Catalyst Health Solutions Inc. said Tuesday its profit declined 37 percent in the second quarter as it completed its acquisition of Walgreen Co.'s pharmacy benefits management business.
Catalyst said its profit fell to $12.3 million, or 25 cents per share, from $19.5 million, or 44 cents per share. Excluding special items, the company said it earned 53 cents per share. Its revenue grew 39 percent, to $1.23 billion from $890.1 million, reflecting greater prescription volumes and higher prices on brand-name drugs.
Analysts expected a profit of 54 cents per share and $1.18 billion in revenue, according to FactSet.
The company said its adjusted prescriptions grew 33 percent during the quarter, to 26 million from 19.6 million. Adjusted prescriptions count 90-day mail-order prescriptions as three 30-day prescriptions.
Catalyst completed its acquisition of Walgreens Health Initiatives in July. The $525 million deal boosted its membership enrollment to about 18 million from 7 million. The company said it has signed $325 million in new business starting in 2012, and is pursuing more sales opportunities.
Shares of Catalyst fell $1.91, or 3 percent, and closed at $61.94 Tuesday. The stock picked up 79 cents to $62.73 in aftermarket trading after the earnings were released.