BioScrip's sales, profits increase in Q4, FY2011

Specialty provider announces financial results

ELMSFORD, N.Y. — Specialty pharmacy provider BioScrip had sales of $483.3 million in fourth quarter 2011 and $1.8 billion in fiscal year 2011, the company said Friday.

The company's fourth-quarter sales marked an increase of $32.9 million, while the sales for the year were $200 million over fiscal year 2010. Meanwhile, the company had profits of $6.7 million for the quarter and $7.9 million for the year.

"We are pleased with our fourth quarter results, driven by solid organic growth and significant momentum in our key businesses," BioScrip president and CEO Rick Smith said. "Infusion revenue was strong on both a sequential and year-over-year basis, driven by the depth of our managed care contracts, growing patient census and the focused and productive efforts of our sales team and regional management who continue to focus on our targeted therapies."

Smith also highlighted the pending sale of BioScrip's community specialty pharmacies to Walgreens, announced last month.

"With the pending sale of our community specialty pharmacies and centralized specialty and mail service pharmacy businesses, we are positioning BioScrip as a leaner company focused on those areas where we have key strengths, in-market awareness and offer distinct competitive advantages," Smith said. "This includes leveraging our geographic reach, building upon our reputation for clinical excellence, deepening our relationships with national and local managed care customers and strategically expanding our national infusion service footprint both organically and through tuck-in acquisitions."

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