They are the two largest drugstore chains in the U.S.
CVS Health and Walgreens announced agreements Wednesday to pay about $5 billion each to settle lawsuits over how its pharmacies handled prescriptions forCVS and Walgreens are the two largest drugstore chains in the U.S. The proposed framework would resolve a series of lawsuits brought by a group of states and Native American tribes.on Wednesday morning. It did not admit wrongdoing.
The company would pay $4.9 billion to states and other municipalities and $130 million to tribes over 10 years beginning in 2023. agreed to pay up to $4.95 billion over the next 15 years for its settlements. The deal also includes "no admission of wrongdoing or liability by the company.
"We believe this is in the best interest of the company and our stakeholders at this time, and allows our pharmacists, dedicated healthcare professionals who live and work in the communities they serve, to continue playing a critical role in providing education and resources to help combat opioid misuse and abuse.
The CVS settlement is manageable and "removes an overhang on the group," Evercore ISI analyst Elizabeth Anderson wrote in a note.
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