UPDATE 1-CVS, Walmart reach agreement on pharmacy contract after impasse [Reuters]
Walmart Inc. (WMT)
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Source: Reuters
CVS, Walmart reach agreement on pharmacy contract after impasse | Reuters 2 Min Read (Reuters) - CVS Health Corp ( CVS.N ) and Walmart Inc ( WMT.N ) said on Friday the world’s largest retailer would remain part of CVS’s network for commercial and Medicaid pharmacy customers, breaking a contract impasse CVS disclosed earlier this week. The companies did not provide financial terms of the new contract. On Tuesday, CVS said the companies had failed to agree on pricing and that Walmart was leaving the pharmacy network for the prescription drug plans that CVS manages for companies and health insurers and for the Medicaid program for low income people. The companies also said on Tuesday they were still in discussions. CVS shares gained 1.6 percent to $64.76 in premarket trading, recouping some of its Tuesday losses. “We view the agreement positively for CVS,” Cantor Fitzgerald analyst Steven Halper said in a research note, explaining that the loss of Walmart pharmacies could have negati
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