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ST. LOUIS ( AP) Pharmacy benefits manager . , which is buying competitor Medco Health Solutions Inc. , said Thursday its second- quarter profit grew 15 percent. rose to $ 334. 2 million, or 66 cents per share, from $ 289. 9 million, or 53 cents per share a year ago. Its revenue edged up 1 percent, to $ 11. 36 billion to $ 11. 29 billion.
Analysts expected a profit of 71 cents per share on $ 11. 33 billion in revenue, according to . Express Scripts said it will buy Medco for $ 29 billion, or $ 71.
36 per share, in cash and stock. If shareholders and regulators approve, the deal is expected to close in the first half of 2012. Together, the companies reported about $ 110 billion in revenue in 2010 and handled 1. 7 billion prescriptions. Shares of Express Scripts rose $ 3. 34, or 6. 3 percent, to $ 55.
88 in morning trading. Express Scripts said its costs decreased after it completed the integration of Next. Rx, which was the pharmacy benefits management of Well. Point Inc. The integration was finished in the first quarter. The company also said it is beginning to benefit from low- cost that reached the market in late 2010.
However it said it filled fewer prescriptions because of the weak economy. The company' s adjusted prescriptions, a measurement that combines 90- day mail order prescriptions with prescriptions filled at retail, fell 2 percent to 185. 7 million. Express Scripts said a decline in pharmaceutical use and membership declines for insurers hurt its results.
S. claims fell 3 percent while results in Canada improved. Express Scripts backed its annual profit outlook of $ 3.
15 to $ 3.
25 per share. Analysts expect $ 3. 19 per share on average.
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