Medco Health 3Q profit rises 10.6 percent

[November 02, 2010]  NEW YORK (AP) -- Pharmacy benefits manager Medco Health Solutions Inc. says its third-quarter net income rose 10.6 percent on a boost in revenue because of new clients and higher prices for prescription drugs.

The company earned $371.5 million, or 85 cents per share, up from $335.6 million, or 69 cents per share, during the same period a year prior. Revenue rose 10 percent to $16.32 billion from $14.79 billion.

Excluding charges, the company said it earned 91 cents per share. Analysts polled by Thomson Reuters expected net income of 88 cents per share on $16.13 in revenue.

Looking ahead, the Franklin Lakes, N.J., company raised its full-year guidance to between $3.14 and $3.16 per share from a prior range of $3.10 to $3.15 per share.

[Associated Press]

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