Medco revenues on the rise for Q2

FRANKLIN LAKES, N.J. Total net revenues at pharmacy benefit manager Medco increased by 17%, to $15 billion, the company announced Wednesday in a second quarter 2009 earnings report.

Specialty pharmacy revenues increased by 20.3%, to $2.4 billion, compared with $1.98 billion in second quarter 2008, while the percentage of drugs dispensed that were generic increased to 67.3%.

“Our strong second-quarter results are a testament to our organic growth driven by Medco’s unique and demonstrated ability to improve clinical outcomes and reduce total healthcare costs,” Medco chairman and CEO David Snow said in a statement. “We are confident in our continued strong performance for the remainder of 2009, despite the weak economy, and are pleased to raise our guidance to yield expected GAAP diluted earnings per share browth of 19 to 22%.”