Express Scripts 1st-quarter profit rises 33 percent

ST. LOUIS—Pharmacy-benefits manager Express Scripts Inc. said Tuesday its first-quarter profit rose 33 percent, boosted by increased earnings per adjusted claim.

For the three months ended March 31, the company reported income of $177.2 million, or 69 cents per share, compared with $133.7 million, or 49 cents per share, in the year-ago quarter.

Income from continuing operations rose to $178.3 million, or 70 cents per share, from $132.9 million, or 48 cents per share, in the prior-year period.

Revenue increased slightly to $4.6 billion from $4.51 billion in the first quarter of 2007.

Analysts polled by Thomson Financial, on average, expected earnings of 67 cents per share on sales of $4.78 billion.

Earnings before interest, taxes, depreciation and amortization per adjusted claim increased 17 percent to $2.46, from $2.10 in the first quarter of last year.

The generic drug usage rate for the quarter increased to 65.1 percent from 60.3 percent in the prior-year period.

Shares fell $2.09 to close at $71.47. Shares continued to fall in after-hours trading, slipping 60 cents to $70.87.

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