Express Scripts' profit tops $1B in Q3

In the first earnings report after receiving federal approval for its proposed merger with Cigna, Express Scripts posted a third-quarter net income of $1.07 billion, a 27 percent year-over-year increase.

The pharmacy benefits manager saw revenues reach $25.6 billion in the third quarter, up 5.3 percent from the same period a year prior.

"Our momentum is strong: We achieve industry-leading drug trend, specialized care for patients and breakthrough pharmacy and healthcare solutions, which have helped us achieve strong client retention and increased interest from prospects,'' said Tim Wentworth, president and CEO of Express Scripts. 

Cigna and Express Scripts $52 billion merger cleared the final regulatory hurdle Sept. 17, gaining approval from the Justice Department. The deal  is slated to close by the end of the year.

"As we look ahead to our planned combination with Cigna, we will offer greater affordability and differentiation through our relentless focus on patient care, cost containment and continuous innovation while delivering quality health outcomes for our patients and clients," Mr. Wentworth said.

Cigna also saw positive earnings results in the third quarter of 2018, posting net income of $772 million, up nearly 38 percent from $560 million recorded in the same period a year ago.

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