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Medco Chairman and CEO David Snow Addresses Shareholders, Highlighting Another Year of Growth, Innovation and Substantial Client Savings - With More to Come
Date:5/24/2011

any measure, 2010 was a year of growth that delivered solid returns to investors," said Snow. "But investors also recognize that Medco's vision is long-term. We bring game-changing, system-transforming capabilities to the equation. Since becoming a public company in 2003 we have redefined the modern pharmacy benefit manager (PBM), and we are now executing on an ambitious, expansive and meticulously detailed plan as we bring to life the concept of 'making medicine smarter' through the next decade."

In addition to delivering nearly $3.7 billion in generic savings to clients and members, the company's 2010 financial results strongly affirmed the effectiveness of Medco's strategy and the agility and responsiveness of its operations. In 2010:

  • GAAP diluted EPS increased 21.1 percent to a record $3.16 from $2.61 in 2009;
  • Total net revenues increased 10.3 percent to a record of $66.0 billion;
  • Gross margins increased 7.7 percent to a record $4.34 billion;
  • EBITDA increased 8.1 percent to a record $2.97 billion, yielding a full-year record of $3.11 per adjusted prescription;

Other records Medco logged in 2010 included: a mail-order prescription volume increase of 6.5 percent to 109.8 million (with generic volumes increasing 13.4 percent to a record 67.6 million); a generic dispensing rate increase of 3.5 percentage points to a full-year 71.0 percent; and an increase in specialty pharmacy revenues of 19.1 percent to over $11.3 billion – all delivering significant savings to Medco's clients and patients.

The company's client-retention rates and new sales also spoke clearly to the value of its services. Annualized new-named and net-new sales for 2010 each reached $5.3 billion, and the client retention rate, as measured by drug spend, exceeded 99 percent.

"Medco is a force for long-term, positive change in healthcare," concluded Snow. "Whether you gauge that by client sa
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SOURCE Medco Health Solutions, Inc.
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