UPDATE: Medco Reports Q2 Net Income of $342.8M

Medco Health Solutions Inc MHS released its results for the second quarter on Thursday. MHS reported its quarterly net income at $342.8 million, or $0.85 per share, down from $356.9 million, or $0.77 per share, in the year-earlier period. Its total sales increased 4% y/y to $17.07 billion, from $16.41 billion. However, analysts were expecting earnings of $0.94 per share on sales of $17.11 billion. MHS projects full-year earnings in the range of $3.59 to $3.69 per share. Express Scripts Inc ESRX announced its plans to acquire Medco for $71.36 per share in cash and stock, or $29.1 billion. MHS shares jumped 23.70% to $69.00 in pre-market trading, while ESRX shares gained 1.33% to close at $52.54 yesterday.