NEW YORK (AP) — Express Scripts, the largest U.S. pharmacy benefits manager, said Thursday that its fourth-quarter net income slipped, hurt by the loss of UnitedHealth, a large customer.
Charges related to its $29.1 billion purchase of Medco Health Solutions in 2012 and other expenses also weighed on profit.
Pharmacy benefits managers run prescription drug plans for employers, insurers and other customers. They process mail-order prescriptions and handle bills for prescriptions filled at retail pharmacies. Express Scripts fills more than a billion prescriptions a year.
Express Scripts Holding Co. said Thursday that it earned $501.9 million, down from $504.1 million in the final quarter of 2012. On a per-share basis, earnings rose to 63 cents from 61 cents as the company bought back more stock, leaving fewer shares on the market.
Excluding expenses including those stemming from its combination with Medco, earnings came to $1.12 per share. That matched Wall Street's prediction.
Revenue fell 6 percent, to $25.78 billion from $27.37 billion. FactSet says analysts forecast $25.36 billion.
Continue reading this story on the...