UPDATE 1-Express Scripts net slips on costs - News

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UPDATE 1-Express Scripts net slips on costs

By: AFX | 28 Oct 2009 | 04:45 PM ET

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NEW YORK, Oct 28 (Reuters) - U.S. pharmacy benefit manager Express Scripts Inc on Wednesday reported slightly lower third-quarter profit as higher costs offset a rise in revenue. The St. Louis-based company posted a net income of $197.6 million, or 71 cents per share, compared with a profit of $201.9 million, or 81 cents per share, a year ago. Excluding one-time items, such as costs related to its pending acquisition of Wellpoint Inc's pharmacy benefit business and a legal settlement, Express said it earned 81 cents per share. Analysts on average expected 80 cents per share, according to Thomson Reuters I/B/E/S. Express said it expects to close the $4.68 billion acquisition of Wellpoint's NetRx business in the next four to six weeks. Pharmacy benefit managers, or PBMs, administer prescription drug benefits for employers and health plans and operate large mail-order pharmacies. Revenue for the quarter rose 3 percent to $5.62 billion, surpassing Wall Street estimates of $5.54 billion. (Reporting by Bill Berkrot, editing by Leslie Gevirtz) Keywords: EXPRESSSCRIPTS/ (bill.berkrot@thomsonreuters.com; +1 646 223-6030; Reuters Messaging: bill.berkrot.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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