Express Scripts (ESRX) Tops Q2 EPS by 2c; Modestly Bumps Outlook

Express Scripts (NASDAQ: ESRX) reported Q2 EPS of $1.73, $0.02 better than the analyst estimate of $1.71. Revenue for the quarter came in at $25.35 billion versus the consensus estimate of $25.46 billion.

GUIDANCE:

Express Scripts sees FY2017 EPS of $6.95-$7.05, versus prior of $6.90 to $7.04 and the consensus of $6.97.

"We leverage the power and potential of our independent model to succeed in the areas of healthcare that patients and clients value most," said Tim Wentworth, President and CEO, Express Scripts. "In just the past quarter, we launched two new ways to deliver more value directly to members at the point of sale, increased our ability to lower drug prices via a new group purchasing organization agreement, acquired a leading workers\' compensation benefits company, and introduced novel SafeGuardRx solutions to address complex, expensive illnesses. These are just a few highlights, but they underline the unique value of our flexibility, innovation and independence: only Express Scripts can partner with anyone in the supply chain at any time to deliver better value to patients, clients and shareholders."

"We are currently developing a multi-year, enterprise-wide initiative to transform our organization by the end of 2021," added Eric Slusser, Chief Financial Officer. "We are investing to deliver an improved experience with better engagement and greater efficiency, which will evolve the way we do business with patients, providers and our clients. Based on our work to date, we estimate the initiative will deliver savings of approximately $550 million to $600 million annually by 2021. This initiative will also allow us to continue tackling the challenges plan sponsors face in an increasingly complex healthcare environment with an industry-leading cost position," said Slusser.

For earnings history and earnings-related data on Express Scripts (ESRX) click here.

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