Walmart walks away from CVS partnerships

(Reuters) - Walmart Inc has opted to end its involvement in the network of commercial and Medicaid pharmacies run by CVS Health Corp after the two companies failed to agree on pricing, CVS said.

The company said Walmart sought reimbursement increases that would lead to higher costs for clients and consumers.

"At a time when everyone is working hard to find ways to reduce healthcare costs, Walmart's requested rates would ultimately result in higher costs for our clients and consumers," Derica Rice, president of CVS Caremark, said in a statement.

Walmart did not immediately respond to request for comment.

CVS Caremark, the pharmacy-benefits unit of CVS Health, said the dispute would not affect both the pharmacy networks in its Medicare plans and Walmart's Sam's Club stores.

CVS said it has requested Walmart to remain in its networks through April 30 and does not expect the split to have a material impact on its 2019 financial results.

Shares of CVS Health were down nearly 1 percent to $64.81 in trading before the opening bell.

(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Arun Koyyur)