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October 31, 2005
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MHMR Oct. 31, 2005; Volume 13, Number 18
Magellan pays off for Onex...3Q05 MCO net rises 18%...Snead, Ponder to exit WellPoint...Aetna to buy out specialty j.v....SPECIAL REPORT: 4Q05 MCO Financials...Chart: MCO 3Q05 financials...Aetna, Amerigroup, Centene, Cigna, Coventry, HealthNet, Humana, Molina, PacifiCare, Sierra, WellChoice, WellPoint...MCO stocks fall 2%...Services stocks fall 3%...Magellan 3Q05 net rises...PBM 3Q05 net rises 39%...and more...
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MAGELLAN PAYS OFF BIG FOR ONEX
Onex Corp. (Toronto, Ontario) said its original C$31 million (US$26 million) investment in Magellan Health Services (Avon, CT) in 2004 will have yielded a total return of 158% to C$80 million (US$67.6 million) after the sale of its remaining shares in the company.
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3Q05 MCO NET RISES 18%
The managed care industry continued to put up solid profit gains, with 14 publicly traded managed care organizations posting an 18% increase in third-quarter 2005 net income to $2.263 billion, according to an MHMR tally.
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SNEAD, PONDER TO LEAVE WELLPOINT
WellPoint Inc. (Indianapolis) has announced that chief information officer Ron Ponder and southeast region chief executive Tom Snead will leave the company in the first quarter of 2006.
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AETNA TO BUY OUT PRIORITY VENTURE
Aetna Inc. (Hartford, CT) said it would exercise its option to acquire the remaining 60% of its specialty pharmacy joint venture with Priority Healthcare Corp. (Lake Mary, FL), increasing Aetna’s ownership in the operation to 100% from 40%.
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MAGELLAN 3Q05 NET RISES 30%
Magellan Health Services (Avon, CT) reported third-quarter 2005 net income of $34.443 million, up 30% compared to the same period a year earlier, on revenues of $454.266 million, down 1%.
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TOP PBMs ENJOY 39% INCREASE IN 3Q05 NET INCOME
The nation’s three leading pharmacy benefit management companies—Caremark, Express Scripts and Medco Health Solutions—reported combined third-quarter 2005 net income of $489.815 million, up 39%, on revenues of $21.245 billion, up 7%.
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