BioScrip shares rise after announcement

September

Shares of Elmsford-based pharmacy benefit manager BioScrip Inc. nudged higher today, a day after the company announced it would lose $100 million in 2009 revenue due to a decision by UnitedHealth Group to terminate a contract.

BioScrip shares closed at $2.61, up 5 cents, or about 2 percent.

Under the contract, BioScrip drugs and services to United members who have the AIDS virus or who have undergone organ transplants. But UnitedHealth plans to provide the drugs and services in-house.

BioScrip will stop serving the AIDS patients Jan. 31 and the transplant patients March 31. The loss of the contract will have no impact on BioScrip’s financial results this year.

This entry was posted on Friday, September 12th, 2008 at 3:40 pm by Allan Drury.
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