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A soothing balm-shell

By
James Covert
Published June 19, 2010, 4:00 a.m. ET

CVS Caremark and Walgreen ended an 11-day standoff that had threatened to force millions of Americans — and plenty of New Yorkers — to travel beyond their corner drugstores to fill their prescriptions.

In a “multiyear” deal whose terms weren’t disclosed, the pharmacy giants said CVS Caremark members will be able to fill their prescriptions at drug chains owned by Walgreen — which include the Big Apple’s own Duane Reade.

The truce, which sent shares of both drug retailers higher yesterday, ends a brouhaha that began June 7, when Walgreen — miffed over what it called inadequate reimbursement rates from Caremark — said it would stop taking part in new prescription plans from the nation’s largest pharmacy-benefits manager.

CVS Caremark, arguing in response that paying higher reimbursements to Walgreen would inflate health-care bills, said two days later it would cut Walgreen out of its network within 30 days. Big employers in New York City were among those who warned Duane Reade customers that they would have to find another pharmacy by July 9.

“Maybe CVS was getting more pushback about dropping Walgreen from its network from customers and prospects than it thought it would,” said Carol Levenson, an analyst at bond research firm Gimme Credit.

The dust-up is an embarrassment for CVS Caremark, which had pooh-poohed concerns about potential conflicts when CVS and Caremark announced a $27 billion merger in 2007. Now, CVS Caremark is being probed by the Federal Trade Commission and at least 24 states.

Among the concerns is CVS Caremark’s Maintenance Choice program, which forces patients to fill prescriptions for long-term illnesses through CVS stores or Caremark mail-order services. In a statement earlier this month, CVS Caremark denied that programs like Maintenance Choice violate antitrust laws.

Shares of Walgreen rose 2.8 percent to $30.09. Shares of CVS Caremark rose 1.9 percent to $32.43.