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Express Scripts 3Q profit rises 8 percent

Tue, 10/25/2011 - 12:45pm
The Associated Press

Pharmacy benefits manager Express Scripts says its profit rose 8 percent in the third quarter as revenue increased and costs fell.

The St. Louis company says its net income grew to $324.7 million, or 66 cents per share, from $301.5 million, or 56 cents per share. It earned 79 cents per share excluding one-time costs. Revenue grew 3 percent $11.57 billion from $11.25 billion.

FactSet says analysts expected a profit of 76 cents per share and $11.28 billion in revenue.

The company says it expects to keep more than 95 percent of its prescription volume in 2012 despite its split with Walgreen Co., the largest drugstore chain in the U.S. It did not provide a 2012 profit forecast, citing its planned $29.1 billion acquisition of competitor Medco Health Solutions Inc.

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