WOODCLIFF LAKE, N.J., May 22 /PRNewswire-FirstCall/ -- In an address to shareholders at the company's annual meeting, Medco Health Solutions, Inc. (NYSE: MHS) Chairman and CEO David B. Snow Jr. today underscored the accelerating momentum of key strategic drivers designed to deliver strong continuing earnings growth through 2008 and beyond -- initiatives ranging from generics, mail-order and specialty pharmacy to retaining and winning customers, and advanced clinical innovation.
"Without question, and by every measure, 2007 represented a breakthrough year for Medco and its shareholders as we surpassed every goal we had established across our business. We achieved a series of records in 2007, including record generic dispensing rate of 59.7 percent, and record mail-order dispensing volume of 94.8 million prescriptions," Snow said. "And we're off to a tremendous start in 2008, setting new sales records since becoming a public company, with $5.1 billion in annualized newnamed sales, $4.6 billion in net-new sales, and a 98 percent client retention rate. On top of all this, we are well underway in transforming the practice of pharmacy," Snow said.
"We are very proud of our 2007 and 2008 results. Our 2009 selling season is already off to a very strong start and we currently expect 2009 to represent another strong year for net-new sales. We look forward to sharing the details of our sales progress during our second quarter earnings call," reported Snow.
Medco Named "Most Admired"
Fortune magazine surveyed 622 companies across 64 industry sectors to compile its list of 'America's Most Admired' Companies, and Medco was named the single-most admired company in the category of Healthcare: Pharmacy and Other Services. In rankings across all industries, Medco was second only to Berkshire-Hathaway in the category of Most Admired -- Long-Term Investment, and third behind Apple and Nike in Most Admired -- Innovation. Medco also ranked as the leader in People Management.
"We're justifiably proud of our achievements," Snow said. "We have created the world's most advanced pharmacy and the first full-service and specialized pharmacy practice to deliver superior clinical solutions for members with chronic and complex conditions. Our focus remains on delivering superior clinical and financial outcomes and our future holds considerable opportunity. Medco remains at the head of our industry and at the heart of health."
During the Annual Meeting of Shareholders, Medco shareholders re-elected John L. Cassis, Michael Goldstein and Blenda J. Wilson to its Board of Directors. Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent auditors for fiscal year 2008 and approved and ratified Medco's Third Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 1 billion to 2 billion shares. In addition, shareholders voted to defeat a shareholder proposal regarding executive compensation.
A replay of the webcast of Medco's Annual Meeting of Shareholders is available through the Investor Relations section on Medco's Web site, http://www.medco.com/investor. Slides associated with the presentations made during the meeting will also be available on the site.
RealPlayer or Windows Media Player is required to listen to the webcast. Free downloads of both players are available at the webcast site. The webcast will be available for replay for one year following the presentation.
Medco Health Solutions, Inc., (NYSE: MHS) is the nation's leading pharmacy benefit manager based on its 2007 total net revenues of more than $44 billion. Medco's prescription drug benefit programs, covering approximately one in five Americans, are designed to drive down the cost of pharmacy health care for private and public employers, health plans, labor unions and government agencies of all sizes, and for individuals served by the Medicare Part D Prescription Drug Program and those served by its specialty pharmacy segment, Accredo Health Group. Medco, the world's most advanced pharmacy(TM), is positioned to serve the unique needs of patients with chronic and complex conditions through its Medco Therapeutic Resource Centers(R), including its enhanced diabetes pharmacy care practice through the Liberty acquisition. Medco is the highest-ranked independent pharmacy benefit manager on the 2008 Fortune 100 list. On the Net: http://www.medco.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward- looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
|SOURCE Medco Health Solutions, Inc.|
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