Express Scripts 3rd-quarter Profit Declines

ST. LOUIS (AP) — Pharmacy-benefits manager Express Scripts Inc. said late Wednesday its third-quarter profit declined, hurt by one-time charges that include costs to settle a legal matter and acquisition expenses.

Profit declined to $197.6 million, or 71 cents per share, compared with $201.9 million, or 81 cents per share, last year. Excluding one-time items in the quarter such as a legal settlement and items related to the acquisition of WellPoint's pharmacy benefit management business NextRx, the company said it earned 99 cents per share.

Revenue rose to $5.62 billion from $5.45 billion a year ago.

The results beat estimates of analysts polled by Thomson Reuters, who expected profit of 80 cents per share on revenue of $5.54 billion.

The company now expects 2009 earnings between $3.76 and $3.82. That's up from a prior outlook between $3.72 and $3.82 per share and earlier guidance of $3.67 to $3.77 per share.

Analysts expect profit of $3.49 per share on average.

The company said its NextRx purchase will close in the next four to six weeks and "moderately" add to earnings when excluding amortization costs, in 2010.

Express Scripts will provide full 2010 guidance with its fourth-quarter earnings release.