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Walmart, CVS renew partnership, solve pricing dispute

Walmart Inc. and CVS Health Corp. reached a multiyear agreement allowing Walmart to keep participating in CVS's pharmacy networks, solving a pricing dispute that nearly ended the tie-up.

Sean Slovenski, senior vice president of Walmart health and wellness, said both parties "have reached fair and equitable terms." Financial terms were not disclosed.

CVS announced Jan. 15 that Walmart had made a decision to leave its drugstore networks operated by its pharmacy benefit management unit, CVS Caremark, over disagreements on pricing. The dispute that has now been resolved was over pricing in the CVS Caremark commercial network and the Managed Medicaid pharmacy network.

Derica Rice, president of CVS Caremark, said the two companies have reached a "mutually agreeable solution" that will help keep pharmacy prices low.

The deal maintains the CVS Caremark national pharmacy network of nearly 68,000 participating pharmacies throughout the U.S. Walmart and CVS also have an existing agreement for the retail giant's participation in the CVS Caremark Medicare Part D pharmacy network as well as an agreement for Walmart's Sam's Club stores to participate in the CVS Caremark pharmacy networks.