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Express Scripts Announces Revised 2011 Financial Guidance
Date:10/6/2011

expected utilization and organic growth.   Based on this and other key factors the Company was able to reiterate its 2011 EPS guidance in July 2011.

Express Scripts indicated that as it advanced further into the second half of the year, it has seen greater shortfalls in claims versus expectations.  As such, the Company now believes that it is more likely than not that the continuing stagnant economic conditions will negatively impact claims volumes to a greater extent than it had anticipated.  As such, Express Scripts now believes that total adjusted claims for 2011 will likely be below the range of 750 to 780 million previously expected for fiscal year 2011, primarily due to the shortfall in combined utilization and organic growth described herein, partially offset by strong claims growth in Canadian operations.  The Company continues to believe that claims from net new clients will be consistent with its original assumptions for the year, and that client retention will be generally consistent with historical averages.

A second element of Express Scripts' guidance is estimates around profitability per claim.  During the second half of 2011, the Company is incurring certain additional expenses – to drive future growth of the business and address acute client needs – which are impacting profitability and which were not included in its original guidance.  Specifically, the Company has accelerated spending on certain projects to complete them this year, in order to create additional capacity to successfully complete integration activities for the proposed merger with Medco Health Solutions, Inc. next year.  The Company is investing to support clients and members as they transfer away from Walgreens' pharmacies.  The Company has also increased spending to comply with new regulatory guidance.  In addition to increased spending, there is heightened competition in the marketplace resulting in increased
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SOURCE Express Scripts, Inc.
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