![]() ![]() That trend stems in large part from sustained improvement in generic utilization. The insurer's decision to move its PBM business in-house was made prior to Medco's merger with Express Scripts.Įven with the revenue loss from UnitedHealth's move, Express Scripts continues to generate more profit. However, it really doesn't reflect poorly on Express Scripts. This resulted in a 7% drop-off in claims volume for Express Scripts during the second quarter. The company's prior range for 2013 was $4.23 to $4.33 per diluted share.Īs mentioned above, UnitedHealth is in-sourcing all of its PBM services. The loss of UnitedHealth Group's ( UNH 0.73%) business as the big insurer transitions pharmacy claims to its OptumRx PBM accounts for much of this drop.Įxpress Scripts now says that it expects adjusted earnings per diluted share in the range of $4.26 to $4.34 - a jump of 13% to 16% over full-year 2012. Revenue for the quarter, however, was down nearly 4% year-over-year. More than $108 million in revenue was recognized during the second quarter due to the way that a large client contract was structured. Total revenue came in at $26.4 billion compared to the average analysts' estimate of $25.5 billion. The PBM also beat Wall Street's top line expectations. On a GAAP basis, Express Scripts recorded earnings of $558.3 million, or $0.67 per diluted share. That surpassed the average estimate of $1.10 per share and reflected a 28.7% increase over the same quarter in 2012. The company reported adjusted earnings of $1.12 per diluted share. Here are three things you need to know from the company's update.įor the fifth quarter in a row, Express Scripts beat analysts' earnings estimates. Express Scripts ( ESRX), the nation's largest pharmacy benefits manager, or PBM, announced its second-quarter financial results after the market closed on Monday. ![]()
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