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

Cleanup on aisle Biden

Photo: Andrew Caballero-Reynolds/AFP via Getty Images

After two gaffes and a low blow from President Trump questioning his faith, Joe Biden spent Thursday evening off his own message — clarifying comments and responding to attacks.

Why it matters: Biden’s responses reflect what we could see a lot more of in the next few months — cringeworthy comments and Trump smears, smacking into each other and pulling the Democrat off course.

2020 election strategy: Hire all the lawyers

Illustration: Eniola Odetunde/Axios

The coronavirus has sent overall U.S. unemployment into the double digits — but it's a sort of full-employment act for election law attorneys.

The big picture: The prospect of extended court fights over COVID-19-related voting changes, an absentee ballot avalanche, foreign interference and contested presidential results has prompted a hire-all-the-lawyers binge by candidates and campaigns — not just in swing states but around the country.

Right-wing media defanged by dissolving anti-Biden storylines

Data: NewsWhip; Chart: Naema Ahmed/Axios

The three biggest anti-Joe Biden storylines in right-wing media over the last year have either fizzled or are getting less online traction than they used to, according to data from NewsWhip provided exclusively to Axios.

Why it matters: This dynamic has rendered a formidable media ecosystem less effective in boosting President Trump as we move into the heart of the 2020 campaign.