n" readability="48">Aug 1 (Reuters) - Catamaran Corp, the pharmacy benefit manager (PBM) formerly known as SXC Health Solutions, reported a 27 percent rise in quarterly profit as its acquisition of HealthTran LLC helped boost the number of prescription claims it handled.
Catamaran, which bought rival Catalyst Health Solutions for $4.4 billion earlier this year, completed the acquisition of PBM services company HealthTran in January. PBMs help cut the cost of medicines for their clients by encouraging more use of generic drugs.
Catamaran raised its full-year sales forecast to between $9.9 billion and $10 billion, from its earlier forecast of between $6.8 billion and $6.9 billion, to account for the closing of the Catalyst deal.
The company cut its adjusted profit forecast to between $2.14 and $2.17 per share, from between $2.37 and $2.45. It issued about 33.4 million shares for the completion of Catalyst deal.
Analysts were expecting a profit of $2.28 per share on revenue of $10.17 billion, according to Thomson Reuters I/B/E/S.
Second-quarter net income rose to $27.3 million, or 41 cents per share. Adjusted profit of 49 cents was below analysts' expectation of 52 cents.
Revenue rose 40 percent to $1.7 billion. PBM revenue rose 40 percent.
Catamaran's shares, which have risen 50 percent this year, closed at C$85.18 on Tuesday on the Toronto Stock Exchange.
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