Express Scripts Narrows Annual Guidance
July 25 2016 - 5:50PM
Dow Jones News
Pharmacy-benefits manager Express Scripts Holding Co. on Monday
revised its projections for the year following mixed results for
the second quarter.
The St. Louis company, the largest manager of prescription-drug
benefits in the U.S., now projects adjusted profit of $6.33 to
$6.43 a share on between 1.26 billion and 1.29 billion adjusted
claims for the year, compared with its earlier view of $6.31 to
$6.43 a share on 1.255 billion to 1.295 billion adjusted
claims.
Meanwhile, Express Scripts cut its unadjusted profit to a range
of $4.45 to $4.55 a share, down from $4.53 to $4.61 a share.
For the current quarter, it projects adjusted profit of $1.72 to
$1.76 a share, compared with analysts' projected $1.72, on 311
million to 321 million adjusted claims, a 2% to 5% decline from the
year-ago period.
Adjusted claims account for monthly prescriptions filled in
retail pharmacies and 90-day fills through the company's mail-order
business.
Founded in 1986, Express Scripts went public in 1992. Its two
largest customers are Anthem Inc., with which it is in the middle
of a contract dispute, and the Defense Department. Collectively,
Anthem, the second-largest U.S. health insurer, and the Defense
Department accounted for nearly 30% of revenue last year, according
to regulatory filings.
Over all, Express Scripts reported a profit of $720.7 million,
or $1.13 a share, compared with $600.1 million, or 88 cents a
share, a year earlier. Excluding certain items, profit rose to
$1.57 a share, from $1.44 a year earlier, in line with the
company's guidance.
The most recent quarter's results were based on 6.7% fewer
shares outstanding.
Revenue edged down 0.9% to $25.22 billion, compared with
analysts' projected $25.42 billion.
Adjusted claims fell 2% to 315.3 million, within the company's
range of 312 million to 322 million.
Gross profit margin improved to 8.6% from 8.4% a year
earlier.
Shares, down 11% this year, edged up a penny a share in
after-hours trading to $77.40.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
July 25, 2016 17:35 ET (21:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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