EBITDA represented a record $3.09 billion for full-year 2011. Excluding merger-related expenses, EBITDA reached a record $3.17 billion, an increase of 6.6 percent, or $196.6 million, over 2010. The associated EBITDA per adjusted prescription for 2011 reached a full-year record $3.23, up 3.9 percent from $3.11 in 2010 (please see Table 6).
Total interest and other (income) expense, net, of $209.8 million in full-year 2011 increased $46.7 million compared to 2010, reflecting higher debt levels from the $1.0 billion senior notes issuance in September 2010 associated with the acquisition of UBC.
Income before the provision for income taxes was a record $2,375.8 million for full-year 2011. Excluding merger-related expenses, income before the provision for income taxes increased 5.2 percent to a record $2,456.0 million, compared to $2,334.2 million for 2010.
The full-year 2011 effective tax rate was 38.7 percent compared to 38.9 percent in full-year 2010.
Net income was a record $1.46 billion for full-year 2011. Excluding merger-related expenses, net income increased 5.5 percent over 2010 to a record $1.51 billion.
Cash flows from operating activities were $1,282.4 million in 2011 compared to $2,344.7 million in 2010. The decline from 2010 is primarily attributed to three factors. First, the 53-week fiscal year in 2011 results in a cut-off in the low cash point of our bi-weekly client billing and retail pharmacy reimbursement cycle, resulting in a decline of well over $400 million. Second, the 53-week fiscal year includes two quarters of calendar year-end pre-payments, one each for 20
|SOURCE Medco Health Solutions, Inc.|
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