(CVS article updated with stock price of CVS, Express Scripts and MedcoHealth.)
WOONSOCKET, RI. (
selected on Monday the head of
as president of its pharmacy benefits management business.
Per Lofberg will take the reins next month. CVS also upped its minority stake in Generation Health, the genetic benefit management company Lofberg co-founded. Generation Health will be run as a separate business.
Last month, CVS said its PBM business lost a net $4.8 billion in contracts heading into 2010. It also forecast that its operating profit could decline by 10% to 12% next year.
with a Texas pension fund earlier this month.
Shares of CVS are gaining 4.4% to $32.57 in morning trading. Other PBM companies are also climbing, with
up 4.6% to $88.29 and
rising 3.3% to $65.15.
-- Reported by Jeanine Poggi in New York.
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