From The Associated Press
ST. LOUIS —
Pharmacy benefits manager Express Scripts says its first-quarter profit fell 18 percent as it worked to close its $29 billion acquisition of competitor Medco.
The St. Louis company says it earned $267.8 million, or 55 cents per share, down from $326.5 million, or 61 cents per share, in last year’s first quarter. Excluding one-time items, it earned 73 cents per share. Revenue climbed 9 percent to $12.13 billion.
Analysts forecast earnings of 77 cents per share on $11.47 billion in revenue.
Express Scripts Holding Co. completed its acquisition of Medco Health Solutions on April 2. The deal made Express Scripts the largest pharmacy benefits manager by far.
Express Scripts expects the combined company to earn $3.36 to $3.66 per share in 2012, while filling 1.4 billion adjusted prescriptions.