Exhibit 99.1

Contact:
Jeff Hall, Chief Financial Officer
David Myers, Vice President Investor Relations
(314) 810-3115
investor.relations@express-scripts.com

Express Scripts Reports Strong Third Quarter Earnings
2009 Earnings Guidance Increased

     ST. LOUIS, October 28, 2009 — Express Scripts, Inc. (Nasdaq: ESRX) announced third quarter net income from continuing operations of $196.9 million, or $0.71 per diluted share. Excluding non-recurring items in the quarter, including a legal settlement and items related to the previously announced acquisition of WellPoint’s pharmacy benefit management business (“NextRx”), earnings was $0.81 per diluted share. These earnings for the quarter include $0.18 per share of dilution related to the pre-close debt and equity issuances which were completed in the second quarter of 2009. Excluding all aforementioned items, the Company had earnings of $0.99, which compares to third quarter 2008 results of $0.81, a 22% increase.

     “Our third quarter results reflect an unwavering commitment to our business model of alignment. Our world-class clinical offerings enabled by our unique behavior centric approach, provides a value proposition unmatched in the marketplace,” stated George Paz, president, chief executive officer and chairman. “Our results are a testament to our ability to provide plan sponsors and patients a pharmacy benefit that optimizes health outcomes while driving out waste.”

Third Quarter 2009 Highlights (2009 data reflected on an adjusted basis. See Table 2)

	•		Total adjusted claims of 126.3 million, up 2% from 2008
	•		Gross profit increased 18% from 2008
	•		EBITDA per adjusted claim was $3.38, an increase of 18% from 2008
	•		Record cash flow from continuing operations of $395.3 million, up 62% from 2008

Guidance

     The Company previously provided 2009 earnings per diluted share guidance in a range of $3.72 to $3.82, which excluded any impact related to the NextRx transaction. Due to strong underlying fundamentals in the core business, the Company now believes 2009 earnings on the same basis will be in a range of $3.76 to $3.82, representing 21% to 23% growth over 2008.

     The following factors are not reflected in the guidance range above:

	•		NextRx results post-close
	•		2009 financing costs related to the NextRx transaction of $0.41 per diluted share

•

Estimated net non-recurring items for the year, mainly pertaining to the NextRx transaction, in a range of $0.36 to $0.38 per diluted share

The Company anticipates closing the NextRx transaction in the next four to six weeks. As previously stated, the Company expects the transaction will be moderately accretive, excluding amortization costs, in 2010; however the Company will provide full 2010 guidance with its fourth quarter earnings release.

About Express Scripts

     Express Scripts, Inc. is one of the largest PBM companies in North America, providing PBM services to thousands of client groups, including managed-care organizations, insurance carriers, employers, third-party administrators, public sector, workers’ compensation, and union-sponsored benefit plans.

     Express Scripts provides integrated PBM services, including network-pharmacy claims processing, home delivery services, benefit-design consultation, drug-utilization review, formulary management, and medical- and drug-data analysis services. The Company also distributes a full range of biopharmaceutical products directly to patients or their physicians, and provides extensive cost-management and patient-care services.

     Express Scripts is headquartered in St. Louis, Missouri. More information can be found at http://www.express-scripts.com, which includes expanded investor information and resources. More information on the Center for Cost-Effective Consumerism can be found at http://www.consumerology.org.

SAFE HARBOR STATEMENT

     This press release contains forward-looking statements, including, but not limited to, statements related to the Company’s plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements can be found in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-Q on file with the SEC. A copy of this form can be found at the Investor Relations section of Express Scripts’ web site at http://www.express-scripts.com.

     We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

FINANCIAL TABLES FOLLOW

EXPRESS SCRIPTS, INC.
Unaudited Consolidated Statement of Operations

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in millions, except per share data)		2009				2008				2009				2008
Revenues(1)		$	5,619.4			$	5,450.5			$	16,545.5			$	16,472.1
Cost of revenues (1)			5,006.8				4,930.1				14,804.8				14,983.0
Gross profit			612.6				520.4				1,740.7				1,489.1
Selling, general and administrative			254.1				189.7				646.7				547.1
Operating income			358.5				330.7				1,094.0				942.0
Other (expense) income:
Non-operating charges, net			—				(2.0	)			—				(2.0	)
Undistributed loss from joint venture			—				—				—				(0.3	)
Interest income			2.0				2.1				4.1				10.8
Interest expense			(48.0	)			(15.7	)			(142.7	)			(56.1	)
			(46.0	)			(15.6	)			(138.6	)			(47.6	)
Income before income taxes			312.5				315.1				955.4				894.4
Provision for income taxes			115.6				112.1				351.8				321.1
Net income from continuing operations			196.9				203.0				603.6				573.3
Net income (loss) from discontinued operations, net of tax			0.7				(1.1	)			0.7				(4.0	)
Net income		$	197.6			$	201.9			$	604.3			$	569.3
Weighted average number of common shares outstanding during the period:
Basic:			274.5				247.1				259.7				249.3
Diluted:			277.2				250.3				262.1				252.7
Basic earnings per share:
Continuing operations		$	0.72			$	0.82			$	2.32			$	2.30
Discontinued operations			—				—				—				(0.02	)
Net earnings			0.72				0.82				2.33				2.28
Diluted earnings per share:
Continuing operations		$	0.71			$	0.81			$	2.30			$	2.27
Discontinued operations			—				—				—				(0.02	)
Net earnings			0.71				0.81				2.31				2.25

EXPRESS SCRIPTS, INC.
Unaudited Consolidated Balance Sheet

		September 30,				December 31,
(in millions, except share data)		2009				2008
Assets
Current assets:
Cash and cash equivalents		$	3,942.4			$	530.7
Restricted cash and investments			8.1				4.8
Short-term investments			1,202.7				8.4
Receivables, net			1,249.8				1,155.9
Inventories			184.2				203.0
Deferred taxes			126.2				118.2
Prepaid expenses and other current assets			29.6				22.8
Total current assets			6,743.0				2,043.8
Property and equipment, net			265.7				222.2
Goodwill			2,870.3				2,881.1
Other intangible assets, net			317.2				332.6
Other assets			32.9				29.5
Total assets		$	10,229.1			$	5,509.2
Liabilities and Stockholders’ Equity
Current liabilities:
Claims and rebates payable		$	1,400.9			$	1,380.7
Accounts payable			585.1				496.4
Accrued expenses			524.2				420.5
Current maturities of long-term debt			540.1				420.0
Current liabilities of discontinued operations			5.6				4.1
Total current liabilities			3,055.9				2,721.7
Long-term debt			3,472.2				1,340.3
Other liabilities			393.5				369.0
Total liabilities			6,921.6				4,431.0
Stockholders’ Equity:
Preferred stock, 5,000,000 shares authorized, $0.01 par value per share; and no shares issued and outstanding			—				—
Common stock, 1,000,000,000 shares authorized, $0.01 par value; shares issued: 345,274,000 and 318,958,000, respectively; shares outstanding: 274,720,000 and 247,649,000, respectively			3.5				3.2
Additional paid-in capital			2,244.0				640.8
Accumulated other comprehensive income			14.2				6.2
Retained earnings			3,965.3				3,361.0
			6,227.0				4,011.2
Common stock in treasury at cost, 70,554,000 and 71,309,000 shares, respectively			(2,919.5	)			(2,933.0	)
Total stockholders’ equity			3,307.5				1,078.2
Total liabilities and stockholders’ equity		$	10,229.1			$	5,509.2

EXPRESS SCRIPTS, INC.
Unaudited Condensed Consolidated Statement of Cash Flows

		Nine Months Ended
		September 30,
(in millions)		2009				2008
Cash flows from operating activities:
Net income		$	604.3			$	569.3
Net (income) loss from discontinued operations, net of tax			(0.7	)			4.0
Net income from continuing operations			603.6				573.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			73.5				72.9
Deferred financing fees			59.0				1.8
Non-cash adjustments to net income			77.1				98.8
Changes in operating assets and liabilities:
Claims and rebates payable			20.2				33.7
Other net changes in operating assets and liabilities			80.0				(53.4	)
Net cash provided by operating activities — continuing operations			913.4				727.1
Net cash provided by operating activities — discontinued operations			13.1				1.9
Net cash flows provided by operating activities			926.5				729.0
Cash flows from investing activities:
Purchase of short-term investments			(1,198.9	)			—
Purchases of property and equipment			(90.5	)			(59.9	)
Acquisition, net of cash			—				(246.5	)
Short-term investments transferred from cash			—				(49.3	)
Proceeds from sale of businesses			—				27.7
Other			5.4				(0.9	)
Net cash used in investing activities			(1,284.0	)			(328.9	)
Cash flows from financing activities:
Proceeds on long-term debt, net of discounts			2,491.6				—
Net proceeds from stock issuance			1,569.1				—
Deferred financing fees			(69.5	)			—
Repayment of long-term debt			(240.1	)			(180.1	)
Tax benefit relating to employee stock compensation			7.7				39.2
Treasury stock acquired			—				(494.4	)
Net proceeds from employee stock plans			7.1				29.2
Net cash provided by (used in) financing activities			3,765.9				(606.1	)
Effect of foreign currency translation adjustment			3.3				(1.6	)
Net increase (decrease) in cash and cash equivalents			3,411.7				(207.6	)
Cash and cash equivalents at beginning of period			530.7				434.7
Cash and cash equivalents at end of period		$	3,942.4			$	227.1

Table 1
Unaudited Consolidated Selected Information
(in millions)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2009				2008				2009				2008
Claims Volume
Network			95.2				91.5				284.1				285.8
Home Delivery & Specialty			10.3				10.6				30.4				31.6
Other(1)			0.9				0.8				2.4				2.4
Total claims			106.4				102.9				316.9				319.8
Total adjusted claims(2)			126.3				123.5				376.0				381.1
Depreciation and Amortization (D&A):
Gross profit D&A		$	5.8			$	5.7			$	18.9			$	20.0
Selling, general & administrative D&A			18.0				17.6				54.6				52.9
Total D&A		$	23.8			$	23.3			$	73.5			$	72.9
Generic Fill Rate
Network			69.6	%			67.3	%			69.2	%			66.9	%
Home Delivery			58.3	%			57.2	%			57.5	%			56.0	%
Overall			68.3	%			66.2	%			67.9	%			65.7	%

Table 2
EBITDA Reconciliation
(in millions, except per claim data)

The following is a reconciliation of net income from continuing operations to EBITDA⁽¹⁾ from continuing operations. The Company believes net income is the most directly comparable measure calculated under Generally Accepted Accounting Principles.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2009				2008				2009				2008
Net income from continuing operations, as reported		$	196.9			$	203.0			$	603.6			$	573.3
Provision for income taxes			115.6				112.1				351.8				321.1
Depreciation and amortization			23.8				23.3				73.5				72.9
Interest expense, net			46.0				13.6				138.6				45.3
Undistributed loss from joint venture			—				—				—				0.3
Non-operating charges, net			—				2.0				—				2.0
EBITDA from continuing operations, as reported			382.3				354.0				1,167.5				1,014.9
Non-recurring transaction related costs (2)			9.6				—				21.3				—
Non-recurring legal settlement (3)			35.0				—				35.0				—
Non-recurring benefit related to insurance recovery (4)			—				—				(15.0	)			—
Adjusted EBITDA from continuing operations		$	426.9			$	354.0			$	1,208.8			$	1,014.9
Total adjusted claims			126.3				123.5				376.0				381.1
Adjusted EBITDA per adjusted claim		$	3.38			$	2.87			$	3.21			$	2.66

The Company is providing EBITDA excluding the impact of non-recurring charges in order to compare the underlying financial performance to prior periods.

Table 3
Calculation of Adjusted EPS

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2009				2008				2009				2008
		(per diluted share)
GAAP EPS from continuing operations		$	0.71			$	0.81			$	2.30			$	2.27
Items included in GAAP results:
Non-recurring transaction related costs (1)			0.02				—				0.05				—
Non-recurring termination of bridge financing(2)			—				—				0.14				—
Non-recurring charge related to legal settlement (3)			0.08				—				0.08				—
Non-recurring benefit related to insurance recovery (4)			—				—				(0.03	)			—
Adjusted EPS from continuing operations		$	0.81			$	0.81			$	2.54			$	2.27
Other items included in GAAP results:
Impact of pre-closing financing of NextRx acquisition (5)		$	0.18			$	—			$	0.23			$	—

The Company is providing diluted earnings per share excluding the impact of non-recurring charges in order to compare the underlying financial performance to prior periods.

		Estimated
		Year Ended								Year Ended
		December 31, 2009								December 31, 2008
Revised 2009 EPS guidance
(excluding the impact of NextRx and other non-recurring items)		$	3.76		to	$	3.82			$	3.10
GAAP items not included in guidance:
Q2 / Q3 non-recurring charges related to the NextRx transaction (1)		$	(0.19	)		$	(0.19	)
Q4 non-recurring charges related to the NextRx transaction (1)			(0.12	)	to		(0.14	)
Q3 legal settlement (2)			(0.08	)			(0.08	)
Q2 non-recurring benefit related to insurance recovery (3)			0.03				0.03
Full year impact of transaction financing (4)			(0.41	)			(0.41	)
NextRx results post-close (5)		TBD based on closing date