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(Corrects paragraph 6 to say analysts had forecast 2014 revenue of $20.16 billion, not $2.16 billion)
Feb 27 (Reuters) - Pharmacy benefit manager Catamaran Corp forecast full-year profit below analysts' estimates, sending its Toronto-listed shares down as much as 12 percent.
The Schaumburg, Illinois-based company said it expected adjusted earnings of $2.04-$2.19 per share for 2014, which analysts said was probably due to lower margins.
Analysts on average were expecting a profit of $2.41 per share, according to Thomson Reuters I/B/E/S.
"A good portion of this (forecast) is from higher expected tax rate," Cowen and Company analyst Charles Rhyee wrote in a note.
Jefferies analysts said their assessment of fourth-quarter results and 2014 forecast suggested strong revenue trends, but profit was likely to be hurt by lower gross margins and a big increase in expenses.
Catamaran said it expected revenue of $20 billion to $21 billion in 2014, largely above the average analyst estimate of $20.16 billion.
The company's shares were down 11.2 percent at C$51.14 on the Toronto Stock Exchange in late morning trading on Thursday.
The stock had risen about 3 percent in the year to Wednesday's close, lagging the Toronto Stock Exchange 300 Composite Index, which had risen about 12 percent in the period. (Reporting by Shubhankar Chakravorty in Bangalore; Editing by Kirti Pandey)