Rare, Wide-Moat Find in a Market With Few Values

      Video Reports

      Thu, 7 Aug 2014

      Matt Coffina sees [TICKER:ESRX] Express Scripts as a rare value. He's here today ..... Let's start by just looking at Express Scripts . Can you briefly tell us about what ..... and what they do? Coffina: So, Express Scripts is a pharmacy-benefit manager

      Express Scripts found at 0:09, 3:44, 4:33

      In a market with few bargains, Morningstar StockInvestor editor Matt Coffina sees [TICKER:ESRX] Express Scripts as a rare value. He's here today to talk to me about his outlook for the firm. Matt, thanks for joining me. Matt Coffina: Thanks for having me, Jeremy. Glaser: Let's start by just looking at Express Scripts . Can you briefly tell us about what this company is and what they do? Coffina: So, Express Scripts is a pharmacy-benefit manager. Basically, they manage pharmacy benefits on behalf of employers or health-insurance companies, managed-care organizations. Either the employers or the managed-care organization would be taking on the actual risk of providing pharmacy benefits--they are the ones who are actually paying the bills--but Express Scripts would help them with, for example, mail-order fulfillment, constructing formularies with preferred drugs and nonpreferred drugs, dealing with patients and doctors and getting them to switch to lower-cost drug options, negotiating with retail pharmacies, and so on. So, they are sort of the backend to the pharmacy benefit that you might get through your employer or through a government program like Medicare or Medicaid. Glaser: Express Scripts did recently report quarterly results. What did that show? How is the business doing right now? Coffina: Express Scripts has struggled over the last couple of years with client attrition related to their large Medco purchase. So, there were basically three large PBMs--Medco, Express Scripts , and [TICKER:CVS] CVS Caremark. Express Scripts bought Medco back in 2012. It was a very, very large merger--a lot of complication involved with integrating these businesses. And, since then, their client attrition has been running relatively high. There were actually even some Medco clients who had been former Express Scripts clients who had left the company at one point and went to Medco. So, I think it's understandable that you would lose
      there won't be these ongoing integration issues in 2016 and beyond. And now-- Express Scripts having put that integration behind them--all of the backend systems are on one platform, all the account-management teams are in place, and
      are other firms potentially going to enter in here and compete against Express Scripts ? Coffina: I don't think you'll see a lot of new entrants in this business because of, again, the importance of scale. If you don't have a very large base of patients, you're not going to have bargaining power over drug manufacturers or retailers. So, it's going to be very hard to start this business from scratch. That said, we do see fairly robust competition between the top four pharmacy-benefit managers. [Those four] would be Express Scripts , CVS Caremark--who is the only company that's really on the same level as Express Scripts in terms of overall prescription volumes--and then further down below them would be UnitedHealth--which has an in-house pharmacy-benefit management business--and [TICKER:CTRX] Catamaran, which has been gaining a lot of size through acquisitions and also through some organic client wins. Between those four companies, I think you will see this ongoing competitive pressure, and client losses happen from time-to-time. Sometimes, in the past, Express Scripts has gained market share from its competitors; a really notable time would be when CVS acquired Caremark several years back. Both Medco and Express Scripts really took advantage of that--of the disruption that was created by that integration--and were able to steal some clients at CVS' expense. Now, we're sort of on the opposite side where Express Scripts and Medco have experienced these integration headwinds, and CVS has been able to gain back some clients. I think you will see this back-and-forth over time. But in the long run, I continue to believe that Express Scripts and [TICKER:CVS] CVS Caremark are very well positioned to at least grow in line with the market as well as expanding their operating margins over time as they continue to save clients' money, again by directing patients to lower-cost drug alternatives. Glaser: How about valuation levels--why do you think Express Scripts is cheap right now? Coffina: Express Scripts is trading at a low- to mid-teens multiple of current-year earnings. They generate a tremendous amount of free cash flow. So, the
    6. CVS Produces Another Solid Quarter Driven by Its Pharmacy Benefit Management

      Commentary

      Tue, 5 Aug 2014

      buoyed its solid performance for the quarter as the firms seems to have taken advantage of the Medco integration issues Express Scripts has faced over the last 18 months. Revenue for this segment increased 16.2%, and operating margins expanded 43 basis

    7. UPDATE 1-GSK gets a lift as Express Scripts reinstates lung drug Advair

      Headlines

      Mon, 4 Aug 2014

      * Move may boost use but prices still seen under pressure

    8. Catamaran Sails Through Another Solid Quarter

      Headlines

      Mon, 4 Aug 2014

      pricing. Even though Catamaran's claims volume pales in comparison with the billions processed by CVS Caremark CVS and Express Scripts ESRX, the company is still one of the largest players in the PBM industry. This dynamic positions Catamaran with decent

    9. UPDATE 2- Express Scripts drops Amgen anemia drugs from formulary

      Headlines

      Fri, 1 Aug 2014

      Aug 1 (Reuters) - Express Scripts Holding Co, the largest U.S. pharmacy benefit manager, said on Friday it will remove an additional 25 products from its list of preferred drugs in 2015, including anemia drugs Epogen and Aranesp, sold by Amgen Inc.

    10. Express Scripts excludes Amgen drugs from 2015 formulary

      Headlines

      Fri, 1 Aug 2014

      Aug 1 (Reuters) - Express Scripts Holding Co, the largest U.S. pharmacy benefit manager, on Friday said it will not include anemia drugs Epogen and Aranesp, both sold by Amgen Inc, on its 2015 list of preferred medications.

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