April 30 (Bloomberg) — Express Scripts Holding Co., a pharmacy benefit manager that handles more than 1 billion prescriptions a year, fell the most since 2012 after the company cut its full-year forecast and said it received subpoenas regarding its relationships with drugmakers.
Express Scripts declined 7.3 percent to $65.86 at 9:38 a.m. New York time, after decreasing to $64.64 in the biggest intraday drop since Nov. 6, 2012. The shares of the St. Louis- based company had gained 21 percent in the past 12 months through yesterday.
Full-year earnings are now expected to be $4.82 to $4.94 a share, excluding one-time items, the company said in a statement yesterday, compared with a previous outlook of $4.88 to $5.00. Express Scripts also said it received subpoenas regarding investigations into its contracts and relationships with drug companies including Pfizer Inc., AstraZeneca Plc and Biogen Idec Inc.
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