ST. LOUIS, April 27, 2011 /PRNewswire/ -- Express Scripts, Inc. (Nasdaq: ESRX) announced today that its Board of Directors approved an increase in the number of shares authorized and available for repurchase by adding 50 million shares to its existing 15.1 million of residual shares under the prior authorization. Therefore, a total of 65.1 million shares are available under the repurchase program. The increase in the share repurchase program was subject to the completion of the previously announced debt issuance and is consistent with the expectations discussed in Monday's earnings release.
In addition to funds realized from the previously announced debt issuance, the Company may also, consistent with past practices, utilize cash on hand or cash from operations to repurchase shares from time to time, subject to business and market considerations. Any share repurchases will be made through market transactions, block trades, privately negotiated transactions or other means or a combination of the aforementioned with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions.
About Express Scripts
Express Scripts, Inc., one of the largest pharmacy benefit management companies in North America, is leading the way toward creating better health and value for patients through Consumerology®, the advanced application of the behavioral sciences to healthcare. This approach is helping millions of members realize greater healthcare outcomes and lowering cost by assisting in influencing their behavior. Headquartered in St. Louis, Express Scripts provides integrated PBM services including network-pharmacy claims processing, home delivery services, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services. More information can be found at http://www.express-scripts.com/ and http://www.consumerology.com/.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including, but not limited to, statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual events may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements can be found in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-K filed with the SEC on February 16, 2011 and in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-Q filed with the SEC on April 25, 2011. A copy of these forms can be found at the Investor Relations section of Express Scripts' web site at http://www.express-scripts.com.
The Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Express Scripts, Inc.