St. Louis, MO – Express Scripts Holding Company (Nasdaq: ESRX) has announced 2014 third quarter net income attributable to Express Scripts stockholders of $582.3 million, or $0.78 per diluted share. Adjusted earnings per diluted share, as detailed in Table 4, was $1.29 for the third quarter.
“We have continually improved the pharmacy benefit over nearly three decades, and we’re positioning ourselves to drive further advances,” stated George Paz, chairman and chief executive officer. “The pharmacy benefit is the most used benefit by members and represents the biggest opportunity to add value to healthcare by making it easier to access, more affordable, safer, and more effective. Looking forward, we are allocating the necessary resources to develop innovative solutions aimed at controlling costs and providing a patient-centric model that delivers best in class services to our clients and their members.”
Third Quarter 2014 Review
The expected roll-off of UnitedHealth Group (“UNH”) claims was completed by the end of 2013. The following table compares the third quarter 2014 and 2013 operating results from continuing operations excluding and including UNH.
Third quarter net cash flow provided by operating activities was $435.1 million and the Company repurchased 14.1 million shares of common stock for $1,013.6 million during the quarter, leaving 28.8 million shares available under the current repurchase program.
The Company narrowed its adjusted earnings per diluted share guidance from a range of $4.84 to $4.92 to a range of $4.86 to $4.90, which maintains the mid-point of $4.88. The new guidance range reflects year over year growth of 18% to 19% excluding UNH or growth of 12% to 13% including UNH.
As a result of certain tax planning strategies, the adjusted effective income tax rate guidance improved from a range of 38.0% to 38.2% to a range of 37.6% to 37.8%.
The complete earnings release is available here: Express Scripts 3rd Quarter 2014 Results
Source: Express Scripts