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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