Express Scripts profit rises 21 percent in 3rd qtr
Express Scripts says its earnings climbed 21 percent in the pharmacy benefits manager's third quarter, boosted by gains from its $29 billion acquisition of competitor Medco Health Solutions.
The St. Louis company says it earned $391.4 million, or 47 cents per share in the three months that ended September 30. That compares with earnings of $324.7 million, or 66 cents per share, in last year's quarter.
Revenue more than doubled to $27 billion.
Excluding costs from the Medco acquisition the company would have earned $1.02 per share.
Analysts forecast earnings of 99 cents per share on $27.48 billion in revenue.
Express Scripts Holding Co. finished its acquisition of Medco on April 2, shortly after the first quarter started. The deal makes Express Scripts the nation's largest pharmacy benefits manager.