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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

e tax rate was 40.2 percent, compared to 39.7 percent in the first quarter of 2008.

Net income of $291.0 million increased 7.7 percent over the same quarter last year.

Medco cash flows from operations increased to nearly $1.2 billion, from $165.5 million for the same period in 2008 - a seven-fold increase. The company closed the first quarter of 2009 with nearly $1.8 billion of cash on its balance sheet.

Richard J. Rubino, chief financial officer, added, "Our disciplined financial strategies, including our focus on working capital management, are continuing to drive increased cash balances, cash flows from operations and return on invested capital well ahead of expectations. Our balance sheet is stronger than ever, which provides us with increased flexibility to deploy capital to drive long-term shareholder value."

Specialty Pharmacy Group

Revenues for Accredo Health Group grew 21.0 percent to a record $2.3 billion, compared to $1.9 billion in the first quarter of 2008, reflecting the contribution from significant new client wins and growth across the specialty business.

Accredo's gross margin increased to 7.8 percent in the first quarter of 2009 compared to 7.7 percent for the same period in 2008. Operating income grew 43.3 percent to $91.3 million from $63.7 million in the first quarter of 2008, driven by the revenue growth and a favorable product mix in the quarter.

Share Repurchase Program

As part of its $3 billion share repurchase program, Medco repurchased a total of 5.3 million shares for $215.6 million during the first quarter of 2009 with an average per-share cost of $40.59. Since the inception of the program in November 2008, Medco has repurchased 10.5 million shares for a total cost of $415.6 million with an average per-share cost of $39.72.

2009 Guidance Reaffirmed

Medco continues to ex
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SOURCE Medco Health Solutions, Inc.
Copyright©2009 PR Newswire.
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