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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

2 hours ago - World

Hong Kong pro-democracy media tycoon Jimmy Lai detained on fraud charge

An activist holds a placard highlighting China's Tiananmen Square massacre as pro-democracy media tycoon Jimmy Lai arrives at West Kowloon Magistrates' Court in Hong Kong in November. Photo: Isaac Wong/SOPA Images/LightRocket via Getty Images

Hong Kong media tycoon Jimmy Lai is being detained until an April court hearing after the pro-democracy supporter was charged Thursday with fraud, per his Apple Daily news outlet.

Why it matters: The 72-year-old's arrest and denial of bail is another blow for the pro-democracy movement in the former British colony amid concerns about a fresh crackdown on activists.

5 hours ago - Politics & Policy

Inhofe loudly sets Trump straight on defense bill

Sen. Jim Inhofe speaks with reporters in the Capitol last month. Photo: Samuel Corum/Getty Images

Senator Jim Inhofe told President Trump today he'll likely fail to get two big wishes in pending defense spending legislation, bellowing into his cellphone: "This is the only chance to get our bill passed," a source who overheard part of their conversation tells Axios.

Why it matters: Republicans are ready to test whether Trump's threats of vetoing the bill, which has passed every year for more than half a century, are empty.

Conspiracy theories blow back on Trump's White House

Sidney Powell. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

President Trump has rarely met a conspiracy theory he doesn't like, but he and other Republicans now worry the wild tales told by lawyers Sidney Powell and Lin Wood may cost them in Georgia's Senate special elections.

Why it matters: The two are telling Georgians not to vote for Republicans David Perdue and Kelly Loeffler because of a bizarre, baseless and potentially self-defeating theory: It's not worth voting because the Chinese Communist Party has rigged the voting machines.

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