Medco Reports Record Second-Quarter 2008 GAAP Diluted EPS; Reflects Growth of 34.2 Percent; Raises and Narrows 200... (significant new client wins and priceinf...)

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Medco Reports Record Second-Quarter 2008 GAAP Diluted EPS; Reflects Growth of 34.2 Percent; Raises and Narrows 2008 Guidance

Date:7/24/2008

significant new client wins and price inflation on brand-name drugs, partially offset by higher volumes of lower-cost generic drugs. Medco's generic dispensing rate increased 4.8 percentage points to a record 63.7 percent from the second quarter of 2007. The mail-order generic dispensing rate increased 5.0 percentage points to 54.9 percent and the retail generic dispensing rate increased 4.8 percentage points to 65.6 percent.

While higher volumes of lower-cost generic drugs reduced net revenues by approximately $710 million, these savings benefit clients and members, and contribute to higher gross margins. Year-to-date, the higher volumes of generic drugs reduced net revenues by approximately $1.5 billion.

Total prescription volume, adjusting for the difference in days supply between mail order and retail, increased 6.4 percent from the second quarter of 2007 to 198.1 million. Mail-order prescription volume increased 11.9 percent to 26.3 million. Retail prescription volume increased 3.2 percent to 119.6 million. Adjusted mail-order prescriptions as a percentage of total adjusted prescriptions increased 2.0 percentage points, reaching 39.7 percent. Total gross margin increased 90 basis points to 7.3 percent from 6.4 percent in the second quarter of 2007, reflecting higher mail volumes and penetration, and higher generic dispensing rates. (Please see Table 5 for the calculation of adjusted prescription volume and generic dispensing rate information).

Total selling, general and administrative expense of $368.4 million increased 34.5 percent or $94.4 million over second-quarter 2007. Over $61 million of this increase is attributable to operating expenses from PolyMedica and Critical Care Systems, which were acquired in fourth-quarter 2007, and Europa Apotheek Venlo, a first-quarter 2008 majority-stake acquisition. The remaining increase primarily reflects employee-related costs to support the growing client base and strategic clinical initiatives.
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SOURCE Medco Health Solutions, Inc.
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