NEW YORK -- Pharmacy benefits manager Medco Health Solutions Inc. says its profit jumped 19 percent in the second quarter as the company signed new clients and prescription drug prices increased, the Associated Press reported.
The Franklin Lakes, N.J., company says it earned $312.1 million, or 64 cents per share, from $262.7 million, or 51 cents per share. Revenue climbed 17 percent to $14.93 billion from $12.77 billion. Excluding one-time costs the company says it earned 69 cents per share.
Thomson Reuters says analysts expected 65 cents per share and $14.55 billion in revenue.
Medco says sales of specialty drugs jumped 20.3 percent to $2.38 billion due to new client wins. The company raised its full-year profit forecast for the year based on the results.
(The preceding article was distributed July 29, 2009, by the Associated Press.)
