by Erik Kobayashi-Solomon | Mar 9, 2018 | Commentary
Yesterday morning, Cigna CI announced that it will acquire the equity of Prescription Benefits Manager (PBM) Express Scripts ESRX for $52 billion – $54 billion in a combined cash and stock deal and will retire Express Scripts’ $15 billion of debt, bringing...
by Erik Kobayashi-Solomon | Mar 8, 2018 | Research
This morning, Cigna CI announced that it will acquire the equity of Prescription Benefits Manager (PBM) Express Scripts ESRX for $52 billion – $54 billion in a combined cash and stock deal and will retire Express Scripts’ $15 billion of debt, bringing the...
by Erik Kobayashi-Solomon | May 9, 2017 | Research
I have been writing a lot about Pharmacy Benefits Manager (PBM) giant Express Scripts ESRX lately, and decided to update my valuation of the company. Let’s take a hard look at what is happening at Express Scripts from a valuation perspective. Our valuation framework...
by Erik Kobayashi-Solomon | Apr 26, 2017 | Commentary
In a recent article, I wrote at length about the importance of what Warren Buffett calls “…a sound framework for making decisions…” The framework that I employ is based on an objective, scientific observation of operational measures – revenues, cash-based profits, and...
by Erik Kobayashi-Solomon | Apr 25, 2017 | Research
Executive Summary Express Scripts (ESRX), a company about which we have done extensive research, tonight announced that its largest client, Anthem (ANTM) would likely not renew its contract set to expire in 2019. Shares of Express Scripts fell heavily on this news...