PharMerica reports $3.3 million profit
Business First of Louisville
PharMerica Corp., one of the nation's largest institutional pharmacy services companies, said Thursday that it earned $3.3 million during the first quarter on $495.1 million in revenue.
That compares with net income of $500,000 and revenue of $174.7 million a year ago.
The company was created last year through a combination of the institutional pharmacy businesses of Kindred Healthcare Inc. and AmerisourceBergen Corp. The first-quarter 2008 results include the combined totals of Kindred Pharmacy Services Inc. and PharMerica Long-Term Care Inc., whereas the results for the first quarter of 2007 reflect only the historical results of Kindred Pharmacy.
"Our operating focus continues on our top five initiatives of client retention, integrating and consolidating our operations and processes, improving our billing practices, electronic prescribing and using key metrics to measure performance," PharMerica CEO Gregory S. Weishar said in a news release.
Louisville-based PharMerica (NYSE: PMC) now operates about 110 institutional pharmacies in 40 states. Its customers typically are institutional health care providers such as nursing homes, assisted living facilities, hospitals and other long-term care facilities.
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