News Column

Omnicare Reports Second-Quarter 2014 Financial Results

July 23, 2014

CINCINNATI, July 23, 2014 - Omnicare, Inc. (NYSE:OCR) reported today financial results for its second-quarter ended June 30, 2014. Second-Quarter Highlights: * Net sales increase of 7.1% to $1.6 billion * Adjusted cash earnings per diluted share from continuing operations 7.1% higher to $0.91; GAAP earnings per diluted share of $0.21 * Adjusted EBITDA from continuing operations of $176 million * Cash flows from continuing operations increase of 36.1% to $219 million "We are pleased with our second-quarter results, which reflect consistent execution of our plan to drive long-term growth across our business," said Nitin Sahney, Omnicare's Chief Executive Officer.  "We performed especially well within our Specialty Care Group, which generated double-digit increases in revenues and operating income.  Moreover, we are encouraged by the development of our sales pipeline across our business, which we believe will benefit volumes as we exit 2014.  With a disciplined focus on driving growth and optimizing our business operations and efficiencies, we believe we will continue to enhance value for our shareholders." Second-Quarter Results Financial results from continuing operations for the quarter ended June 30, 2014, as compared with the same prior-year period, were as follows: * Net sales were $1,611 million versus $1,503 million * Gross profit was $354 million as compared with $360 million * GAAP earnings per share was $0.58 versus $0.43 * Adjusted cash earnings per diluted share was $0.91 versus $0.85 * Adjusted EBITDA was $176 million versus $169 million Cash flows from continuing operations for the quarter ended June 30, 2014 were $219 million versus $161 million in the comparable prior-year quarter. Financial Position Omnicare concluded the second-quarter of 2014 with no borrowings outstanding on its revolving credit facility, other than approximately $14 million in standby letters of credit, and $315 million in cash on its balance sheet. In the second quarter, Omnicare repurchased 1.1 million shares for an aggregate amount of $65 million.  As of June 30, 2014, the Company had approximately $340 million of availability under its current share repurchase authorization. Also during the second quarter, Omnicare repurchased approximately $52 million in aggregate principal amount of its outstanding 3.75% Convertible Senior Subordinated Notes due 2025 (the "3.75% Notes due 2025") for approximately $134 million in cash.  As of June 30, 2014, the remaining principal amount of the 3.75% Notes due 2025 outstanding was $80 million. "During the second quarter, we achieved record quarterly operating cash flows, reflecting our methodical approach to working capital management," said Rocky Kraft, Omnicare's Chief Financial Officer.  "We intend to remain focused on cash flow efficiency while ensuring we are opportunistic with respect to increasing returns through working capital strategies.  We believe this balance will enable us to continue improving returns through a systematic approach to capital deployment." Year-to-Date Results Financial results from continuing operations for the six months ended June 30, 2014, as compared with the same prior-year period, were as follows: * Net sales were $3,182 million versus $2,962 million * Gross profit was $713 million as compared with $709 million * GAAP earnings per share was $1.17 versus $0.88 * Adjusted cash earnings per diluted share was $1.82 versus $1.69 * Adjusted EBITDA was $354 million versus $330 million Cash flows from continuing operations for the six months ended June 30, 2014 were $390 million versus $267 million in the comparable prior-year quarter. Segment Information Financial results for the Long-Term Care Group for the second-quarter ended June 30, 2014 were as follows: * Net sales of $1,190 million were 2.7% higher than $1,159 million in the same prior-year period * Adjusted operating income of $160.0 million was in-line with the same prior- year period Financial results for the Specialty Care Group for the second-quarter ended June 30, 2014 were as follows: * Net sales of $420 million were 22% higher than $343 million in the same prior-year period * Operating income of $31.1 million increased 15% from $27.1 million in the same prior-year period To facilitate comparisons and to enhance the understanding of core operating performance, discussions in this news release include financial measures that are adjusted from the comparable amounts under GAAP to exclude the impact of the special items discussed elsewhere herein, and to present results on a continuing operations basis.  For a detailed presentation of reconciling items and related definitions and components, please refer to the attached schedules or to reconciliation schedules posted at the Investor Relations section of Omnicare's website at http://ir.omnicare.com.  Additionally, the Company will make supplemental slides available in the same section on its website today that will include the number of scripts dispensed and other information relevant to Omnicare's operations. Special Items The results for the second-quarters ended June 30, 2014 and 2013 include the impact of special items and cash EPS adjustments as follows: +--------------------------------------------+---------------------------------+ | Three months ended | Six months ended | |  June 30, | June 30, | | | | |  2014 2013 | 2014 2013 | | | | | After- Per After- Per |After- Per After- Per | | tax diluted tax diluted | tax diluted tax diluted | |  impact share impact share |impact share impact share | +--------------------------------------------+---------------------------------+ |Special | | |Items | | |Adj. $15.9M$0.15$25.2M$0.23 |$30.2M $0.28$45.3M$0.42 | | | | |Cash EPS | | |Adj. $19.8M$0.19$21.2M$0.19 |$39.7M $0.37$42.5M$0.39 | +--------------------------------------------+---------------------------------+ All special items and cash EPS adjustments have been described in further detail in the "Footnotes and Definitions to Financial Information" section elsewhere herein. Outlook Based upon its first half results, Omnicare updated its expectations for cash flows and reaffirmed other elements of its full-year guidance to reflect the following: +-------------------------------------------------------------+----------------+ |  Original Guidance|Current Guidance| +-------------------------------------------------------------+----------------+ |Revenue $6.3B to $6.4B | $6.3B to $6.4B | | | | |Adjusted cash earnings per diluted share | | |(excluding special items) $3.64 to $3.72 | $3.64 to $3.72 | | | | |Cash flows from operations (excluding | | |settlement payments) $475M to $550M | $500M to $550M | +-------------------------------------------------------------+----------------+ Webcast Today Omnicare will hold a conference call to discuss its second-quarter 2014 financial results today, Wednesday, July 23, at 9:00 a.m. ET.  A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations section of Omnicare's website at http://ir.omnicare.com.  An archived replay will be made available on the website following the conclusion of the conference call. About Omnicare Omnicare, Inc., a Fortune 500 company based in Cincinnati, Ohio, provides comprehensive pharmaceutical services to patients and providers across the United States.  As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers.  Omnicare also provides specialty pharmacy and key commercialization services for the bio-pharmaceutical industry through its Specialty Care Group. For more information, visit www.omnicare.com. Forward-looking Statements In addition to historical information, this report contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to "beliefs," "expectations," "anticipations," "intentions" or similar words) and all statements which are not statements of historical fact. Such forward-looking statements, together with other statements that are not historical, are based on management's current expectations and involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in the Company's Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission and include, but are not limited to: overall economic, financial, political and business conditions; trends in the long-term healthcare and pharmaceutical industries; the ability to attract new clients and service contracts and retain existing clients and service contracts; the ability to consummate pending acquisitions on favorable terms or at all; trends for the continued growth of the Company's businesses; trends in drug pricing; delays and reductions in reimbursement by the government and other payors to customers and to the Company; the overall financial condition of the Company's customers and the ability of the Company to assess and react to such financial condition; the ability of vendors and business partners to continue to provide products and services to the Company; the successful integration of acquired companies and realization of contemplated synergies; the continued availability of suitable acquisition candidates; the ability to attract and retain needed management; competition for qualified staff in the healthcare industry; variations in demand for the Company's products and services; variations in costs or expenses; the ability to implement productivity, consolidation and cost reduction efforts and to realize anticipated benefits; the potential impact of legislation, government regulations, and other government action and/or executive orders, including those relating to Medicare Part D, including its implementing regulations and any subregulatory guidance; reimbursement and drug pricing policies and changes in the interpretation and application of such policies, including changes in calculation of average wholesale price; discontinuation of reporting average wholesale price, and/or implementation of new pricing benchmarks; legislative and regulatory changes impacting long term care pharmacies or specialty pharmacies; government budgetary pressures and shifting priorities; federal and state budget shortfalls; efforts by payors to control costs; changes to or termination of the Company's contracts with pharmaceutical benefit managers, Medicare Part D Plan sponsors and/or commercial health insurers or to the proportion of the Company's business covered by specific contracts; the outcome of disputes and litigation; potential liability for losses not covered by, or in excess of, insurance; the impact of executive separations; the impact of benefit plan terminations; the impact of differences in actuarial assumptions and estimates as compared to eventual outcomes; events or circumstances which result in an impairment of assets, including but not limited to, goodwill and identifiable intangible assets; the final outcome of divestiture activities; market conditions; the outcome of audit, compliance, administrative, regulatory, or investigatory reviews; volatility in the market for the Company's stock and in the financial markets generally; access to adequate capital and financing; changes in our credit ratings given by rating agencies; timing of conversions of our convertible debt; changes in tax laws and regulations; changes in accounting rules and standards; the impacts of potential cybersecurity risks and/or incidents; costs to comply with the Company's Corporate Integrity Agreement; and unexpected costs and interruptions from the implementation of our new information technology system. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. #     #     # Contact: Patrick C. Lee (513) 719-1507 patrick.lee@omnicare.comOmnicare, Inc. and Subsidiary Companies Summary Consolidated Statements of Income, GAAP Basis ($000s, except per share amounts) Unaudited   Three months ended   Six months ended --------------------------------------------------------------   June 30, 2014   June 30, 2013   June 30, 2014   June 30, 2013 -------------------------------------------------------------- Net sales $ 1,610,584     $ 1,503,116     $ 3,181,622     $ 2,962,061 Cost of sales 1,256,354     1,143,601     2,468,938     2,252,842 --------------- --------------- --------------- -------------- Gross profit 354,230     359,515     712,684     709,219 Selling, general and administrative expenses 184,063   191,915   370,876   382,608 Provision for doubtful accounts 21,090   26,140   42,651   50,150 Settlement, litigation and other related charges 7,547   3,512   14,599   26,131 Other charges 11,284     31,268     21,560     35,274 --------------- --------------- --------------- -------------- Operating income 130,246     106,680     262,998     215,056 Interest expense, net of investment income (29,980 )   (29,624 )   (59,421 )   (59,086 ) --------------- --------------- --------------- -------------- Income from continuing operations before income taxes 100,266   77,056   203,577   155,970 Income tax provision 39,020   29,754   78,693   60,354 --------------- --------------- --------------- -------------- Income from continuing operations 61,246   47,302   124,884   95,616 Loss from discontinued operations (39,275 )   4,917   (39,139 )   10,957 --------------- --------------- --------------- -------------- Net income $ 21,971     $ 52,219     $ 85,745     $ 106,573 --------------- --------------- --------------- -------------- Earnings per common share - Diluted: Continuing operations $ 0.58   $ 0.43   $ 1.17   $ 0.88 Discontinued Operations (0.37 )   0.04   (0.37 )   0.10 Net Income $ 0.21     $ 0.48     $ 0.80     $ 0.98 Weighted average number of common shares outstanding: Diluted $ 106,054     $ 109,931     $ 106,906     $ 108,736 --------------- --------------- --------------- -------------- The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc. and Subsidiary Companies Consolidated Balance Sheets ($000s) Unaudited June 30, December 31,    2014    2013 --------------- -------------- ASSETS Current assets: Cash and cash equivalents $ 314,726     $ 356,001 Accounts receivable, less allowances 693,213     695,684 Inventories 407,790     512,418 Deferred income tax benefits 108,212     135,094 Other current assets 291,220     265,536 Current assets of discontinued operations 42,029     49,995 --------------- -------------- Total current assets 1,857,190     2,014,728 Properties and equipment, at cost less accumulated depreciation 325,253   305,888 Goodwill 4,060,683     4,057,456 Identifiable intangible assets, less accumulated amortization 114,172   129,974 Other noncurrent assets 104,623     96,722 Noncurrent assets of discontinued operations 40,909     87,078 --------------- -------------- Total noncurrent assets 4,645,640     4,677,118 --------------- -------------- Total assets $ 6,502,830     $ 6,691,846 --------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 245,581     $ 181,022 Accrued employee compensation 63,091     50,240 Current debt 494,738     527,204 Other current liabilities 273,693     355,845 Current liabilities of discontinued operations 18,044     18,846 --------------- -------------- Total current liabilities 1,095,147     1,133,157 Long-term debt, notes and convertible debentures 1,417,619     1,418,819 Deferred income tax liabilities 1,022,697     1,012,733 Other noncurrent liabilities 56,507     53,835 Noncurrent liabilities of discontinued operations 537   1,398 --------------- -------------- Total noncurrent liabilities 2,497,360     2,486,785 --------------- -------------- Total liabilities 3,592,507     3,619,942 --------------- -------------- Convertible debt 310,299     331,101 Stockholders' equity 2,600,024     2,740,803 --------------- -------------- Total liabilities and stockholders' equity $ 6,502,830     $ 6,691,846 --------------- -------------- The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc. and Subsidiary Companies Condensed Consolidated Statements of Cash Flows, GAAP Basis ($000s) Unaudited ------------------------------   June 30, 2014 ------------------------------ Three months Six months   ended   ended ------------------------------ Cash flows from operating activities: Net income (loss) $ 21,971     $ 85,745 (Income) loss from discontinued operations 39,275     39,139 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 14,343     28,277 Amortization 19,018     38,820 Debt redemption loss and costs, net 8,414     8,414 Disposition of business, net 520     520 Changes in certain assets and liabilities, net of effects from acquisition and divestiture of businesses: Accounts receivable, net of provision for doubtful accounts 49,605   (14,436 ) Inventories 34,796     104,580 Current and noncurrent assets (5,968 )   (10,418 ) Accounts payable 17,275     71,429 Accrued employee compensation 17,498     12,851 Current and noncurrent liabilities 1,887     25,299 ---------------- ------------- Net cash flows from operating activities 218,634     390,220 Net cash flows from operating activities of discontinued operations 248   6,160 ---------------- ------------- Net cash flows from operating activities 218,882     396,380 ---------------- ------------- Cash flows from investing activities: Divestiture of businesses, net 3,485     7,114 Capital expenditures (21,858 )   (48,023 ) Other 28     40 ---------------- ------------- Net cash flows used in investing activities of continuing operations (18,345 )   (40,869 ) Net cash flows used in investing activities of discontinued operations (434 )   (730 ) ---------------- ------------- Net cash flows used in investing activities (18,779 )   (41,599 ) ---------------- ------------- Cash flows from financing activities: Payments on term loans (5,312 )   (10,625 ) Payments on long-term borrowings and obligations (136,085 )   (175,115 ) Decrease in cash overdraft balance (3,333 )   (6,870 ) Payments for Omnicare common stock repurchases (65,021 )   (160,438 ) Proceeds for stock awards and exercise of stock options, net of stock tendered in payment (6,688 )   (2,720 ) Dividends paid (19,383 )   (38,979 ) Other 3,272     4,121 ---------------- ------------- Net cash flows used in financing activities (232,550 )   (390,626 ) ---------------- ------------- Net increase (decrease) in cash and cash equivalents (32,447 )   (35,845 ) Less increase (decrease) in cash and cash equivalents from discontinued operations (186 )   5,430 ---------------- ------------- Increase (decrease) in ash and cash equivalents from continuing operations (32,261 )   (41,275 ) ---------------- ------------- Cash and cash equivalents at beginning of period 346,987     356,001 ---------------- ------------- Cash and cash equivalents at end of period $ 314,726     $ 314,726 ---------------- ------------- The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc. and Subsidiary Companies Reconciliation Statement and Definitions, Non-GAAP Basis ($000s, except per share amounts) Unaudited   Three months ended   Six months ended --------------------------- -------------------------- June June June June   30, 2014   30, 2013   30, 2014   30, 2013 ------------- ------------- ------------- ------------ Adjusted earnings per share ("EPS") from continuing operations: Diluted earnings per share from continuing operations $ 0.58   $ 0.43   $ 1.17   $ 0.88 Special Items: (a) Settlement, litigation and other related charges 0.04   0.02   0.08   0.15 Other charges 0.07     0.18     0.12     0.20 Amortization of discount on convertible notes 0.04   0.03   0.07   0.07 Debt redemption costs -     -     -     - ------------- ------------- ------------- ------------ Total Special Items 0.15     0.23     0.28     0.42 Cash EPS Adjustments 0.19     0.19     0.37     0.39 Adjusted cash earnings per diluted share from continuing operations $ 0.91   $ 0.85   $ 1.82   $ 1.69 ------------- ------------- ------------- ------------ Adjusted earnings before interest, income taxes ("EBIT", "Operating income"), depreciation and amortization ("EBITDA") from continuing operations: EBIT from continuing operations $ 130,246   $ 106,680   262,998   $ 215,056 Depreciation and amortization 33,361   33,498   67,097   65,487 Amortization of discount on convertible notes (6,214 )   (6,187 )   (12,345 )   (12,256 ) ------------- ------------- ------------- ------------ EBITDA from continuing operations 157,393   133,991   317,750   268,287 Special items (a) 18,831     34,780     36,159     61,405 ------------- ------------- ------------- ------------ Adjusted EBITDA from continuing operations 176,224   168,771   353,909   329,692 EBITDA from continuing operations to net cash flows from operating activities: EBITDA from continuing operations 157,393   133,991   317,750   268,287 (Subtract)/Add: Interest expense, net of investment income and amortization of discount on convertible notes (23,766 )   (23,437 )   (47,076 )   (46,830 ) Income tax provision (39,020 )   (29,754 )   (78,693 )   (60,354 ) Other operating activities (including debt redemption costs) 8,414   -   8,414   - Disposition of business, net 20   28,786   20   28,786 Changes in certain assets and liabilities, net of effects from acquisition and      divestitures of businesses 115,593   51,114   189,805   77,275 ------------- ------------- ------------- ------------ Net cash flows from operating activities of continuing operations $ 218,634   $ 160,700   $ 390,220   $ 267,164 ------------- ------------- ------------- ------------ Segment Reconciliations - Long-Term Care Group ("LTC") Adjusted Operating Income - LTC: Operating income from continuing operations 149,533   125,929   302,117   255,746 Special items (a) 10,467     34,061     20,030     59,432 ------------- ------------- ------------- ------------ Adjusted operating income from continuing operations - LTC 160,000   159,990   322,147   315,178 The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc. and Subsidiary Companies Footnotes and Definitions to Financial Information ($000s, except per share amounts and unless otherwise stated) Unaudited Footnotes: Non-GAAP Information: Omnicare, Inc. ("Omnicare" or the "Company") management believes that presenting certain non-GAAP financial measures, which exclude items not considered part of the core operating results of the Company and certain non-cash charges and also includes certain tax deduction amounts ("Special Items"), enhances investors' understanding of how Omnicare management assesses the performance of the Company's business.  Omnicare's management uses non-GAAP measures for budgeting purposes, measuring actual results, allocating resources and in determining employee incentive compensation.  Omnicare's method of calculating non-GAAP financial results may differ from those used by other companies and, therefore, comparability may be limited. (a)     Financial results included Special Items and Cash EPS adjustments as described below:     Q2 2014   YTD 2014   Q2 2013   YTD 2013 ----------------------- ----------------------- ----------------------- ---------------------- After Tax After Tax After Tax After Tax     Pretax ((9))   Pretax ((9))   Pretax ((9))   Pretax ((9)) ----------------------- ----------------------- ----------------------- ---------------------- EBIT: Settlement, litigation and other related charges ((1))   $ 7,547$ 4,659   $ 14,599$ 8,980   $ 3,512$ 2,173   $ 26,131$ 16,086 Other charges Acquisition and other related costs ((2))   - -   - -   1,763 1,086   2,300 1,416 Disposition of businesses ((3))   520 320   520 320   28,786 17,721   28,786 17,721 Separation costs ((4))   3,004 1,871   13,280 8,169   719 444   4,188 2,578 Loss on debt repurchase( (5))   7,760 4,773   7,760 4,773   - -   - - ----------------------- ----------------------- ----------------------- ---------------------- Subtotal - Other charges   11,284 6,964   21,560 13,262   31,268 19,251   35,274 21,715 ----------------------- ----------------------- ----------------------- ---------------------- Subtotal - EBIT Special Items   18,831 11,623   36,159 22,242   34,780 21,424   61,405 37,801 Interest Expense: Amortization of discount on convertible notes ((6))   6,214 3,836   12,345 7,593   6,187 3,812   12,256 7,545 Debt redemption costs ((5))   647 398   647 398   - -   - - ----------------------- ----------------------- ----------------------- ---------------------- Subtotal - Interest Expense Special Items   6,861 4,234   12,992 7,991   6,187 3,812   12,256 7,545 ----------------------- ----------------------- ----------------------- ---------------------- Subtotal - Special Items   25,692 15,857   49,151 30,233   40,967 25,236   73,661 45,346 Cash EPS Items: Amortization of intangibles   7,885 4,868   15,802 9,720   8,350 5,143   16,885 10,390 Goodwill amortization tax deduction ((7))   - 6,962   - 14,008   - 9,387   - 18,834 Convertible debt tax deduction ((8))   - 7,946   - 16,020   - 6,657   - 13,283 ----------------------- ----------------------- ----------------------- ---------------------- Subtotal - Cash EPS Items   7,885 19,776   15,802 39,748   8,350 21,187   16,885 42,507 ----------------------- ----------------------- ----------------------- ---------------------- Grand Total - Special Items   $ 33,577$ 35,633   $ 64,953$ 69,981   $ 49,317$ 46,423   $ 90,546$ 87,853 ----------------------- ----------------------- ----------------------- ---------------------- (1)     Operating income includes settlement, litigation and other related charges for resolution of certain large customer disputes, regulatory matters with various states and regulatory agencies, qui tam lawsuits and purported class and derivative actions against the Company.  Additionally, Omnicare has made, and will continue to make, disclosures to the applicable governmental agencies of amounts, if any, determined to represent over-payments from the respective programs and, where applicable, those amounts, as well as any amounts relating to certain inspections, audits, inquiries and investigations activity are included in the pretax special item reflected in the table. (2)     Operating income includes acquisition and other related costs primarily related to professional fees and acquisition related restructuring costs for acquisitions. (3)     In the second quarter of 2013, the Company completed the disposition of certain assets in its Medical Supply Services business  which was not considered significant to the operations of Omnicare. (4)     Operating income includes separation related costs and accelerated stock based compensation expense for certain employees. (5)     Operating income (loss) and interest expense include charges for debt redemption losses and costs related to the Company's previously announced refinancing transactions. (6)     The Company recorded non-cash interest expense from the amortization of debt discount on its convertible notes. (7)     The tax benefit of being able to deduct goodwill amortization. (8)     The tax benefit of being able to deduct higher interest expense on our convertible debt than what is actually paid. (9)     The tax effect was calculated by multiplying the tax-deductible pretax amounts by the appropriate effective tax rate. Discontinued Operations: During the fourth quarter of 2013, the Company's end-of-life hospice pharmacy business as well as certain retail operations qualified for discontinued operations treatment. As such, the results from continuing operations for all periods presented have been revised to reflect the results of these businesses as discontinued operations, including certain expenses of the Company related to the classification as discontinued operations. This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Omnicare via GlobeNewswire [HUG#1834051]


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