Along with other three companies vying for a state of Tennessee contract worth approximately $300 million a year to manage pharmacy benefits for 270,000 state employees and their families, CVS Caremark fights hard to get the deal.

Recently, the company has lost major contracts worth roughly $4.8 billion all over the country and its stock price has plummeted from a $44 a share in June 2008 to less than $32 a share this week. Fortunately for them, CVS Caremark won a new contract worth almost $1 billion to continue handling pharmacy benefits for retired Texas teachers.

“It’s not terribly material to them from a financial point of view, but just the fact that they’re winning contracts again gives you some hope that they can turn it around,” Jeff Jonas, an analyst with Rye, N.Y.-based Gabelli & Co., in reference to Texas win.

Going back to Tennessee bids, Joe Burchfield, spokesman for the state’s benefits administration, said that it will be assessed carefully by a committee then a winner will be selected soon so the contract can start early next year. The state plans to switch to a single contract for pharmacy benefits that have been handled by three different insurers.