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Medco Reports Strong First-Quarter Results; Record EPS, Mail-Order Volume, Generic Dispensing Rates
Date:4/29/2008

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First-Quarter Financial and Operational Results

Medco reported record net revenues of nearly $13.0 billion, a 16.2 percent increase from first-quarter 2007. Net revenues increased primarily as a result of price inflation on brand-name drugs, and higher volumes associated with significant new client wins, partially offset by higher generic dispensing rates. Diabetic supplies associated with our PolyMedica acquisition also contributed to the net revenues growth.

The record generic dispensing rates, which benefit clients and members and contribute to higher gross margins, reduced net revenues by approximately $750 million compared to the first quarter of 2007.

Total prescription volume, adjusting for the difference in days supply between mail-order and retail, increased 9.1 percent from the first quarter of 2007 to 206.7 million prescriptions. Mail-order prescription volume increased 13.7 percent to 26.6 million. Retail prescription volume increased 6.4 percent to 127.2 million. Adjusted mail-order prescriptions as a percentage of total adjusted prescriptions increased 1.5 percentage points, reaching 38.4 percent. (Please see Table 6 for the calculation of adjusted prescription volume).

Total gross margin of 6.9 percent remained consistent with the first quarter of 2007, which benefited from the short-term supply of generic Plavix. For the first quarter of 2008, record-level mail-order prescription volume and generic dispensing rates, partially offset by the start-up costs from the significant new client installations, contributed to sustaining the margin percentage at a rate comparable to the strong first quarter of 2007. (Please see Table 5 for generic dispensing rate information).

Total selling, general and administrative expense increased 32.2 percent to $328.4 million from the first quarter of 2007. The increase reflects the fourth-quarter 2007 acquisitions of PolyMedica and Critical Care Systems, a
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SOURCE Medco Health Solutions, Inc.
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