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PharMerica Reports Fourth Quarter And Full Year 2013 Results

PharMerica Corporation (NYSE:PMC), a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services, today reported its financial results for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Highlights (Comparisons to Fourth Quarter 2012)
  • Adjusted diluted earnings per share of $0.44, an increase of 22%
  • Cash flows from operating activities of $3.7 million
  • Adjusted EBITDA of $30.6 million, an increase of 6%
  • Generic dispensing rate increased to industry-leading 83.7%
  • Strategic investment in Onco360 to expand PharMerica’s presence in the rapidly growing oncology market
  • Partnership with Innovatix to advance PharMerica’s position in the home infusion and specialty market

Full Year 2013 Highlights (Comparisons to Full Year 2012)
  • Record adjusted diluted earnings per share of $1.83, an increase of 30%
  • Record cash flows from operating activities of $155.7 million, an increase of 82%
  • Record adjusted EBITDA of $132.8 million, an increase of 19%

Greg Weishar, PharMerica Corporation’s Chief Executive Officer, said, “2013 was a record year for PharMerica. Our results underscore continued progress in core operations, profitability and cash flows. We are making great progress in the long-term care business, diversifying revenues and enhancing shareholder value.

“During the fourth quarter, excluding previously disclosed bed losses, we achieved net sales growth which we anticipate will continue throughout 2014. We continue to enhance our industry leading position in generic dispensing, and we are making solid progress in deploying innovative products and services that save clients money. Further, in 2014 we intend to advantageously deploy cash flow from operating activities to support ongoing strategic purchasing initiatives. Collectively, we anticipate all these efforts will position the Company for 2015 and beyond.

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