"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
|SOURCE Medco Health Solutions, Inc.|
Copyright©2009 PR Newswire.
All rights reserved