Express Scripts shares sink on likely loss of Anthem

St. Louis-based Express Scripts shares tumbled Tuesday after the pharmacy benefits manager announced it expects to lose its biggest client, Indianapolis-based Anthem.

Express Scripts released its first quarter earnings on Monday after the market closed. In its earnings release, the company said it was recently told by Anthem management that the insurer intends to take its business elsewhere when its current contract with Express Scripts expires on Dec. 31, 2019.

Following the announcement, Express Scripts shares fell as much as 14 percent on Tuesday in the company's biggest intraday drop since 2015, according to Bloomberg. The stock closed Tuesday down 7.24 percent at $60.01.

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