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CVS Health Corp.
CVS, -0.71%
said Walmart Inc.
WMT, + 0.12%
has decided to leave CVS Caremark Pharmaceutical Benefits Management (PBM) Commercial and Managed Medicaid Networks. "At a time when everyone is working to find ways to reduce health care costs, the rates charged by Walmart will ultimately lead to higher costs for our customers and consumers," said Derica Rice, president of CVS Caremark. While we have had a long-standing relationship with Walmart as a low-cost provider in our extensive public networks, based on our commitment to helping our customers and consumers manage the cost of growing pharmacies, we just couldn't agree to their recent demands to increase CVS Caremark's request for Walmart to continue to fill in recipes as a pharmacy involved in the network until 30 April 2019. CVS said Walmart would continue to participate in the CVS Caremark Medicare Part D pharmacy network, and Walmart Sam's Club would remain at CVS Caremark's pharmacy network CVS does not expect Walmart to leave PBM networks with a significant impact on the 2019 financial results, CVS shares fluctuated by 0.5 % of the pre-trade trade, while Walmart's share was inactive, CVS shares have lost 10.6% over the last three months Walmart shares have gained 1.2% and Dow Jones Industrial Average
DJIA -0.36%
is 5.3%.
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