NEW YORK (AP) — Walgreen's first-quarter earnings fell more than 4 percent due in part to a slow flu season and its split with the Express Scripts pharmacy network.
A three-year contract between the companies ends at the end of 2011. Since June, Walgreen and Express Scripts have said they were preparing to stop doing business. Walgreen gets $5.3 billion in annual revenue from Express Scripts, but the Deerfield, Ill., company has said it would rather give that up than continue filling unprofitable prescriptions.
President and CEO Greg Wasson said that the company had made one last attempt last week to come to terms with Express Scripts, but the two sides were unable to resolve their differences over the rates that Express Scripts pays to fill prescriptions.
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