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Medco Delivers First-Quarter 2009 GAAP Diluted EPS of $0.58; Diluted EPS Excluding Amortization of Intangible Assets of $0.63; Reaffirms 2009 EPS Guidance; Announces Win of Coventry Commercial Business Starting January 1, 2010
Date:4/29/2009

op and bottom lines as we deliver significant healthcare cost savings and world-class clinical quality to clients and members. The Medco Therapeutic Resource Centers(R) and our leadership in pharmacogenomics, along with the broad spectrum of Medco's other product and service offerings, continue to differentiate Medco in the marketplace," said Medco Chairman and Chief Executive Officer David B. Snow Jr.

"We are achieving unparalleled success in winning new business. In fact, 2009 represents a record sales year for Medco, with annualized new-named sales of $8.6 billion, up from the $8.0 billion reported last quarter, and net-new sales of over $7.0 billion, up significantly from the $6.1 billion reported last quarter. Looking forward, the 2010 selling season has already yielded meaningful early wins, including Coventry's commercial and workers compensation business - an incremental win to the Coventry Medicare business, which we installed successfully on January 1, 2009. This brings our total annualized new-named sales for 2010, at this early date, to $2.0 billion," said Snow.

First-Quarter Financial and Operational Results

Medco reported first-quarter net revenues exceeding $14.8 billion, an increase of 14.4 percent from first-quarter 2008 -- primarily as a result of contributions from significant new client wins and price inflation on brand-name drugs, partially offset by higher volumes of lower-priced generic drugs. Medco's generic dispensing rate increased 3.5 percentage points from first-quarter 2008 to a record 66.8 percent. The mail-order generic dispensing rate increased 3.6 percentage points to 57.2 percent and the retail generic dispensing rate increased 3.2 percentage points to 68.5 percent. Higher volumes of lower-priced generic drugs reduced net revenues for first-quarter 2009 by approximately $650 million.

Total prescription volume, adjusting for the difference in days supply between
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SOURCE Medco Health Solutions, Inc.
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