Buy CVS Health (CVS) on EpiPen-Related Weakness - Leerink
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Leerink analyst David Larsen recommends buying CVS Health (NYSE: CVS) on weakness related to EpiPen pressure.
Larsen commented, "Shares of ESRX (MP) and CVS (OP) are coming under pressure this morning, we think due mainly to commentary around Mylan’s (OP) EpiPen. Numerous news agencies are reporting that the price-hikes of EpiPen have been dramatic. Some news agencies are reporting that the list price of EpiPen has increased by ~548% since 2007 to $608 in May. Mylan’s CEO stated this morning on CNBC that the ‘net price’ the Mylan receives is $274 and the reason there is such a large discrepancy between the “list” and “net” price is the “5 hands the product goes through” before it gets to the patient. This obviously implies that CVS and ESRX, as the PBMs are reaping significant profits from EpiPen and as a result there shares of CVS and ESRX are coming under pressure."
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