Express Scripts (ESRX) Looks to Battle EpiPen with New Program; Leerink Affirms at 'Market Perform' (MYL)
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Leerink affirms Express Scripts (Nasdaq: ESRX) with a Market Perform rating and $80 price target after the company announced the launch of its Diabetes Care Value Program, the industry's most comprehensive approach to improve pharmacy care while controlling plan costs for people with diabetes.
The firm commented,
This morning ESRX announced the launch of a new "Diabetes Care Value Program," which will guarantee "per-patient spending caps" that ESRX is stating will result in average 2017 diabetes drug spend that is half of what the industry is currently forecasting for commercial payers. The bio-similar Basaglar will be added as a preferred product to ESRX' National Preferred Formulary, alongside the originator product Lantus. In our view ESRX is taking a more conservative & cautious approach than is CVS with regard to Lantus. ESRX seems to be giving plan sponsors the option to either use the bio-similar or Lantus depending on their preference and desire to reduce costs. We view this announcement as a response to the EpiPen saga, with ESRX clearly stating that it is their goal to improve drug tend across this high cost therapeutic category.
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