One of the biggest middlemen in the drug industry is losing its largest customer — and the stock is tanking

Express Scripts, one of the largest pharmacy benefit managers in the drug industry, said on Monday that its largest customer will not renew its contract with the company. Shares of Express Scripts were down 15.45% as of 5:40 p.m. ET.

The customer, Anthem — owner of a variety of Blue Cross Blue Shield health insurance firms — is responsible for roughly 18% of Express Scripts’ first quarter revenue, Express Scripts said in a release.

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Bob Bryan and Lydia Ramsey

businessinsider.com