{"id":431863,"date":"2024-07-17T09:00:37","date_gmt":"2024-07-17T13:00:37","guid":{"rendered":"https:\/\/comptroller.nyc.gov\/?p=431863"},"modified":"2024-07-18T07:47:34","modified_gmt":"2024-07-18T11:47:34","slug":"nyc-comptroller-presses-pharmacy-giants-to-provide-abortion-medication-or-risk-losing-investor-confidence","status":"publish","type":"post","link":"https:\/\/comptroller.nyc.gov\/newsroom\/nyc-comptroller-presses-pharmacy-giants-to-provide-abortion-medication-or-risk-losing-investor-confidence\/","title":{"rendered":"NYC Comptroller Presses Pharmacy Giants To Provide Abortion Medication or Risk Losing Investor Confidence"},"content":{"rendered":"

New York, NY\u202f<\/span><\/b>\u2014 At a time when abortion access is increasingly under threat across the country, New York City Comptroller Brad Lander urged Walmart, Costco, Kroger, Albertsons, and McKesson to immediately begin dispensing the abortion medication mifepristone. In <\/span>letters<\/span><\/a> to their CEOs sent\u202f<\/span>yesterday<\/span>, Comptroller Lander warns the companies risk investor confidence if they do not provide timely and accessible reproductive healthcare. New York City\u2019s pension systems own over $1.32 billion in total shares of the companies.<\/span>\u00a0<\/span><\/p>\n

\u201cBy failing to become certified mifepristone dispensers, these pharmacy giants put both women\u2019s reproductive health care and investors money at risk,\u201d <\/span>Comptroller Brad Lander<\/span><\/b> said of the letters. \u201cThe boards of Costco, Walmart, Kroger, Albertsons, and McKesson should<\/span> follow CVS and Walgreens and<\/span> immediately take the necessary steps to receive certification to dispense the medication mifepristone in states where it is legal. Making mifepristone available benefits customers and employees, increases sales, and generates long-term shareholder value.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

The letters emphasize the well-established safety and efficacy of mifepristone, urging the Boards to ramp up efforts to become certified and start dispensing. This move would follow the lead of industry giants CVS and Walgreens, that committed to providing access to medical abortion through their pharmacies. These four companies also faced increasing pressure from 54 U.S. House members in a <\/span>letter<\/span><\/a> sent July 2 to their boards, urging the companies to take action to begin dispensing the medication.\u202f<\/span>\u00a0<\/span><\/p>\n

Comptroller Lander cautions the companies on potential financial risk with this delay. Investor \u201cconcerns include the company’s responsiveness to a growing market opportunity, its mitigation of potential reputational risks, and its commitment to maximizing sales and long-term shareholder value,\u201d\u202f<\/span>Comptroller Lander<\/span><\/b>\u202fwrote in the letter.\u202f<\/span>\u00a0<\/span><\/p>\n

The New York City Comptroller serves as investment advisor, custodian, and trustee for the five New York City public pension funds. New York City\u2019s pension funds have over $270 billion assets under management with the following breakdown of shares at each of the five companies as of May 31, 2024:<\/span>\u00a0<\/span><\/p>\n