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

0. The total gross margin percentage of 6.7 percent was 20 basis points lower than fourth-quarter 2010.  

Total selling, general and administrative expenses (SG&A) of $481.7 million increased 12.4 percent from fourth-quarter 2010.  Excluding merger-related expenses of $42.3 million, total SG&A expenses were $439.4 million which represents growth of 2.5 percent over fourth-quarter 2010.  The merger-related expenses primarily include legal fees and employee retention-related expenses.  An additional $1.3 million in merger-related expenses is included in cost of revenues.

EBITDA reached a record $856.0 million for fourth-quarter 2011. Excluding merger-related expenses, EBITDA for the quarter was also a record $899.6 million, an increase of 14.4 percent or $113.1 million over the same period last year. The associated EBITDA per adjusted prescription for fourth-quarter 2011 reached $3.42, up 6.2 percent from $3.22 in the fourth quarter of 2010 (please see Table 6).

Total interest and other (income) expense, net, of $51.7 million in fourth-quarter 2011 increased $1.3 million compared to the same period in 2010.

Income before the provision for income taxes was a record $673.7 million for fourth-quarter 2011. Excluding merger-related expenses, income before the provision for income taxes increased 18.1 percent to a record $717.3 million, compared to $607.3 million for the fourth quarter of 2010.

The fourth-quarter 2011 effective tax rate was 37.0 percent compared to 37.7 percent in fourth-quarter 2010.

Net income was a record $424.4 million for fourth-quarter 2011. Excluding merger-related expenses, net income increased 19.4 percent over the same quarter last year to a record $451.9 million.  

Full-Year Financial and Operational ResultsFull-year 2011 net revenues increased 6.2 percent over 2010 to a record $70.1 billion.  Full-year 2011 revenues reflect 53 weeks of activity in Medc
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SOURCE Medco Health Solutions, Inc.
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