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Magellan Health loses PBM customer representing almost 9% of revenue; shares off 3%

Sep. 01, 2016 11:43 AM ETCentene Corporation (CNC) StockCNCBy: Douglas W. House, SA News Editor
  • In a regulatory filing, Magellan Health (MGLN -2.6%) discloses that it has mutually agreed to an early termination (effective today) of most of the services it provided under a pharmacy benefit management (PBM) contract with an unnamed client. The company agreed to end the contract earlier than the formal end date of December 31 after the customer entered into a strategic partnership with another firm under which they intend to consolidate services under the partner's preferred PBM vendor. The customer represents 8.5% of Magellan's revenues.
  • The company is in discussions with the customer related to specialty drug formulary services under the contract as well as new specialty drug management services.
  • Management says the action will not impact its 2016 guidance.

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