9:51 AM EDT, August 2, 2013
Magellan Health Services Inc. of Avon reports that it is losing contracts with a large customer in its specialty pharmacy segment — a customer that provided $60.4 million in revenue to the insurer last year.
Magellan did not identify the company, which has decided not to renew its contracts with the insurer. The contracts brought in $28.5 million during the first six months of this year, according to a company filing Monday with the U.S. Securities and Exchange Commission.
The company would not explain why and when it reports nonrenewed contracts with federal regulators.
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