Myriad Announces Coverage Decision by Kroger® Prescription Plans for GeneSight®
Agreement Also Includes In-store Interventions at Kroger Pharmacies Nationwide
SALT LAKE CITY, May 1, 2019 – Myriad Genetics, Inc. (NASDAQ: MYGN), a worldwide leader in personalized medicine, today announced that Kroger Prescription Plans, will provide GeneSight® as an benefit option for Kroger Prescription Plan employer group clients. Additionally, pharmacists at more than 2,300 Kroger stores will provide counselling about GeneSight to eligible employer group members and facilitate testing with their prescribing healthcare professionals.
“Major depressive disorder is a common, disabling and costly mental illness. We are excited to support new interventions such as genetic testing that are aimed at helping people find the right medication,” said Rich Adams, senior vice president at Kroger Prescription Plans. “We believe the GeneSight test provides valuable genetic information that potentially can lead to transformative care for our members with depression and help them get well sooner.”
“We are excited to expand our relationship with Kroger Prescription Plans,” said Chip Parkinson, executive vice president of Payer Markets at Myriad Genetics. “Increasingly, employers are at the forefront of improving employee wellness, particularly when it comes to mental health illnesses, and reducing their healthcare costs.”
In July 2018, Myriad announced that Kroger Prescription Plans will provide Vectra® as a benefit option for Kroger Prescription Plan employer group clients. Vectra is the only validated multi-biomarker molecular blood test that simultaneously measures 12 key biomarkers to provide an objective and personalized measure of rheumatoid arthritis disease activity.
GeneSight is a laboratory-developed pharmacogenomic test that uses cutting-edge technology to measure and analyze clinically important genomic variants in the treatment of psychiatric disorders. The results of the GeneSight report can help a clinician understand the way a patient’s unique genomic makeup may affect certain psychiatric drugs. The analysis is based on pharmacogenomics, the study of genomic factors that influence an individual’s response to drug treatments, manufacturers’ FDA approved drug labels, peer reviewed scientific and clinical publications, and proven drug pharmacology. Quick turnaround time, combined with a customized report of the patient’s genomic makeup, clinical experience, and other factors can provide information to help a physician make personalized drug treatment choices for each patient. For more information about GeneSight, please visit www.genesight.com.
About Kroger Prescription Plans
Kroger Prescription Plans is dedicated to providing pharmacy benefit management services and innovative clinical programs that focus on engagement, choice, and cost savings. Built on personalized care solutions that simplify health, wellness and nutrition, Kroger Prescription Plans is the catalyst to combining a full suite of Kroger entities to improve health and deliver savings. The company provides pharmacy benefit management services to a wide range of employers across 32 states, including The Kroger Co., the 4th-largest employer in the United States. Discover more at https://www.kpp-rx.com.
About Myriad Genetics
Myriad Genetics Inc., is a leading personalized medicine company dedicated to being a trusted advisor transforming patient lives worldwide with pioneering molecular diagnostics. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. Myriad is focused on five strategic imperatives: build upon a solid hereditary cancer foundation, growing new product volume, expanding reimbursement coverage for new products, increasing RNA kit revenue internationally and improving profitability with Elevate 2020. For more information on how Myriad is making a difference, please visit the Company’s website: https://www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice HRD, EndoPredict, Vectra, GeneSight, riskScore, Prolaris, ForeSight and Prequel are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Kroger Prescription Plans providing the company’s GeneSight® test as an benefit option for Kroger Prescription Plan employer group clients; 2,300 Kroger stores providing counselling about GeneSight to eligible employer group members and facilitate testing with their prescribing healthcare professionals; the ability of the GeneSight test for aiding in the selection of medicines for patients with major depressive disorder, to improve patient outcomes or lower healthcare costs; the company and Kroger Prescription Plans implementing a similar program for Vectra, and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking employer group clients;2,300Kroger stores providing counselling about GeneSight to eligible employer group members and facilitate testing with their prescribing healthcare professionals; the ability of the GeneSight test for aiding in the selection of medicines for patients with major depressive disorder, to improve patient outcomes or lower healthcare costs; the company and Kroger Prescription Plans implementing a similar program for Vectra, and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the Association for Molecular Pathology et al; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and other factors discussed under the heading “Risk Factors” contained in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2018, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.