St. Louis-based Express Scripts profits fall 49 percent

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by Associated Press

Associated Press

Posted on August 7, 2012 at 2:59 PM

ST. LOUIS (AP) -- Express Scripts says its earnings fell 49 percent in the pharmacy benefits manager's second quarter, as it wrapped up its $29 billion acquisition of competitor Medco Health Solutions.
 
The St. Louis company earned $170.9 million, or 21 cents per share, in the three months that ended June 30. That compares to earnings of $334.2 million, or 66 cents per share, in last year's second quarter. Revenue more than doubled to $27.69 billion with the acquisition.
 
 Excluding acquisition costs, the company would have earned 88 cents per share.
 
 Analysts forecast earnings of 82 cents per share on $26.58 billion in revenue, according to FactSet.
 
 Express Scripts Holding Co. completed its acquisition of Medco on April 2, shortly after the second quarter started. It is raising its guidance for full-year earnings.

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