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

o's fiscal reporting calendar, when compared to 52 weeks in 2010.  (Please see Table 9.) The increase in net revenue also reflects contributions from new client wins and higher prices charged by brand-name pharmaceutical manufacturers, partially offset by higher volumes of lower-priced generic drugs. Included in this performance was service revenue growth of 39.0 percent, reflecting the UBC acquisition on September 16, 2010, and growth in Medco's client service offerings company wide.

Medco's generic dispensing rate increased 2.8 percentage points from 2010 to a full-year record 73.8 percent. The mail-order generic dispensing rate increased 3.3 percentage points to a full-year record of 64.8 percent, while the retail generic dispensing rate increased 2.6 percentage points to a full-year record 75.3 percent. The year-over-year improvement in the overall generic dispensing rate drove incremental savings in 2011 of approximately $3.6 billion for Medco's clients and members.

Total adjusted prescription volume was 980.7 million, an increase of 2.5 percent over full-year 2010 reflecting the extra week of volume in fiscal 2011. Mail-order prescription volume increased 3.0 percent to a record 113.1 million also reflecting continued steady utilization trends. For full-year 2011 generic prescription volumes at mail increased 8.3 percent to a record 73.2 million, while brand-name prescription volumes decreased 5.5 percent to 39.9 million.  

Retail prescription volumes increased 2.2 percent from 2010, to a record 644.3 million. The full-year 2011 adjusted mail-order penetration rate of 34.3 percent was 20 basis points higher than 2010.

Total gross margin for full-year 2011 increased over 6.5 percent from 2010 and reached a record $4.62 billion. The total gross margin percentage of 6.6 percent was consistent with full-year 2010.  

Total SG&A expenses of $1.74 billion increased 12.5 percent from full-year 2010.  Exclud
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SOURCE Medco Health Solutions, Inc.
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