ST. LOUIS, July 29 Express Scripts, Inc. (Nasdaq: ESRX) announced second quarter net income from continuing operations of $192.0 million, or $0.74 per diluted share. Excluding non-recurring items in the quarter, primarily related to the previously announced acquisition of WellPoint's pharmacy benefit management business ("NextRx"), earnings per diluted share was $0.88, up 16% from $0.76 for the same period last year. These earnings for the quarter include $0.05 per share of dilution related to the pre-close debt and equity issuances which were completed on June 9 and 10, 2009, respectively.
"The continued execution of our business model, which aligns our interests with those of plan sponsors and patients, again resulted in savings for our clients and members and a strong quarter for our shareholders," stated George Paz, president, chief executive officer and chairman.
"We have made significant progress during the quarter toward closing the NextRx transaction by clearing regulatory hurdles and securing favorable financing. We look forward to completing the acquisition in the fourth quarter and commencing our alliance with WellPoint, where together we plan to tackle the nation's priority to improve health outcomes and reduce waste," stated Paz.
Second Quarter 2009 Highlights (2009 data reflected on an adjusted basis. See Table 2)
The Company previously provided 2009 earnings per diluted share guidance in a range of $3.67 to $3.77, which excluded any impact related to the NextRx transaction. Due to strong underlying fundamentals in the core business, the Company now believes 2009 earnings on the same basis will be in a range of $3.72 to $3.82, representing 20% to 23% growth over 2008.
The following factors are not reflected in the guidance range above:
See Table 4 for further details.
About Express Scripts
Express Scripts, Inc. is one of the largest PBM companies in North America, providing PBM services to thousands of client groups, including managed-care organizations, insurance carriers, employers, third-party administrators, public sector, workers' compensation, and union-sponsored benefit plans.
Express Scripts provides integrated PBM services, including network-pharmacy claims processing, home delivery services, benefit-design consultation, drug-utilization review, formulary management, and medical- and drug-data analysis services. The Company also distributes a full range of biopharmaceutical products directly to patients or their physicians, and provides extensive cost-management and patient-care services.
Express Scripts is headquartered in St. Louis, Missouri. More information can be found at http://www.express-scripts.com, which includes expanded investor information and resources. More information on the Center for Cost-Effective Consumerism can be found at http://www.consumerology.org.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including, but not limited to, statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-Q on file with the SEC. A copy of this form can be found at the Investor Relations section of Express Scripts' web site at http://www.express-scripts.com.
We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
FINANCIAL TABLES FOLLOW
-- Gross profit increased 18% from 2008. -- EBITDA per adjusted claim was $3.20, an increase of 20% from the prior year. -- In June, the Company raised $4.1 billion of cash to pre-fund the NextRx acquisition (26.5 million new shares and $2.5 billion of new public debt).
SOURCE Express Scripts, Inc.