CVS Caremark Awarded Consolidated AT&T Pharmacy Benefit Management Contract
Will Provide Fully Integrated Pharmacy Services for AT&T's
Approximately 500,000 Plan Participants
WOONSOCKET, R.I.--(BUSINESS WIRE)--April 7, 2008--CVS Caremark (NYSE:CVS) today announced that it has been awarded a contract to provide PBM services to AT&T's employees and retirees, effective January 1, 2009. CVS Caremark will provide a comprehensive suite of integrated pharmacy services, including claims processing, network management, rebate contracting, mail order pharmacy and specialty pharmacy services. This will be supported by CVS Caremark's award-winning service infrastructure and unique pharmacy care strategies that proactively inform and engage consumers to take control of their health, best positioning the company to drive positive outcomes at the lowest overall cost.
"We are delighted that AT&T has chosen to consolidate its entire PBM business with us," stated Tom Ryan, Chairman, President, and Chief Executive Officer of CVS Caremark. "AT&T is one of our oldest and best customers, and we consider this decision to be a vote of confidence for our integrated model of delivering pharmacy health care. By consolidating their PBM business with CVS Caremark, they will be well positioned to consider a number of the unique services that only we can offer."
CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of healthcare services in the U.S. The Company is uniquely positioned to effectively manage costs and improve healthcare outcomes through its more than 6,900 CVS/pharmacy stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's website, at http://investor.cvs.com, as well as through the newsroom section of the Company's website, at www.cvscaremark.com/newsroom.
CONTACT: CVS Caremark
Nancy Christal, 914-722-4704
Senior Vice President
Investor Relations
or
Eileen Howard Dunn, 401-770-4561
Senior Vice President
Corporate Communications
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