Omnicare (OCR) is expected to report Q2 earnings before market open Thursday, July 31, with a conference call scheduled for 11:00 am ET.
Analysts are looking for a profit of 39c on revenue of $1.54B. The consensus is 38c to 40c for EPS, and revenue of $1.52B to $1.56B, according to First Call.
In its Q1 earnings release, Omnicare reported EPS 40c compared to a consensus of 35c and revenue of $1.55B compared to a consensus of $1.53B. Drivers this quarter include the demographics of more older Americans needing long term care. Negatives for earnings continue to be: Medicare reimbursement issues, generic drugs with lower margins, and less rebates for branded drugs. On July 1, Leerink Swann noted that they would advise buying the stock when it was more certain in management's ability to attain the back half of the 2008 earnings ramp. The firm anticipates the stock will reach the $28 to $32 range and it maintains a Market Perform rating on the company. :