The insurer posted another strong quarter as its shareholders consider merging with Cigna in a vote later this month.
Express Scripts Holding Co. netted a Q2 adjusted earnings per diluted share of $2.22, a 28% increase year-over-year, and raised its adjusted EBITDA guidance, according to its earnings report released Thursday afternoon.
The St. Louis-based insurer hauled in $877.3 million in Q2 net income and now anticipates 8% growth in its adjusted EBITDA guidance for the end of the year.
"Our consistent and relentless focus on what matters most, delivering the lowest cost and optimal health outcomes, is driving strong operational and financial performance for our Company," Tim Wentworth, CEO of Express Scripts, said in a statement. "Express Scripts is focused on meeting the challenges faced by our members and our clients, and we continue to solve those challenges with innovative, industry-leading solutions.
In the earnings report, Express Scripts mentioned its pending merger with Cigna and the planned shareholder vote on the agreement later this month. Express Scripts has suspended its share repurchase program in light of the pending agreement and has stated that the merger is scheduled to close by the end of the year.
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Below are highlights from Express Scripts Q2 earnings report:
- The insurer's adjusted net income totalled $1.3 billion, up 24% year-over-year.
- Adjusted claims decreased by 3.5% in Q2, as Express Scripts handled 337.9 million cases.
- Net cash flow provided by operating activities fell significantly, decreasing 34% to a total of $717.3 million.
Additional information is available in Express Scripts' filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.