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TRENTON, N.J. (AP) - Medco Health Solutions Inc., the biggest U.S. prescription-benefit manager, said Wednesday its fourth-quarter earnings soared 29 percent on higher overall revenue and improved results in its key specialty pharmacy business.
The results beat Wall Street expectations, the company raised its profit forecast, its board authorized a bigger share buyback and shares set a new 52-week high. They rose $6.21, or 10.08 percent, to close at $67.80 on the New York Stock Exchange.
Net income hit a record $228.8 million, or 77 cents per share, in the three months ended Dec. 30, up from $176.8 million, or 57 cents per share, a year ago. Excluding a charge for the ongoing writedown of the value of contracts Medco got when it was spun off from Merck & Co. in 2003, earnings per share would have been 86 cents. Analysts surveyed by Thomson expected 79 cents.
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