Express Scripts (ESRX) stock has fallen after the company reported lower than expected revenue and prescriptions in the first quarter.
Express Scripts reported profits of $328.3 million, or 42 cents a share, in the first quarter of 2014. This is down from the first quarter of last year when the company reported profits of $373 million, or 45 cents a share. The company also had a lower volume of prescription sales. It cited severe weather and later than expected enrollment in the Affordable Care Act as reasons for this, reports MarketWatch.
Express Scripts has reduced its second-quarter earnings expectations in its first quarter report. The company also lowered its earnings per share estimate for the year to $4.82 to $4.94 from $4.88 to $5, MarketWatch notes.
Express Scripts recently announced that it has received three subpoenas from the government regarding its ties with drug makers. The company received its first subpoena from the U.S. Department of Justice, District of Rhode Island in February; the second subpoena came from Attorney General of New Jersey in March and the third was issued in April by the U.S. Department of Labor, Employee Benefits Security Administration, reports The Wall Street Journal.
ESRX shares were down 5% as of noon Wednesday.
