Express Scripts (ESRX) Reports Conclusion of Probe on Disposition of PolyMedica
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Express Scripts (NASDAQ: ESRX) disclosed in an SEC filing:
On October 28, 2016, Express Scripts Holding Company (the “Company”) announced the receipt of a letter from the Internal Revenue Service which reported the conclusion of its examination with respect to the potential tax benefit related to the disposition of PolyMedica Corporation (Liberty), as discussed in the Company’s Form 10-Q filed with the Securities and Exchange Commission on October 25, 2016, for which no benefit has been recognized to date. Accordingly, the Company will recognize a net tax benefit of approximately $511 million during the three months ending December 31, 2016. The Company expects this tax benefit to increase its diluted EPS attributable to Express Scripts (as defined in the Company’s press release dated October 25, 2016 relating to, among other things, its fourth quarter and fiscal 2016 guidance (the “Guidance Press Release”)) by $0.80 — $0.81 for the three months and fiscal year ending December 31, 2016 above the guidance it announced in the Guidance Press Release. The Company’s guidance with respect to adjusted diluted earnings per share attributable to Express Scripts as announced in the Guidance Press Release remains unchanged.
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