Express Scripts Holding Co.
, the nation's largest pharmacy-benefit manager, said that net income narrowed slightly in the fourth quarter compared with the prior-year period in part due to the loss of UnitedHealth Group
as a customer.
The St. Louis-based company reported net income in the fourth quarter was $502 million, compared with $504 million in 2012. Net income for the year rose to $1.84 billion in 2013, compared with $1.3 billion in 2012.
Adjusted claims increased 6% to about $1.48 billion in 2013, compared with $1.39 billion in 2012.
Adjusted claims for the fourth quarter of 2013 fell 12% to $361 million, compared with $411 million in 2012.
Revenue rose for the year to $104.1 billion, compared with $93.7 billion in 2012, while revenue declined in the fourth quarter to about $25.8 billion, compared with $27.3 billion in the same period a year ago.
Express Scripts adjusted its projections for this year, noting that lower-than-expected enrollment in the public insurance exchanges and lower client retention may dampen 2014 results.
The company merged with Medco Health Solutions in 2012
, pairing two of the three largest PBMs in a $29 billion deal. UnitedHealth Group in 2013 started to bring its PBM services in-house, which generated about 12% of the PBM market share in 2012. The roll-off was completed by the end of 2013, Express Scripts said.
Express Scripts recently named Tim Wentworth president
. The 53-year-old previously served as an executive for Medco. Follow Jaimy Lee on Twitter: @MHjlee