CVS plunges after bleak pharmacy benefits view

CVS Caremark Corp said its pharmacy benefits management business lost $4.8 billion in contracts heading into next year and will not meet its targets for 2010, sending shares down 22 percent.

Yahoo! BuzzIn an announcement likely to throw doubt on its acquisition of pharmacy benefits management (PBM) company Caremark in March 2007, CVS also said on Thursday that Caremark Pharmacy Services President Howard McLure would step down as of Nov. 27 and a search for a successor would begin.

CVS Chief Executive Tom Ryan will take on the role in the interim. McClure was chief operating officer of Caremark when the acquisition closed.

Read Full Article from Forbes

- Posted: 2009-11-05 10:54:11

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