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Express Scripts Misses EPS, Cuts Guidance on Fewer Prescriptions

Express Scripts, a manager of pharmacy benefits, reported profits of 99 cents a share in its first quarter, missing estimates by 2 cents, while revenue fell over 9% from a year earlier to $23.7 billion. The shortfall resulted from harsher-than-normal winter weather and as enrollments in public healthcare exchanges under Obamacare came later in the quarter than expected. Lower prescription volumes are expected to persist over the year. Management cut full-year EPS estimates as a result.