Business

Walgreen, CVS extend benefits deal

DEERFIELD, Ill. — The drugstore chain Walgreen Co. has extended its agreement to fill prescriptions for CVS Caremark Corp., which runs one of the largest pharmacy benefit management businesses in the nation.

The deal means customers with prescription drug benefits managed by CVS Caremark can still have their prescriptions filled at stores operated by Walgreen, the nation’s largest drugstore chain.

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CVS Caremark also runs the nation’s second-largest drugstore chain, in addition to its pharmacy benefits management, or PBM, business.

Walgreen released a statement on Monday announcing the multiyear agreement but declined to offer details.

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PBMs run prescription drug plans for employers, insurers, and other customers. They process mail-order prescriptions and handle bills for prescriptions filled at retail pharmacies.

Last year, Walgreen took a revenue hit when it went nearly nine months without a new agreement to do business with Express Scripts Holding Co., the nation’s largest PBM.

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