PharMerica (PMC) Raises FY14 Guidance

PharMerica Corporation (NYSE: PMC), a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services, today raised its full year 2014 guidance metrics.

For the full year 2014, the Company now expects:

(Street sees EPS of $1.52 on revenue of $1.77 billion)

PharMerica’s decision to raise its 2014 guidance reflects positive momentum across the business, as well as the completed acquisition of three institutional pharmacies in Texas. Although financial terms of the transaction were not disclosed, PharMerica expects the acquisition to generate approximately $60 million of annualized revenue and be immediately accretive to earnings in 2014.

With this acquisition, PharMerica will have achieved its goal of completing acquisitions that generate at least $100 million of annualized sales, in the aggregate, in 2014. PharMerica will again target acquisitions that generate at least $100 million of annualized sales, in the aggregate, in 2015.

The Company noted that its 2014 guidance did not previously include the effect of 2014 acquisitions. PharMerica’s revised 2014 guidance now reflects the Company’s acquisitions in 2014, which, in the aggregate, generate approximately $100 million of annualized sales.

Greg Weishar, PharMerica Corporation’s Chief Executive Officer, said, “We are pleased to raise our guidance for 2014. This reflects the important progress we’re making executing our business strategy, including successfully adding approximately $100 million in annual revenues through acquisitions. We remain focused on continuing this momentum, pursuing additional external growth opportunities, and delivering on our fiscal 2015 objectives. We believe that our strong foundation and focus on operational excellence – together with the significant potential upside from acquisitions – positions PharMerica to succeed and create meaningful long-term value for shareholders.”

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