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NEW YORK (TheStreet) -- Express Scripts (ESRX - Get Report) fell Wednesday after the pharmacy benefits manager reported first-quarter earnings that came up short of analysts' expectations.
Express reported adjusted earnings per share of 99 cents, excluding items, which was 2 cents short of analysts' consensus estimate, according to Thomson Reuters I/B/E/S. Net profit declined year over year to $328.3 million, or 42 cents a share, from $373 million, or 45 cents a share.
Revenue totaled $23.68 billion, which came up short of analysts' estimates of $23.8 billion.
Express Scripts also lowered its adjusted earnings per share guidance for the full year 2014 to a range of $4.82 to $4.94 from its previous guidance of $4.88 to $5. Analysts expect $4.94 a share. The company expects a prescription volume shortfall mainly because of a delay in expected client starts from mid-2014 to early 2015. This, coupled with lost clients, caused the guidance decrease. Express Scripts said an increase in earnings per adjusted claim would partially offset the shortfall.
The stock was down 6.93% to $66.09 at 10:08 a.m. on Wednesday.