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BUSINESS
By Bloomberg News | January 9, 2007
NEW YORK -- Express Scripts Inc. will nominate four directors to Caremark Rx Inc.'s board in an effort to push through a $26 billion hostile bid rejected by Caremark yesterday in favor of a lower offer from CVS Corp. Express Scripts said it would seek the seats after Caremark's board announced the rejection. Caremark said earlier yesterday that a deal with Express Scripts "would result in a highly leveraged and weakened business" and "insurmountable antitrust risks." Caremark, a manager of prescription benefits for employee health plans, accepted a $21 billion bid on Nov. 1 from CVS, the No. 2 U.S. drugstore chain.
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BUSINESS
Eileen Ambrose | January 12, 2012
The Federal Trade Commission announced that CVS Caremark Corp. agreed to pay $5 million to settle a complaint that it misinformed seniors about the price of certain Medicare Part D prescription drugs sold through CVS and Walgreens pharmacies. The action by the company, according to the FTC, caused seniors and consumers with disabilities to pay significantly more for drugs. It also pushed them more quickly into the so-called “doughnut hole,” in which drug costs aren't covered by the federal program.
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BUSINESS
By Bloomberg Business News | June 17, 1995
NORTHBROOK, Ill. -- Caremark International Inc. shares soared as much as 15 percent yesterday after the company said it reached a $161 million agreement to settle a four-year federal investigation of an alleged kickback scheme.The amount is on the low end of many analysts' estimates."It's comfortably within the range of what I expected," said Brooks O'Neil, an analyst at Piper Jaffray in Minneapolis.The settlement removes a cloud that has hung heavily over the Northbrook, Ill.-based company, which is focusing on acquiring physician group practices.
BUSINESS
March 9, 2007
Nation: Automakers Ford to pay `modest' bonuses Ford Motor Co., which lost a record $12.7 billion last year, will pay "modest" bonuses to every U.S. and Canadian employee, Chief Executive Officer Alan R. Mulally said yesterday, in a bid to rebuild morale. The move comes almost two months after Mulally said he was considering resuming executive bonuses to lift morale at Ford, the second-biggest U.S. automaker. Ford cut about 14,000 salaried jobs last year and said it would close nine plants by 2008 as it lost domestic market share to Asian rivals.
BUSINESS
By Andrew Leckey | December 30, 1992
Today Andrew Leckey answers readers' questions about investments.Q. I'm interested in investing in Baxter International, the medical services corporation. With the recent spinoff of its Caremark unit, would you recommend this stock as a good investment?A. Though now a bit smaller, this company still packs quite a punch.Buy shares of Baxter International (around $32 a share, NYSE) because the company should grow at a 15 percent annual pace even without high-growth Caremark, says Jean Queally-Swenson, analyst with Merrill Lynch & Co.Caremark was spun off primarily because it distributes products to the home, while the rest of Baxter distributes products to hospitals.
BUSINESS
By Bloomberg News | December 19, 2006
ST. LOUIS -- Express Scripts Inc. made an unsolicited $26 billion hostile bid for Caremark Rx Inc. to become the biggest U.S. manager of drug benefits, topping a bid by drugstore chain CVS Corp. Caremark investors would receive $58.50 in cash and stock for each share, 15 percent more than the Dec. 15 closing price, Express Scripts said yesterday. CVS proposed on Nov. 1 to buy Caremark for $48.53 a share, offering no premium. "The perception before was that Caremark was selling out cheaply," said Kemp Dolliver, an analyst with Cowen & Co. LLC in Boston.
BUSINESS
By BLOOMBERG BUSINESS NEWS | May 15, 1996
BIRMINGHAM, Ala. -- MedPartners/Mullikin Inc. Chairman Larry House built his company into the nation's largest manager of physician groups by following two simple rules: Focus on primary care, given by the first doctor a patient sees, and remember who's paying the bills.House stuck to his plan yesterday as the Birmingham-based company purchased Caremark International Inc. for $2.5 billion to become a nationwide powerhouse with 7,250 physicians and almost 1.5 million patients.The company, renamed MedPartners Inc., is well equipped to deliver the efficient medical care being demanded by the bill payers -- insurers, employers and the government, analysts said.
NEWS
By Melissa Harris and Melissa Harris,sun reporter | January 19, 2007
A dispute over a $1.4 billion contract is stalling a new program that would enable businesses and local governments to negotiate lower drug prices by harnessing the bulk purchasing power of state employees. Early last year, state officials selected CatalystRx of Rockville to administer the pharmaceutical pool - as well as provide drug coverage to more than 200,000 state employees, retirees and their dependents through the mammoth contract, one of the state's largest. But CatalystRx was not the lowest bidder.
BUSINESS
April 14, 1994
Woolworth to alter quarterly figuresThough its own investigation into accounting irregularities is still incomplete, Woolworth Corp. said yesterday that it would restate its quarterly results for last year, but that its auditors were otherwise standing by the annual figures it reported for 1992 and 1993.Woolworth also said it would maintain its 29 cents-a-quarter dividend, contrary to speculation that the board would cut the dividend at its regularly scheduled meeting yesterday. At that rate, the company is giving investors 89 cents of every dollar it is estimated to earn this year.
NEWS
By Mary Gail Hare and Mary Gail Hare,SUN STAFF | August 14, 2005
Carroll's commissioners will enroll the county in a nationwide prescription-discount card program that could help thousands of uninsured and underinsured residents pay for medications. The county has more than 14,000 uninsured residents who can participate in the program by using the card from Caremark, a Nashville-based enterprise that is one of the largest pharmaceutical services companies in the United States. "Everyone knows how the cost of drugs is increasing," said Commissioner Julia Walsh Gouge.
BUSINESS
By The Boston Globe | February 16, 2007
WOONSOCKET, R.I. -- During a reprieve from the escalating battle over the pharmacy benefits provider Caremark Rx Inc., CVS chief executive Tom Ryan was keeping his cool. Leaning back in his chair at the company's headquarters, Ryan insisted he was confident that CVS Corp. would fend off a higher, unsolicited bid from rival Express Scripts Inc. for Caremark. The company's board had just reaffirmed its commitment to the CVS deal, hatched over dinner at the University Club in Providence, R.I., in 2005, to create a drug distribution powerhouse.
NEWS
By Melissa Harris and Melissa Harris,sun reporter | January 19, 2007
A dispute over a $1.4 billion contract is stalling a new program that would enable businesses and local governments to negotiate lower drug prices by harnessing the bulk purchasing power of state employees. Early last year, state officials selected CatalystRx of Rockville to administer the pharmaceutical pool - as well as provide drug coverage to more than 200,000 state employees, retirees and their dependents through the mammoth contract, one of the state's largest. But CatalystRx was not the lowest bidder.
BUSINESS
By Bloomberg News | January 9, 2007
NEW YORK -- Express Scripts Inc. will nominate four directors to Caremark Rx Inc.'s board in an effort to push through a $26 billion hostile bid rejected by Caremark yesterday in favor of a lower offer from CVS Corp. Express Scripts said it would seek the seats after Caremark's board announced the rejection. Caremark said earlier yesterday that a deal with Express Scripts "would result in a highly leveraged and weakened business" and "insurmountable antitrust risks." Caremark, a manager of prescription benefits for employee health plans, accepted a $21 billion bid on Nov. 1 from CVS, the No. 2 U.S. drugstore chain.
BUSINESS
By Bloomberg News | December 19, 2006
ST. LOUIS -- Express Scripts Inc. made an unsolicited $26 billion hostile bid for Caremark Rx Inc. to become the biggest U.S. manager of drug benefits, topping a bid by drugstore chain CVS Corp. Caremark investors would receive $58.50 in cash and stock for each share, 15 percent more than the Dec. 15 closing price, Express Scripts said yesterday. CVS proposed on Nov. 1 to buy Caremark for $48.53 a share, offering no premium. "The perception before was that Caremark was selling out cheaply," said Kemp Dolliver, an analyst with Cowen & Co. LLC in Boston.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | December 3, 2006
What does the future hold for my CVS Corp. shares? - K.T., via the Internet The future looks bright in a rapidly consolidating drugstore industry in which it is a leader. But it is a fiercely competitive field. CVS, with more than 6,000 stores, has yet to match the profitability per store of traditional rival Walgreen Co. It is actively replacing many stores within strip malls with more profitable free- standing corner locations to try to narrow that profitability gap. Meanwhile, discount retailer Wal-Mart Stores Inc. recently rolled out a plan offering many generic drugs for $4 a prescription.
BUSINESS
By Bruce Japsen and Bruce Japsen,Chicago Tribune | November 2, 2006
In a move that could influence how and where millions of Americans get their prescriptions filled, CVS Corp., the nation's second-biggest drugstore chain, said yesterday that it would buy Caremark Rx Inc., the United States' largest manager of prescription benefits. The $21 billion stock deal, which the companies described as a "merger of equals," will marry historical adversaries. Pharmacy benefit managers like Caremark, middlemen who buy from drugmakers and provide prescription coverage to employers, have been known to encourage consumers to bypass retail pharmacies and purchase their drugs through the mail, typically in three-month supplies.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | December 3, 2006
What does the future hold for my CVS Corp. shares? - K.T., via the Internet The future looks bright in a rapidly consolidating drugstore industry in which it is a leader. But it is a fiercely competitive field. CVS, with more than 6,000 stores, has yet to match the profitability per store of traditional rival Walgreen Co. It is actively replacing many stores within strip malls with more profitable free- standing corner locations to try to narrow that profitability gap. Meanwhile, discount retailer Wal-Mart Stores Inc. recently rolled out a plan offering many generic drugs for $4 a prescription.
BUSINESS
March 9, 2007
Nation: Automakers Ford to pay `modest' bonuses Ford Motor Co., which lost a record $12.7 billion last year, will pay "modest" bonuses to every U.S. and Canadian employee, Chief Executive Officer Alan R. Mulally said yesterday, in a bid to rebuild morale. The move comes almost two months after Mulally said he was considering resuming executive bonuses to lift morale at Ford, the second-biggest U.S. automaker. Ford cut about 14,000 salaried jobs last year and said it would close nine plants by 2008 as it lost domestic market share to Asian rivals.
NEWS
By Mary Gail Hare and Mary Gail Hare,SUN STAFF | August 14, 2005
Carroll's commissioners will enroll the county in a nationwide prescription-discount card program that could help thousands of uninsured and underinsured residents pay for medications. The county has more than 14,000 uninsured residents who can participate in the program by using the card from Caremark, a Nashville-based enterprise that is one of the largest pharmaceutical services companies in the United States. "Everyone knows how the cost of drugs is increasing," said Commissioner Julia Walsh Gouge.
BUSINESS
February 13, 2005
A weekly briefing on the economic calendar Event of the week Wal-Mart earnings released Thursday. The world's largest retailer posted earnings of 63 cents per share in the fourth quarter of 2003; Morningstar.com estimates earnings at 73 cents per share for fourth-quarter 2004. Tuesday Retail sales for January; business inventories for December Earnings reports: Deere & Co., Fidelity National, MCI, Medco Health Solutions, Omnicom, Qwest, Westwood One, Abercrombie & Fitch, First Energy, Nordstrom Wednesday Housing starts and building permits for January; industrial production for January Earnings reports: Administaff, Caremark Rx, Coca-Cola, Cooper Tire, InterActiveCorp, Moody's, Wendy's, Hewlett- Packard, Medtronic Thursday Imort and export prices for January; leading indicators for January Earnings reports: E-Loan, First Health, Nextel, PG&E, RadioShack, Target, Wal-Mart, Nicor, Nvidia, Priceline.
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