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Medco Health 3Q profit jumps 13.5 percent

Posted on November 3, 2009 at 8:17 AM

Updated Tuesday, Nov 3 at 8:17 AM

NEW YORK (AP) — Medco Health Solutions, the largest U.S. pharmacy benefits manager, says its profit rose 13.5 percent as the company gained new clients and benefited from price inflation of brand-name drugs.

The company earned $335.6 million, or 69 cents per share, up from $295.7 million, or 58 cents per share, a year prior. Excluding amortization of intangibles, adjusted profit was 75 cents per share. Revenue surged 18 percent to $14.79 billion.

Analysts expected 72 cents per share in profit from $14.68 billion in revenue.

Medco slightly raised its 2009 profit outlook to between $2.80 and $2.82 per share, mainly above Wall Street forecasts of $2.80 per share.

The company also reported gains in prescription volume and a higher generic drug dispensing rate helping to boost the profit margin.

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