Improved operating performance, the increased usage of generic drugs and the realization of synergies related to its acquisition of a key rival helped Express Scripts Holding Co. raise profits in the fourth quarter, company officials said.
The north St. Louis County-based pharmacy benefit manager reported a net income of $511 million, or 61 cents per share, for the fourth quarter that ended Dec. 31. Sales were reported at $27 billion.
In the year-earlier quarter, Express Scripts reported net income of $292 million on sales of $12 billion. The large profit increase is attributable to the $30 billion acquisition of Medco Health Solutions Inc., a larger competitor, earlier in 2012.
