PharMerica Reports Third Quarter 2016 Results

PharMerica Corporation (the "Corporation" or the "Company") (NYSE:PMC), a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services, today reported its financial results for the third quarter ended September 30, 2016.
       
      3Q'16 Results  

Comparison to 3Q'15
 

Comparison to 2Q'16
Revenue     $512.6 million   Increase of 2.8%   Decrease of 1.3%
Gross profit     $78.5 million   Decrease of 0.1%   Decrease of 4.0%
Selling, general and administrative     $53.1 million   Increase of 0.8%   Decrease of 4.7%
Net income     $7.3 million   Increase of 143.3%   Increase of 192.0%
Diluted earnings per common share     $0.23   Increase of 130.0%   Increase of 187.5%
Adjusted EBITDA     $31.5 million   Decrease of 0.3%   Decrease of 0.9%
Adjusted diluted earnings per share     $0.44   Decrease of 10.2%   Decrease of 6.4%

Generic drug dispensing rate
    85.6%  

Decrease of 90basis points
 

Decrease of 70 basispoints
 

Greg Weishar, PharMerica Corporation's Chief Executive Officer, said, "PharMerica's third quarter 2016 financial results reflect slower than expected growth in new sales in our core Institutional Pharmacy business. We remain optimistic that we will achieve significantly improved results in this year's fourth quarter. We expect a sequential 3% to 4% increase in prescriptions dispensed; lower cost of goods due to further improvements in drug purchasing; continued strong growth in our diversified pharmacy businesses; and contributions from recent and planned acquisitions.

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