Express Scripts Holding Co. says it is losing its largest client, Anthem Inc., following allegations that Express Scripts overcharged the health insurer.
“Although conversations have been ongoing, the Company was recently told by Anthem management that Anthem intends to move its business when the Company’s current contract with Anthem expires on December 31, 2019,” a statement released Monday said.
Last year, Anthem represented 17 percent of the $102 billion in revenue brought in by Express Scripts, the St. Louis County-based pharmacy benefits manager.
Express Scripts said it decided to release financial performance numbers related to the Anthem contract to show that even without Anthem, the company “is well positioned for future growth.”
Although Anthem has not provided a formal notice that it intends to end the relationship, Express Scripts said the contract is unlikely to be extended.