Magellan Health loses PBM customer representing almost 9% of revenue; shares off 3%
In a regulatory filing, Magellan Health (MGLN -2.6%) discloses that it has mutually agreed to an early termination (effective today) of most of the services it provided under a pharmacy benefit management (PBM) contract with an unnamed client. The company agreed to end the contract earlier than the formal end date of December 31 after the customer entered into a strategic partnership with another firm under which they intend to consolidate services under the partner's preferr