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CVS Caremark Corporation : U.S. asks CVS about its prescription discount plan

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02/17/2012 | 10:28pm CET

CVS Caremark Corp said it received requests for information about a prescription drug discount program it runs for uninsured or under-insured individuals from both the U.S. government and the Texas Attorney General.

In January, CVS received a subpoena from the U.S. Office of Inspector General requesting information about the company's Health Savings Pass program, CVS said in its 10k filing on Friday.

The company, which runs the CVS pharmacy chain and the CVS Caremark pharmacy benefits management service, said the request was connected to an investigation of possible false or otherwise improper claims for payment involving Health & Human Services programs.

In February, CVS received a civil investigative demand from Texas' Office of the Attorney General. That office requested a copy of information from the OIG subpoena and other information related to prescription drug claims submitted by CVS pharmacies to Texas Medicaid for reimbursement, the company said.

CVS said it would respond to the requests for information and cooperate with both investigations.

CVS markets its Health Savings Pass, which has a $15 annual fee, to people who do not have prescription drug coverage and to those who have limited coverage.

The Health Savings Pass lets patients fill 90-day prescriptions for 400 generic drugs for $11.99. Participants also get discounts such as 10 percent off visits at the CVS in-store health clinic, MinuteClinic and 10 percent off an annual flu shot.

The announcement comes about a month after CVS agreed to pay $5 million to settle charges of inaccurate pricing of some drugs for the elderly and disabled, ending a wide-ranging, multi-year probe into its business practices.

Shares of CVS closed down 28 cents at $44.27, after reaching a new high of $45 earlier in the day.

(Reporting by Jessica Wohl in Chicago; Editing by Richard Chang)

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Financials ($)
Sales 2017 184 356 M
EBIT 2017 10 398 M
Net income 2017 5 637 M
Debt 2017 24 997 M
Yield 2017 2,35%
P/E ratio 2017 15,40
P/E ratio 2018 13,79
EV / Sales 2017 0,59x
EV / Sales 2018 0,56x
Capitalization 83 574 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 86,3 $
Spread / Average Target 6,0%
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NameTitle
Larry J. Merlo President, CEO & Non-Independent Director
David Wyatt Dorman Non-Executive Chairman
David M. Denton Chief Financial Officer & Executive Vice President
Troyen A. Brennan Chief Medical Officer & Executive Vice President
Stephen J. Gold Chief Information Officer & Executive Vice Preside
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