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PharMerica Reports First Quarter 2014 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 first quarter ended March 31, 2014.

First Quarter 2014 Highlights (Comparisons to First Quarter 2013)
  • Revenues of $452.2 million, an increase of 3%
  • Adjusted EBITDA of $29.7 million, a decrease of 14%
  • Adjusted diluted earnings per share of $0.37, a decrease of 20%
  • Net organic sales growth in the institutional pharmacy business continues, excluding previously disclosed bed losses
  • Strategic investment in Onco360 driving revenue growth
  • Generic drug dispensing rate increased to industry-leading 84.5%

Greg Weishar, PharMerica Corporation’s Chief Executive Officer, said, “We are positioning PharMerica to drive long-term growth and value creation, and we are encouraged that first quarter results demonstrate solid progress toward those objectives. During the quarter we achieved year-over-year and sequential revenue growth that exceeded expectations. Revenue growth was primarily driven by specialty operations. Consequently, we achieved another quarter of sequential sales growth while at the same time improving our industry-leading generic dispensing rate.”

Mr. Weishar added, “Under the previously announced strategic purchasing initiative, we are advantageously deploying cash flow from operating activities to enhance gross margins. Through the balance of 2014, we will prudently invest in inventory levels that maximize buy side margin. At the same time, we continue to focus on both organic and external growth opportunities. With a solid quarter behind us, we are confident that 2014 will be a successful year of transition and that PharMerica is poised to deliver improving financial results in 2015 and beyond.”

Full Year 2014 Financial Guidance

PharMerica today updated its full year 2014 guidance metrics. For the full year 2014, the Company now expects:
  • Revenue in the range of $1.70 billion to $1.75 billion from $1.67 billion to $1.72 billion
  • Adjusted diluted earnings per share in the range of $1.40 to $1.50 from $1.35 to $1.50
  • Adjusted EBITDA in the range of $117.5 million to $123.0 million from $115.0 million to $123.0 million

The Company notes that its 2014 guidance does not include the effect of any potential 2014 acquisitions. PharMerica is targeting acquisitions that generate at least $100 million of annualized sales, in the aggregate, in each of 2014 and 2015.

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