Omnicare, Inc. Profit In Half; More Restructuring Planned; Job Losses

Omnicare Inc. recorded $64 million in special charges during the second quarter of 2006, slicing net income by 50 percent. The Covington-based pharmaceutical services provider reported a quarterly profit of $30.4 million, or 25 cents per share, compared to year-ago results of $61.7 million, or 59 cents per share. Excluding the charges -- and reduction in reimbursement levels from UnitedHealth Group -- the company would have earned $82.1 million, or 67 cents per share, on revenue that jumped 46 percent to $1.6 billion during the quarter. The company’s pharmacy services business generated quarterly sales of $1.6 billion, an increase of 50 percent from a year ago, while clinical research operations recorded sales of $42.5 million, a decline of 18 percent.