Molina Healthcare, Inc. announced that it has extended its agreement with CVS Caremark for pharmacy benefit management services through 2021. Under the agreement, which became effective January 1, 2019, CVS Caremark will continue to administer pharmacy benefits for the approximately 4 million members Molina serves through its Medicaid, Medicare, and Marketplace health plans. The extension modifies Molina’s existing agreement with CVS Caremark to align Molina’s pharmacy management strategy with the operational improvement initiatives that have been underway over the last year under its new management team. The agreement is immediately accretive to earnings and will enable Molina to remain responsive to state partner requirements as it manages its nearly $3 billion of annual pharmacy expenses in an evolving government-sponsored health care landscape. This PBM initiative is one of several that Molina has pursued to lower its costs, including clinical strategies with formulary, utilization management and generic dispensing initiatives, while improving health outcomes for members.