Catamaran Corp. profit more than doubles in second quarter 2013; PBM announces acquisition of Restat
LISLE, Ill. — Pharmacy benefit manager Catamaran Corp. had $3.4 billion in revenues in second quarter 2013, the company said.
That figure represented a 101% increase in the PBM's revenues in second quarter 2012 and resulted in a profit of $63.4 million, 132% higher than last year.
"During the second quarter of 2013, we continued to successfully execute our growth strategy, driving new customer wins by leveraging our flexibility and customizable model to deliver more control and savings to our clients," Catamaran chairman and CEO Mark Thierer said.
Highlights from the quarter included an announcement Thursday that it would buy PBM Restat for $409.5 million, which the company expects to finalize in fourth quarter 2013; the full integration of Restat is expected to take 18 months following completion of the purchase. Meanwhile, the generic dispensing rate increased by 84%, compared with an 81% increase reported in second quarter 2012 compared with the year before. According to healthcare industry analytics firm IMS Health, about 83% of prescription drugs dispensed in the United States are generics.
"The acquisition of Restat is a great opportunity for us as its core business aligns perfectly with ours," Thierer said. "Restat is the first PBM acquired by Catamaran that is not a current client, and we are excited to combine Catamaran's flexibility with Restat's strengths in service and support."
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