NANTUCKET, Mass. — Walgreens CFO Wade Miquelon said that the chain's decision to break its ties with pharmacy benefit manager Express Scripts was the best decision, according to a Reuters report.
Caling it a "principled stand," Miquelon, who spoke at the Jefferies 2011 Global Consumer Conference in Nantucket, Mass., on Thursday, said that "under any scenario of what Express Scripts is proposing ... it's much better for us to go it alone," Reuters reported.
As previously reported by Drug Store News, Walgreens no longer will participate in the Express Scripts network beginning Jan. 1, 2012, citing unsuccessful renewal negotiations. Express Scripts processes approximately 90 million prescriptions that are expected to be filled by Walgreens in fiscal 2011, representing approximately $5.3 billion in annual sales.
Analysts have theorized that the issues will be settled.