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Express Scripts Reports Strong Second Quarter Earnings
Date:7/29/2009

ST. LOUIS, July 29 /PRNewswire-FirstCall/ -- Express Scripts, Inc. (Nasdaq: ESRX) announced second quarter net income from continuing operations of $192.0 million, or $0.74 per diluted share. Excluding non-recurring items in the quarter, primarily related to the previously announced acquisition of WellPoint's pharmacy benefit management business ("NextRx"), earnings per diluted share was $0.88, up 16% from $0.76 for the same period last year. These earnings for the quarter include $0.05 per share of dilution related to the pre-close debt and equity issuances which were completed on June 9 and 10, 2009, respectively.

"The continued execution of our business model, which aligns our interests with those of plan sponsors and patients, again resulted in savings for our clients and members and a strong quarter for our shareholders," stated George Paz, president, chief executive officer and chairman.

"We have made significant progress during the quarter toward closing the NextRx transaction by clearing regulatory hurdles and securing favorable financing. We look forward to completing the acquisition in the fourth quarter and commencing our alliance with WellPoint, where together we plan to tackle the nation's priority to improve health outcomes and reduce waste," stated Paz.

Second Quarter 2009 Highlights (2009 data reflected on an adjusted basis. See Table 2)

  • Gross profit increased 18% from 2008.
  • EBITDA per adjusted claim was $3.20, an increase of 20% from the prior year.
  • In June, the Company raised $4.1 billion of cash to pre-fund the NextRx acquisition (26.5 million new shares and $2.5 billion of new public debt).

2009 Guidance

The Company previously provided
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SOURCE Express Scripts, Inc.
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