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MEDCO FY 1988 REVENUES JUMP BY 45% TO $ 728.2 MIL.; EARNINGS CLIMB 34.4%

Executive Summary

Medco Containment Services sales increased 45% to $ 728.2 mil. for the fiscal year ended June 30. The mail-order prescription drug cost containment firm reported net earnings of $ 29 mil., up 34.4%. from FY 1988. Fourth quarter net income climbed 50.5% to $ 8 mil. on revenues of $ 206.1 mil., a 43.8% increase from the year-earlier period. At year-end, Medco was dispensing "more than 300,000" prescriptions per week through its eight National Rx Services mail-order pharmacy. In addition, Medco was processing "approximately 650,000" prescription drug claims per week through the company's claims processing system, the company said. Medco opened its eighth mail-service pharmacy in March in Mechanicsburg, Pennsylvania and expects to open a ninth facility in the current fiscal year. Medco's mail-order plan serves more than 660 client groups nationwide with 16.5 mil. eligible customers. A network of 54,000 retail pharmacies participate through its PAID Prescriptions program. Chart omitted.
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