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Medco Delivers Record Fourth-Quarter and Full-Year 2011 Earnings
Date:2/21/2012

co's original guidance, all fourth-quarter 2011 financial measures reflect a 14 week fourth-quarter fiscal reporting calendar, compared to 13 weeks in fourth-quarter 2010.  (Please see table 9.) The increase in net revenues also reflects the result of contributions from new client wins and higher prices charged by brand-name pharmaceutical manufacturers, partially offset by higher volumes of lower-priced generic drugs. This performance includes service revenue growth of 18.3 percent, reflecting increased revenues from United BioSource (UBC) and growth in Medco's client service offerings company wide.

Medco's generic dispensing rate increased 2.5 percentage points from fourth-quarter 2010 to a record 74.7 percent. The mail-order generic dispensing rate increased 3.2 percentage points to a record 66.1 percent, while the retail generic dispensing rate increased 2.4 percentage points to a record 76.2 percent. The year-over-year improvement in the overall generic dispensing rate drove incremental savings in fourth-quarter 2011 of approximately $900 million for Medco's clients and members.

Total adjusted prescription volume of 263.1 million increased 7.7 percent over fourth-quarter 2010 reflecting the extra week of volume in fourth-quarter 2011. Mail-order prescription volume increased 9.0 percent to 30.4 million also reflecting continued steady utilization trends. Importantly, generic mail-order prescription volumes increased 14.9 percent to 20.1 million, while brand-name mail-order prescription volumes decreased 1.0 percent to 10.3 million in the fourth quarter of 2011.

Retail prescription volumes increased 7.0 percent from fourth-quarter 2010, to a record 172.7 million. The fourth-quarter 2011 adjusted mail-order penetration rate of 34.4 percent was 50 basis points higher than the fourth quarter of 2010.

Total gross margin for fourth-quarter 2011 reached a record $1.28 billion, increasing more than 10 percent from fourth-quarter 201
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SOURCE Medco Health Solutions, Inc.
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