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Medco Health Solutions, Inc. (NYSE: MHS) recently announced second-quarter 2009 GAAP diluted earnings per share of $0.64, up 25.5 percent compared to $0.51 for the second quarter of 2008. Making adjustments for the amortization of intangible assets that existed as Medco became a publicly traded company in 2003, second-quarter 2009 diluted earnings per share increased 23.2 percent to $0.69, from $0.56 in the second quarter of 2008. Delivering this strong performance through the second quarter and apparently a clearer forecast for the full year, Medco raised and narrowed its 2009 earnings guidance, projecting GAAP diluted EPS growth of 19% to 22% over 2008.
"Our strong second-quarter results are a testament to our organic growth driven by Medco's unique and demonstrated ability to improve clinical outcomes and reduce total healthcare costs. We are confident in our continued strong performance for the remainder of 2009, despite the weak economy, and are pleased to raise our guidance to yield expected GAAP diluted earnings per share growth of 19 to 22 percent," said Medco Chairman and Chief Executive Officer David B. Snow Jr. "The compelling value of the Medco Therapeutic Resource Centers; our cutting-edge expertise in pharmacogenomics, and our focus on operational excellence have positioned Medco extremely well in the marketplace. We have improved upon what was already a record sales year. Our 2009 annualized new-named sales now total $10.1 billion, up from the $8.6 billion reported last quarter. Net-new sales for fiscal 2009 now exceed $8.0 billion; up from the over $7.0 billion reported last quarter. The $2.0 billion in annualized new-named sales we previously announced for 2010 has since climbed to $2.8 billion, and our client retention rate for 2010 exceeds 98 percent," said Snow.
With more than 20,000 employees dedicated to improving patient health and reducing costs for a wide range of public and private sector clients, and 2008 revenue exceeding $51 billion, Medco ranks 45th on the Fortune 500 list and is named among the world's most innovative, most admired and most trustworthy companies.
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