Walgreen Jumps on Express Scripts Deal

WAG up in double digits Thursday


Shares of drug store chain Walgreen (NYSE:WAG) soared Thursday on news that it finally had come to terms with pharmacy benefit manager Express Scripts (NASDAQ:ESRX).

WAG shares were up around 11% in early afternoon trading, helping to recover from nearly 30% losses since last June, when the company failed to renew its contract with Express Scripts. ESRX shares were up a much more modest 1.5%.

Meanwhile, Walgreen competitors CVS Caremark (NYSE:CVS) and Rite Aid (NYSE:RAD) — who had been benefiting from an exodus of Walgreen’s Express Scripts customers — were down 6% and 5%, respectively.

Details of the multiyear contract had not yet been released.

Article printed from InvestorPlace Media, http://investorplace.com/2012/07/walgreen-jumps-on-express-scripts-deal/.

©2017 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.