Express Scripts 2nd-quarter net income more than triples as costs decrease; revenue falls
NEW YORK, N.Y. – Express Scripts says its second-quarter net income more than tripled compared to last year, when costs from the pharmacy benefits manager’s acquisition of competitor Medco Health Solutions dented its performance.
The results topped estimates and shares edged up in after-hours trading.
The St. Louis company says it earned $543 million, or 66 cents per share in the quarter ended June 30. That compares to $149.6 million, or 18 cents per share, a year ago.
Express Scripts said it earned $1.12 per share if one-time items are excluded.
Revenue fell 4 per cent to $26.43 billion.
Analysts expected earnings of $1.10 per share on $25.50 billion in revenue.
Express Scripts Holding Co. is the nation’s largest pharmacy benefits manager.
The company raised its full-year guidance to earn $4.26 to $4.34 per share in 2013. Analysts expect $4.29 per share.
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