Express Scripts profit falls in 1Q on lower sales

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Associated Press

Posted on April 29, 2014 at 2:01 PM

Updated Tuesday, Apr 29 at 2:02 PM

WASHINGTON (AP) — Express Scripts says its first-quarter earnings fell 12 percent, as the nation's largest pharmacy benefits manager posted lower revenue.

The company scaled back its 2014 earnings-per-share guidance to between $4.82 and $4.94 based on delays in several customer implementation plans, among other reasons.

The St. Louis company earned $328 million, or 42 cents per share, in the three months that ended March 31. That was down from $373 million, or 45 cents per share, in last year's quarter. Adjusted profit was 99 cents per share. Revenue fell 8.8 percent to $23.69 billion.

Analysts forecast, earnings of $1.01 per share on revenue of $23.83 billion.

Pharmacy benefits managers run prescription drug plans for employers, insurers and other customers. They process mail-order prescriptions and handle bills for prescriptions filled at retail pharmacies.

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