St. Louis, MO -(PRNewswire)- Express Scripts Holding Company (Nasdaq: ESRX) has announced 2012 fourth quarter and full year net income attributable to Express Scripts shareholders from continuing operations of $515.9 million and $1,340.5 million, or $0.62 and $1.79 per diluted share, respectively. Adjusted earnings per share attributable to Express Scripts from continuing operations, as detailed in Table 4 were $1.05 and $3.74 per diluted share for the fourth quarter and full year, respectively.
“2012 was a monumental year for Express Scripts as we closed the acquisition of Medco and made significant progress integrating the two companies,” stated George Paz, chairman and chief executive officer. “Our financial performance in 2012 was strong, and as we look to the future, we are well positioned to capitalize on the complementary strengths of the combined organization, which enhance our ability to improve health outcomes, lower health care costs and continue to deliver long-term growth.”
Fourth Quarter 2012 Review
All key metrics compared to 2011 were affected by the inclusion of Medco results beginning in the second quarter of 2012. Gross profit margin and EBITDA per adjusted claim increases over last year are mainly attributed to improved operating performance, increased generic utilization and realization of synergies.
- Adjusted claims of 410.8 million, up 111%
- Gross profit of $2.3 billion, up 160%
- EBITDA of $1.6 billion, up 131%
- EBITDA per adjusted claim of $4.01, up 10%
- Cash flow from operations of $2.6 billion, compared to $0.5 billion in the fourth quarter of 2011
Full Year 2012 Review
- Adjusted claims of 1,395.7 million, up 86%
- Gross profit of $7.5 billion, up 123%
- EBITDA of $5.4 billion, up 103%
- EBITDA per adjusted claim of $3.87, up 9%
- Cash flow from operations of $4.8 billion, including merger-related costs, up from $2.2 billion in 2011
2013 Guidance
The Company expects to achieve adjusted earnings per diluted share from continuing operations for 2013 in the range of $4.20 to $4.30, or 12% to 15% growth over 2012. Adjusted earnings per share for 2013 exclude items as detailed in Table 6.
- Total adjusted claims are expected to grow 5% to 7% from 1,395.7 million adjusted claims reported in 2012
- Selling, general and administrative expense is expected to decline 8% to 10% from $2,365.9 million reported on an adjusted basis in 2012
- EBITDA per adjusted claim is expected to grow 15% to 18% from $3.87 reported on an adjusted basis in 2012
- Effective tax rate is expected to be approximately 39%
- Diluted shares outstanding is expected to be in a range of 825 million to 835 million
Due to the Federal Holiday on February 18, 2013, the Company expects to file its Annual Report on Form 10-K for the year ended December 31, 2012 with the Securities and Exchange Commission (“SEC”) on Tuesday, February 19, 2013. However, in connection with this earnings release, the contents of the Form 10-K substantially in the form expected to be filed on Tuesday, February 19, 2013, are expected to be made available to the public on the “Investor Information” section of the Company’s website at approximately 4:00 pm Eastern Time (3:00 p.m. Central Time) on Monday, February 18, 2013 at www.express-scripts.com/corporate. The Form 10-K, as filed with the SEC, will replace that document on the Company’s website as soon as practicable following its filing with the SEC.
The complete earnings release is available here: Express Scripts Reports Fourth Quarter and Full Year 2012 Results
Source: PRNewswire/Express Scripts