CVS reaches $484M settlement with Florida over opioid case

CVS Health will pay the state of Florida $484 million to settle claims related to opioid prescriptions at its pharmacies.

The settlement will resolve claims dating back more than a decade, according to the announcement from CVS. The settlement amount will be paid over the course of 18 years.

"Putting these claims behind us is in the best interest of all parties and helps sharpen our focus on delivering a personalized, connected health care experience for the millions of consumers who rely on us," said Thomas Moriarty, chief policy and external affairs officer and general counsel at CVS Health, in a statement.

"We look forward to continuing our longstanding partnership with the State of Florida in providing programs, services and solutions to reduce the illegitimate use of opioid medications," Moriarty said.

With the settlement agreement in place, CVS will no longer be a defendant in the state's opioid lawsuit, which is set for a trial in April 2022. CVS said that the settlement does not constitute an admission of guilt and should not be extrapolated to any other opioid-related cases that CVS may be involved in.

The company said it will "continue to vigorously defend against other lawsuits relating to opioids."

States have filed suit against multiple pharmaceutical companies, pharmacy chains and marketing agencies over the national opioid addiction epidemic. Florida plans to use the settlement funds to enhance its own efforts to combat opioid addiction within the state.