Pharmacy services giant Omnicare wasn’t able to impress the stock market with its end-of-year 2013 finaical report, resulting in a stock stumble this week. The Cincinnati, Ohio-based company is one of the largest providers of pharmacy services to the long-term care market.
According to Omnicare’s 4th quarter 2013 financial report, net sales and gross profits both increased in 2013 compared to 2012, but not by significant amounts. The stock market responded with a 5 percent drop in shares Wednesday, notes the Wall Street Journal.
The company credits its sluggish income in part to the discontinuation of its end-of-life hospice pharmacy business and changes in the income tax provisions, according to the company’s Q4 2013 earnings report.
"Our growth expectations for the underlying business are strong due to the continued benefits of our restructured operations,” said Omnicare CEO John L. Workman, in the company’s Q4 2013 earnings report. “We believe our ability to sustain organic growth across our platforms will become even more compelling in the future, especially as we move into 2015, which presents a more attractive year in terms of low-cost generic drug introductions.”
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