Pharmacy operator PharMerica raised its annual forecasts Wednesday, citing favorable business trends and a recent acquisition.
The company said "positive momentum across the business" is helping its results. It also recently bought three institutional pharmacies in Texas and said they will bring in $60 million in annual revenue. PharMerica is now forecasting adjusted net income of $1.58 to $1.62 per share and $1.76 billion to $1.8 billion in revenue. It had expected net income of $1.47 to $1.52 per share and revenue of $1.73 billion to $1.78 billion.
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Analysts expect PharMerica to earn $1.52 per share and $1.77 billion in revenue, according to FactSet.
The Louisville, Kentucky, company says it has brought in at least $100 million in annual revenue through acquisitions in 2014 and intends to do the same in 2015.
Shares of PharMerica rose 22 cents to $24.90 in morning trading.
PharMerica also said it is filing a lawsuit against AmerisourceBergen Corp., which supplies its drugs. The lawsuit alleges that AmerisourceBergen is in breach of contract and it wants a court to order AmerisourceBergen to fulfill the terms of the deal. AmerisourceBergen did not immediately respond to a request for comment.
PharMerica Corp. was formed in 2007 when AmerisourceBergen and Kindred Healthcare combined their institutional pharmacy businesses and spun them off into a separate company.