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News : Express Scripts Lays Off 380 Workers Nationwide
St. Louis, MO, USA, Feb 18, 2015 -- Express Scripts Holding Co., a pharmacy benefit manager, has eliminated 380 positions, including 23 in St. Louis.
Affected employees were notified Tuesday, said Brian Henry, Express Scripts spokesman.
"We constantly look at the organization and consistently look at ways to be more efficient and effective," Henry said.
The bulk of the cuts, about 250 jobs, are in Tampa, Fla., Henry said. There, about 150 other employees will transition to working at home, Henry said. Express Scripts then plans to close its facility that houses a front-end pharmacy, a contact center and administrative support.
After the job cuts, Express Scripts still will employ about 3,300 Floridians.
Fewer than 10 jobs were also cut in each of the following states: Minnesota, Ohio, Tennessee, Nevada, Georgia, Arizona, North Carolina and New Jersey.
Affected employees will receive pay and benefits for a minimum of 60 days, according to Express Scripts officials.
Vishnu Lekraj, a Morningstar analyst who follows Express Scripts, said the cuts address some of the redundancies still left after the company’s 2012 merger with New Jersey-based Medco Health Solutions.
"I see them tapering off here in 2015, if there are any from this point on," Lekraj said of job cuts.
These most recent cuts come after 400 jobs, including 90 in St. Louis, were eliminated in November. Those cuts were announced one week after prescription volume fell 4 percent and revenue remained stagnant during the third quarter. Still the company was able to remain profitable that quarter.
In May, Express Scripts cut 1,890 employees nationwide, after reporting a 12 percent dip in first-quarter earnings.
Posted by Veronica Silva Cusi, news correspondent
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About Express Scripts:
Express Scripts Canada, a registered business name of both ESI Canada and Express Scripts Canada Services, each an Ontario partnership indirectly controlled by Express Scripts, Inc., is one of Canada's leading providers of health benefits management services. From its corporate headquarters in Mississauga, Ontario, just outside Toronto, Express Scripts Canada provides a full range of integrated pharmacy benefit management (PBM) services to insurers, third-party administrators, plan sponsors and the public sector, including health-claims adjudication and processing services, etc.
Published: Tuesday, February 24, 2015