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Medco Reports Record Third-Quarter 2008 GAAP Diluted EPS of $0.58; Diluted EPS Excluding Amortization of Intangible Assets of $0.63
Date:11/5/2008

d1 = document.getElementById('headline'); s.tl(this,'o',getLinkName('Company Sanpshot'));" >MHS) today reported third-quarter 2008 GAAP diluted earnings per share increased 48.7 percent to $0.58, compared to $0.39 for the third quarter of 2007. Adjusting for the $0.05 per share in amortization of intangible assets that existed when Medco became a publicly traded company, third-quarter 2008 diluted earnings per share increased 43.2 percent to $0.63, from $0.44 in the third-quarter of 2007. Excluding a nonrecurring $0.05 state income tax benefit for the quarter, which was previously disclosed and included in the company's prior guidance, GAAP diluted earnings per share increased 35.9 percent to a record of $0.53, and when excluding both the state income tax benefit and the amortization of intangible assets, diluted earnings per share rose 31.8 percent.

"Our strong third quarter results and 2009 guidance reflect our compelling business model, which is designed to improve clinical and financial outcomes for clients and their members, and deliver value that is even more critical in a turbulent economy," said David B. Snow Jr., Medco chairman and chief executive officer.

"Medco sales successes continue at a strong pace. For 2008, annualized new-named sales rose to $7.2 billion from the $6.5 billion reported in the second quarter, resulting from additional wins effective in the second half of 2008. Our net-new sales for 2008 increased to $5.4 billion from the $5.2 billion reported in the second quarter with an industry-leading 98 percent retention rate across our entire book-of-business," said Snow.

"Our 2009 sales results to date are very strong with new-named annualized sales up almost 40 percent to $6.4 billion from the $4.6 billion we reported last quarter. Net-new sales of $4.9 billion increased nearly 70 percent over the $2.9 billion we reported at the end of the second quarter. Our 2009 retention rate currently stands at 96.5 percent," said
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SOURCE Medco Health Solutions, Inc.
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