Wheels Off at Omnicare

"In closing, to say that 2006 has been an interesting year is something of an understatement," Gemunder said. "But we're managing through it with diligence and a focus on commitment to restoring shareholder value. And we very much appreciate your patience "in the meantime."

Interestingly, Omnicare had little to say about one issue weighing on the minds of some -- with the potential to weigh on the company's results as well.

Omnicare could see future profits hit under proposed changes to the "average wholesale pricing" system for brand-name drugs. Another company that acts as a drug middleman, Express Scripts (ESRX), warned just last week that the changes could in fact prove material in nature. The company's stock plummeted as a result.

But on this matter, at least, Omnicare felt more comfortable keeping quiet.

"Today it is merely a proposed settlement, and we are not going to speculate on its outcome, what the industry participants may do, or any theoretical impact," Gemunder said. "Like others, we are reviewing it in the context of the various contracts we have and actions we may take if warranted.

"So we really don't have anything more to say about this on today's call."

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