Express Scripts Raises Year Earnings Guidance

Express Scripts and Walgreens and have worked out a prescription drug deal.Express Scripts (ESRX), buoyed by its purchase of Medco Health Solutions, has raised its 2012 earnings guidance to $3.60-$3.75 per share, up from earlier expectations of $3.36-$3.66.

But the St. Louis-based drug company also said deal pinched second quarter results. Net income fell to $170.9 million from $334.2 million in the year-earlier quarter. Diluted earnings per share decreased to 21 cents per share from 66 cents per share in the year-earlier quarter.

Revenue increased nearly 60 percent to $27 billion in the second quarter from $11 billion a year ago as a result of the merger.

“Our strong second quarter results, the first as a combined organization, demonstrate the continued execution of our business model of alignment,” stated George Paz, chairman and chief executive officer. “We are fully underway with the integration process and will continue to focus on lowering healthcare costs while improving health outcomes.

Accounting for the one-time expense involved with the Medco merger and other variables, the company reported an adjusted earnings per share of $0.88 per share.



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