Omnicare ends PharMerica takeover attempt, posts 4Q profit

Share this article:
Leading long-term care pharmacy provider Omnicare, which announced this week that it has ended its efforts to takeover competitor PharMerica, posted a profit in the fourth quarter.

Faced with the Federal Trade Commission's lawsuit blocking the takeover of PharMerica, Omnicare said Tuesday it was no longer “prudent to invest significant time and money in a lawsuit at this time.” The FTC voted Thursday to dismiss its lawsuit.

Omnicare first made a play for PharMerica in September, when it went public with a $457 million offer, which its biggest rival rebuffed.

Despite the loss, Omnicare stakeholders had good news yesterday, when the company announced it earned $31.2 million ending in December, compared to a loss of $65.3 million in the same quarter last year, the Associated Press reported. Revenue went up 2% to $1.56 billion from $1.53 billion. In 2012, the company said it expects to have an adjusted profit of $3.10 to $3.20 per share from continuing operations, and revenue between $6.1 billion and $6.2 billion.
Share this article:

More in News

Long-term care continues to lead in deal volume and value: PwC report

Long-term care continues to lead in deal volume ...

Long-term care bucked healthcare industry trends with strong merger and acquisition activity in the second quarter of 2014, according to newly released data from professional services firm PricewaterhouseCoopers.

Empowering nurse practitioners could reduce hospitalizations from SNFs, study finds

Granting more authority to nurse practitioners is associated with reduced hospitalization of skilled nursing facility residents, according to recently published findings.

Pioneer ACO drops out of program, despite reductions in skilled nursing utilization

A California healthcare system has become the latest dropout from the Pioneer Accountable Care Organization program, despite reducing skilled nursing facility utilization and improving its readmission rates. Sharp HealthCare announced its decision in a quarterly financial statement released Tuesday.