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Jeff Roberson / AP

Pharmacy benefit manager Express Scripts said Monday it is going to lose its largest client, health insurer Anthem. Investors did not take the news well, as Express Scripts' stock crashed by more than 10% after hours.

The two companies have been engaged in a nasty legal feud in which Anthem accused Express Scripts of extracting massive windfalls from drug company rebates but not passing those savings along. Anthem had demanded billions of dollars in rebates but decided to end the relationship completely once the contract expires at the end of 2019. Anthem also rejected Express Scripts' offer to pass back $3 billion in exchange for a contract extension.

Why this matters: This is a huge blow for Express Scripts. Anthem represents 18% of its revenue and one-third of its adjusted earnings. And Anthem may have had a point based on this data point: Express Scripts made $10.24 in adjusted profit per claim from Anthem in 2016, compared with $5.16 per claim from all of its clients.

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities tied to Iranian-backed militia groups in Syria was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

2 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

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