Anthem Inc. said Wednesday it would expedite the launch of its pharmacy benefits management business, IngenioRx. The move sent shares 10 percent higher, Reuters reports.
The launch will take place in the second quarter. An executive for Indianapolis-based Anthem said CVS Health Corp has worked with Anthem for more than 15 months to make the second-quarter launch happen.
Not only did Anthem launch the PBM well in advance of the originally planned 2020 unveil, it also forecasted a 2019 profit higher than expected. The company also beat fourth-quarter earnings estimates.
Anthem’s contract with Express Scripts, the St. Louis County-based pharmacy benefits manager recently acquired by health insurer Cigna, will now terminate on March 1, instead of Dec. 31.