Walgreens Stock Hits 4-Year High
Shares soar after new bargain struck with Express Scripts.
The stock of Deerfield based Walgreens, the nation’s largest drugstore chain, jumped to a four-year high today on the New York Stock Exchange after the company ended a dispute with Express Scripts, according to a story in the San Francisco Chronicle.
Walgreens had an agreement with Express Scripts which ended Dec. 31. The new contract allowing Express Scripts customers to fill prescriptions at Walgreens will be effective Sept. 15, according to the Chronicle. The loss of business as a result of the deal’s expiration contributed to an 11 percent decline in company profits.
The new deal ends a battle centered on reimbursement rates. As Walgreens stock soared to a four-year high, the price of shares in two of its competitors, CVS and Rite Aid, fell, according to the Chronicle.