CINCINNATI (AP) — Omnicare Inc., which dispenses drugs for nursing homes and other long-term care centers, saw its third-quarter earnings more than double, as an increase in more profitable generic drugs and some lower costs helped balance prescription declines.
The Cincinnati company also raised its 2012 earnings forecast.
Omnicare said Wednesday it earned $61.4 million, or 55 cents per share, in the three months that ended Sept. 30. That's up from earnings of $27.9 million, or 24 cents per share, in last year's quarter. Adjusted earnings, which exclude one-time items like debt redemption costs, came in at 86 cents per share.
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