Catamaran stock jumps after earnings beat, cheery outlook

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Catamaran stock jumps after earnings beat, cheery outlook

Shares in Catamaran Corp jumped 12 percent after the pharmacy benefits manager reported a sharp jump in profit and revenue and said future prospects were promising as customers navigate the complexity of the new U.S. healthcare environment. The company said revenue was up 53 percent at $4.9 billion in the first quarter, helped by the addition of new customers, the inclusion of results from its Restat acquisition and growth in business from Cigna Corp , which is migrating its customers onto Catamaran's claims processing system. Catamaran, formed from the merger of SXC Health Solutions and PBM Catalyst Health Solutions, helps administrators of group health care plans reduce their prescription drug costs. Executives at Catamaran told analysts on a conference call following the report they are evaluating other merger opportunities as the "best way to deploy capital on behalf of our shareholders" and expect more deals this year.

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