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

10 and 2011. This resulted in a reduction of over $300 million. Third, included in our 2010 results was a one-time collection of an approximately $200 million income tax receivable from the Internal Revenue Service.

Specialty Pharmacy For fourth-quarter 2011, revenues for Accredo Health Group grew 28.3 percent to a record $3.8 billion. For full-year 2011, Accredo's revenues increased 18.5 percent to a record $13.4 billion. This strong performance primarily reflects growth in prescription volumes including the extra week of volume in fiscal 2011, increases in manufacturer brand pricing, broader utilization of specialty products, and the impact of recently introduced drugs.  Product categories that experienced the highest levels of revenue growth include multiple sclerosis, rheumatoid arthritis, oncology, and hepatitis. 

The Accredo fourth-quarter 2011 gross margin percentage decreased to 6.3 percent compared to 6.5 percent for the same period in 2010. Accredo's full-year 2011 gross margin percentage was 6.6 percent compared to 6.8 percent in 2010. The decline in gross margin primarily reflects product and channel mix.

Accredo's operating income for fourth-quarter 2011 grew 44.3 percent to a record $158.6 million. Full-year operating income increased 27.9 percent to a record $560.6 million from $438.2 million in 2010, driven primarily by the revenue growth and operating efficiencies.

Share Repurchase Programs As a result of the pending merger, there were no share repurchases made during the fourth quarter of 2011. For full-year 2011, Medco repurchased 29.3 million shares through a pre-authorized trading plan at a cost of $1.787 billion, reflecting an average per-share cost of $60.93. On an inception-to-date basis, since repurchases commenced in 2005, Medco has repurchased 285.5 million shares at a cost of $12.85 billion reflecting an average share price of $45.00.

Richard Rubino, chief financial officer, noted, "We
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SOURCE Medco Health Solutions, Inc.
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