Segment information (Tables)

9 Months Ended

Sep. 30, 2011


*(in millions)*	PBM		EM		Total

For the three months ended September 30, 2011
Product revenues:
Network revenues⁽¹⁾	$	7,491.0	$	—	$	7,491.0
Home delivery and specialty revenues⁽²⁾		3,678.4		—		3,678.4
Other revenues		—		330.6		330.6
Service revenues		65.7		5.3		71.0

Total revenues		11,235.1		335.9		11,571.0
Depreciation and amortization expense		59.3		2.0		61.3
Operating income		600.8		4.3		605.1
Interest income						5.9
Interest expense and other						(94.3	)

Income before income taxes						516.7
Capital expenditures		42.8		1.2		44.0


For the three months ended September 30, 2010
Product revenue:
Network revenues⁽¹⁾	$	7,490.9	$	—	$	7,490.9
Home delivery and specialty revenues⁽²⁾		3,369.0		—		3,369.0
Other revenues		—		326.3		326.3
Service revenues		62.6		3.0		65.6

Total revenues		10,922.5		329.3		11,251.8
Depreciation and amortization expense		59.8		1.9		61.7
Operating income		525.5		2.5		528.0
Interest income						2.2
Interest expense and other						(42.2	)

Income before income taxes						488.0
Capital expenditures		32.7		0.8		33.5


*(in millions)*	PBM		EM		Total

For the nine months ended September 30, 2011
Product revenues:
Network revenues⁽¹⁾	$	22,138.1	$	—	$	22,138.1
Home delivery and specialty revenues⁽²⁾		10,715.6		—		10,715.6
Other revenues		—		952.2		952.2
Service revenues		205.1		15.9		221.0

Total revenues		33,058.8		968.1		34,026.9
Depreciation and amortization expense		181.5		6.0		187.5
Operating income		1,719.3		17.5		1,736.8
Interest income						7.8
Interest expense and other						(184.3	)

Income before income taxes						1,560.3
Capital expenditures		95.6		2.5		98.1


For the nine months ended September 30, 2010
Product revenue:
Network revenues⁽¹⁾	$	22,596.4	$	—	$	22,596.4
Home delivery and specialty revenues⁽²⁾		9,990.0		—		9,990.0
Other revenues		—		889.3		889.3
Service revenues		194.3		9.0		203.3

Total revenues		32,780.7		898.3		33,679.0
Depreciation and amortization expense		175.1		5.8		180.9
Operating income		1,505.6		7.4		1,513.0
Interest income						4.4
Interest expense and other						(127.0	)

Income before income taxes						1,390.4
Capital expenditures		82.7		1.9		84.6


(1)		Includes retail pharmacy co-payments of $1,390.4 million and $1,478.5 million for the three months ended September 30, 2011 and 2010, respectively and $4,374.0 million and $4,688.4 million for the nine months ended September 30, 2011 and 2010, respectively.

(2)		Includes home delivery, specialty and other including: (a) drugs distributed through patient assistance programs and (b) drugs we distribute to other PBMs’ clients under limited distribution contracts with pharmaceutical manufacturers.

Segments Reporting Information, Assets


(in millions)	PBM		EM		Total

Total Assets
As of September 30, 2011	$	10,401.3	$	470.4	$	10,871.7

As of December 31, 2010	$	10,155.1	$	402.7	$	10,557.8

Segment Information percentage of revenue by top clients


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010

WellPoint		29.9	%		29.4	%		29.7	%		28.7	%
Department of Defense (“DoD”)		21.3	%		19.8	%		21.2	%		19.2	%
Other		6.2	%		6.3	%		6.2	%		6.4	%

Top five clients		57.4	%		55.5	%		57.1	%		54.3	%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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