Walgreen, UnitedHealth's OptumRx Extend Pharmacy Services Contract

Date : 06/04/2012 @ 9:58AM
Source : Dow Jones News
Stock : Unitedhealth Grp. Incorporated (DE) (UNH)
Quote : 189.92  0.73 (0.39%) @ 10:21AM

Walgreen, UnitedHealth's OptumRx Extend Pharmacy Services Contract

UHC (NYSE:UNH)
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   By Melodie Warner 
 

Walgreen Co. (WAG) will continue to provide pharmacy services to members of UnitedHealth Group Inc.'s (UNH) OptumRx drug-benefit plans under a multi-year agreement.

Financial terms weren't disclosed.

OptumRx manages the prescription drug benefits of commercial, Medicare, Medicaid and other governmental health plans.

The contract extension comes as Walgreen has posted four straight months of same-store sales declines since the drug-store chain left Express Scripts Holding Co.'s (ESRX) pharmacy-benefits manager's network on Jan. 1.

Last week, Walgreen and Express Scripts agreed to dismiss a lawsuit Express Scripts filed last year over Walgreen's marketing tactics when the relationship between the drugstore chain and pharmacy-benefit manager was breaking down.

Walgreen shares were trading 1.9% higher at $30.50 in premarket trading. The stock has fallen 9.5% since the beginning of the year.

Write to Melodie Warner at melodie.warner@dowjones.com

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