Oppenheimer Remains Sidelined on Express Scripts (ESRX) Following 3Q
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Oppenheimer reiterated a Perform rating on Express Scripts (NASDAQ: ESRX) following the company's 3Q. ESRX reported 3Q revenues of $25.4B vs. consensus of $25.5B. Adjusted EPS was $1.74 vs. consensus of $1.73 and $1.72-1.76 guidance. 4Q Adjusted EPS was guided to $1.84-1.90 vs. consensus' $1.85 estimate.
Analyst Mohan Naidu commented, "ESRX adjusted claims missed at 312M vs. 316M consensus, largely on faster Coventry roll-off, and penny EPS beat at $1.74. The company tweaked its 2016 guide, with the midpoints 2.5M lower on claims but $0.01 higher on Adj. EPS, largely on 4Q buyback, with SG&A pressure from 1/1 go-lives. ESRX’s 2017 selling season new sales meaningfully exceeding named losses, ex-Coventry and targeting 97-98% retention going forward, and 2017 guide due out Dec. 14th. While no update on ANTM case, RFP (for 2020+) expected out in early 2017. While we like the improvement in retention and recovery in selling season, we see ANTM as a continued overhang, and the ongoing rhetoric on drug pricing could impact margin profile. Remain Perform."
Shares of Express Scripts closed at $67.40 yesterday.
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