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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

Snow.

Snow added, "We have seen clients and consumers alike choosing the cost-saving benefits of mail-order and generics in these difficult economic times, and our strong 2009 net-new business growth provides additional evidence that our value proposition is resonating with both current and new clients."

Richard J. Rubino, chief financial officer, added: "We continue to see strong growth across our business, resulting in record EBITDA per adjusted prescription of $3.19. In particular, specialty pharmacy revenue grew more than 34 percent this quarter compared to third-quarter 2007, with its operating income increasing nearly 49 percent."

Third-Quarter Financial and Operational Results

Medco reported net revenues of nearly $12.6 billion, a 15.0 percent increase from third-quarter 2007. Net revenues increased 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-cost generic drugs. Medco's generic dispensing rate increased 4.1 percentage points to 64.4 percent from the third quarter of 2007. The mail-order generic dispensing rate increased 4.9 percentage points to 55.8 percent and the retail generic dispensing rate increased 4.2 percentage points to 66.4 percent.

Higher volumes of lower-cost generic drugs reduced net revenues for third-quarter 2008 by approximately $650 million, delivering significant savings to clients and members, and contributing to higher gross margins. On a year-to-date basis, the higher volume of generic drugs reduced net revenues by over $2.1 billion.

Total prescription volume, adjusting for the difference in days supply between mail order and retail, was 193.0 million, a 5.6 percent increase over the third quarter of 2007. Additionally, mail-order prescription volume increased 11.1 percent to 26.1 million and retail prescription volume increased 2.3 percent to 115.1 million. The adjusted mail-order pen
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SOURCE Medco Health Solutions, Inc.
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