UPDATE 1-Catamaran profit beats estimates on Catalyst buy

Thu May 2, 2013 6:38am EDT
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* First-quarter earnings $0.42 vs est $0.40

* Revenue rises 88 pct

* Reaffirms full-year outlook

May 2 (Reuters) - Pharmacy benefit manager Catamaran Corp reported a higher-than-expected first-quarter profit, helped by the $4.4 billion acquisition of rival Catalyst Health Solutions.

Excluding items, the company earned 42 cents per share, above the average analyst estimate of 40 cents per share, according to Thomson Reuters I/B/E/S.

Net income attributable to the company rose to $51.4 million, or 25 cents per share, from $26.3 million, or 21 cents per share, a year earlier.

Revenue rose 88 percent to $3.22 billion.

The company reaffirmed its full-year earnings forecast of $1.18-$1.25 per share.

Pharmacy benefit managers administer health plans and drug benefit programs for employers and run mail-order pharmacies.