Omnicare Reports Second-Quarter 2013 Financial Results; Company Raises Full-Year 2013 Guidance

24 juli 2013 CINCINNATI, July 24, 2013 - Omnicare, Inc. (NYSE:OCR) reported today financial results for its second quarter ended June 30, 2013. Second-Quarter Highlights: * Gross profit of $378 million; 19 basis-point gross margin rate increase * Adjusted cash earnings per diluted share 8.4% higher to $0.90; GAAP earnings per diluted share of $0.48 * Cash flows from operations of $154 million "We are pleased to have continued our momentum into the second quarter," said John L. Workman, Omnicare's Chief Executive Officer.  "Our second-quarter financial results reflect the solid performance of all of our core businesses.  Our Long-Term Care Group further reduced its cost position through the increased penetration of low-cost generic drugs, while our Specialty Care Group generated another quarter of strong double-digit revenue growth, driven primarily by our specialty pharmacy platform." Second-Quarter Results Financial results for the quarter ended June 30, 2013, as compared with the same prior-year period, were as follows: * Net sales were $1,570 million versus $1,536 million * Gross profit was $378 million as compared with $367 million * GAAP earnings per diluted share was $0.48 versus $0.17 * Adjusted cash earnings per diluted share (see "per share" discussion below and attached supplemental information) was $0.90 versus $0.83 * Adjusted EBITDA was $179 million versus $170 million Cash flows from operations for the quarter ended June 30, 2013 were $154 million versus $120 million in the comparable prior-year quarter. "During the second quarter, we continued to execute well on our operating plan," said Nitin Sahney, Omnicare's President and Chief Operating Officer. "For the first time in six quarters, we generated net organic bed growth in our Long-Term Care Group - a trend we believe will be sustainable.  In addition, we converted several important wins in a range of therapeutic categories within our Specialty Care Group. We believe these key operational advancements reinforce Omnicare's efforts to build upon a foundation that will enable us to better leverage our growth platforms." Financial Position Omnicare concluded the second quarter of 2013 with no borrowings outstanding on its revolving credit facility and $535 million in cash on its balance sheet. As of June 30, 2013, the Company had approximately $120 million of availability under its current share repurchase authorization.  In the second quarter, Omnicare entered into an Accelerated Share Repurchase (ASR) agreement to repurchase up to $100 million in shares of the company's common stock.  The ASR is expected to reach final settlement during the third quarter of 2013. "Our second quarter represented another period of strong cash flow generation," said Rocky Kraft, Omnicare's Chief Financial Officer. "During the first half of 2013, we increased the amount we returned to stockholders through dividends and share repurchases over the same prior year period, all while improving our overall financial position. We will continue to allocate our cash flows in a manner that we believe is most advantageous to our stockholders." Year-to-Date Results Financial results for the six months ended June 30, 2013, as compared with the same prior-year period, were as follows: * Net sales were $3.1 billion versus $3.1 billion * Gross profit was $749 million as compared with $735 million * GAAP earnings per diluted share was $0.98 versus $0.65 * Adjusted cash earnings per diluted share (see "per share" discussion below and attached supplemental information) was $1.80 versus $1.64 * Adjusted EBITDA was $351 million versus $340 million Cash flows from operations for the six months ended June 30, 2013 were $263 million versus $221 million in the comparable prior period. To facilitate comparisons and to enhance the understanding of core operating performance, discussions in this news release include financial measures that are adjusted from the comparable amounts under GAAP to exclude the impact of the special items discussed elsewhere herein, and to present results on a continuing operations basis.  For a detailed presentation of reconciling items and related definitions and components, please refer to the attached schedules or to reconciliation schedules posted at the Investor Relations section of Omnicare's website at http://ir.omnicare.com.  Additionally, the Company will make supplemental slides available in the same section on its website today that will include the number of scripts dispensed, beds served, and other information relevant to Omnicare's operations. Segment Information Beginning in the second quarter of 2013, the Company concluded that the operations of its hospice pharmacy business were better aligned with the operations of the other businesses in Long-Term Care, and began to review and manage the operations of this business as part of the Long-Term Care Group.  All prior period segment information has been recast to reflect the new segment reporting. Financial results for the Long-Term Care Group for the second quarter ended June 30, 2013 were as follows: * Net sales of $1,222 million were 2.6% lower than $1,255 million in the same prior-year period * Adjusted operating income of $165 million increased 4.4% from $158 million in the same prior-year period Financial results for the Specialty Care Group for the second quarter ended June 30, 2013 were as follows: * Net sales of $347 million were 25% higher than $278 million in the same prior-year period * Adjusted operating income of $30 million increased 21.6% from $25 million in the same prior-year period Special Items The results for the second quarter and six months ended June 30, 2013 and 2012 include the impact of special items and cash EPS adjustments as follows: +--------------------------------------------+---------------------------------+ |  Three months ended | Six Months Ended | | | | |  June 30, 2013 June 30, 2012 | June 30, 2013 June 30, 2012 | | | | | After- Per After- Per |After- Per After- Per | | tax diluted tax diluted | tax diluted tax diluted | |   impact share impact share |impact share impact share | +--------------------------------------------+---------------------------------+ |Special | | |Items | | |Adj. $25.2M $0.23 $52.4M $0.46 |$45.3M $0.42 $70.1M $0.61 | | | | |Cash EPS | | |Adj. $21.8M $0.20 $23.2M $0.20 |$43.8M $0.40 $44.1M $0.38 | +--------------------------------------------+---------------------------------+ In the second quarter of 2013, the Company completed the disposition of certain assets in its Medical Supply Services business, which was not considered significant to the operations of Omnicare.  The company recorded a charge on the disposition of this business of $28.8 million in the three and six months ended June 30, 2013. The special items and cash EPS adjustments have been described in further detail in the "Footnotes and Definitions to Financial Information" section elsewhere herein. Outlook Based on its solid results for the first six months of 2013, Omnicare now expects the following for the full year 2013: +------------------------------------------------------------------------------+ |  Previous Guidance Current Guidance| +------------------------------------------------------------------------------+ |Revenue $6.1B to $6.2B $6.1B to $6.3B | | | |Adjusted cash earnings per diluted share | |(excluding special items) $3.47 to $3.57 $3.56 to $3.64 | | | |Cash flows from operations $450M to $500M $475M to $525M | +------------------------------------------------------------------------------+ Webcast Today Omnicare will hold a conference call to discuss its second quarter 2013 financial results today, Wednesday, July 24, at 9:00 a.m. ET.  A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations section of Omnicare's website at http://ir.omnicare.com.  An archived replay will be made available on the website following the conclusion of the conference call. About Omnicare Omnicare, Inc., a Fortune 500 company based in Cincinnati, Ohio, provides comprehensive pharmaceutical services to patients and providers across the United States.  As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers.  Omnicare also provides key commercialization services for the bio- pharmaceutical industry and end-of-life disease management through its Specialty Care Group.  For more information, visit www.omnicare.com. Forward-looking Statements In addition to historical information, this report contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to "beliefs," "expectations," "anticipations," "intentions" or similar words) and all statements which are not statements of historical fact. Such forward-looking statements, together with other statements that are not historical, are based on management's current expectations and involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in the Company's Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission and include, but are not limited to: overall economic, financial, political and business conditions; trends in the long-term healthcare and pharmaceutical industries; the ability to attract new clients and service contracts and retain existing clients and service contracts; the ability to consummate pending acquisitions on favorable terms or at all; trends for the continued growth of the Company's businesses; trends in drug pricing; delays and reductions in reimbursement by the government and other payors to customers and to the Company; the overall financial condition of the Company's customers and the ability of the Company to assess and react to such financial condition of its customers; the ability of vendors and business partners to continue to provide products and services to the Company; the successful integration of acquired companies and realization of contemplated synergies; the continued availability of suitable acquisition candidates; the ability to attract and retain needed management; competition for qualified staff in the healthcare industry; variations in demand for the Company's products and services; variations in costs or expenses; the ability to implement productivity, consolidation and cost reduction efforts and to realize anticipated benefits; the potential impact of legislation, government regulations, and other government action and/or executive orders, including those relating to Medicare Part D, including its implementing regulations and any subregulatory guidance, reimbursement and drug pricing policies and changes in the interpretation and application of such policies, including changes in calculation of average wholesale price; discontinuation of reporting average wholesale price, and/or implementation of new pricing benchmarks; legislative and regulatory changes impacting long term care pharmacies; government budgetary pressures and shifting priorities; federal and state budget shortfalls; efforts by payors to control costs; changes to or termination of the Company's contracts with pharmaceutical benefit managers, Medicare Part D Plan sponsors and/or commercial health insurers or to the proportion of the Company's business covered by specific contracts; the outcome of disputes and litigation; potential liability for losses not covered by, or in excess of, insurance; the impact of executive separations; the impact of benefit plan terminations; the impact of differences in actuarial assumptions and estimates as compared to eventual outcomes; events or circumstances which result in an impairment of assets, including but not limited to, goodwill and identifiable intangible assets; the final outcome of divestiture activities; market conditions; the outcome of audit, compliance, administrative, regulatory, or investigatory reviews; volatility in the market for the Company's stock and in the financial markets generally; access to adequate capital and financing; changes in tax laws and regulations; changes in accounting rules and standards; the impacts of potential cybersecurity risks and/or incidents; and costs to comply with the Company's Corporate Integrity Agreement. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. #     #     # Contact: Patrick C. Lee (513) 719-1507 patrick.lee@omnicare.com Omnicare, Inc. and Subsidiary Companies Summary Consolidated Statements of Income, GAAP Basis ($000s, except per share amounts) Unaudited   Three months ended   Six months ended -------------------------------------------------------------- June 30,   2013   June 30, 2012   June 30, 2013   June 30, 2012 --------------------------------------------------------------- Net sales $ 1,569,897     $ 1,536,027     $ 3,094,900     $ 3,129,095 Cost of sales 1,191,447     1,168,681     2,345,626     2,393,649 --------------- --------------- --------------- --------------- Gross profit 378,450     367,346     749,274     735,446 Selling, general and administrative expenses 203,688     201,878     405,514     402,002 Provision for doubtful accounts 25,346     24,078     49,572     48,509 Settlement, litigation and other related charges 3,512     26,093     26,131     33,296 Other charges 31,268     49,209     35,274     60,721 --------------- --------------- --------------- --------------- Operating income 114,636     66,088     232,783     190,918 Interest expense, net of investment income (29,624 )   (35,574 )   (59,083 )   (66,408 ) --------------- --------------- --------------- --------------- Income from continuing operations before income taxes 85,012     30,514     173,700     124,510 Income tax provision 32,793     11,822     67,127     50,079 --------------- --------------- --------------- --------------- Net income 52,219     18,692     106,573     74,431 --------------- --------------- --------------- --------------- Earnings (loss) per common share - Diluted: $ 0.48     $ 0.17     $ 0.98     $ 0.65 Weighted average number of common shares outstanding: Diluted 109,931     113,472     108,736     114,987 --------------- --------------- --------------- --------------- The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc and Subsidiary Companies Consolidated Balance Sheets (000s) Unaudited June 30, December 31,   2013   2012 -------------- --------------- ASSETS Current assets: Cash and cash equivalents $ 535,360     $ 454,213 Restricted cash 5     1,066 Accounts receivable, less allowances 764,448     857,052 Inventories 402,130     385,698 Deferred income tax benefits 97,616     136,186 Other current assets 296,594     254,644 --------------- --------------- Total current assets 2,096,153     2,088,859 Properties and equipment, at cost less accumulated depreciation       301,954     282,660 Goodwill 4,253,461     4,256,959 Identifiable intangible assets, less accumulated amortization 175,353     196,873 Other noncurrent assets 114,614     163,913 --------------- --------------- Total noncurrent assets 4,845,382     4,900,405 --------------- --------------- Total assets $ 6,941,535     $ 6,989,264 --------------- --------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 191,039     $ 200,125 Accrued employee compensation 64,885     73,791 Current debt 443,514     27,713 Other current liabilities 164,336     180,385 --------------- --------------- Total current liabilities 863,774     482,014 Long-term debt, notes and convertible debentures 1,591,524     2,030,030 Deferred income tax liabilities 927,293     914,660 Other noncurrent liabilities 61,081     56,848 --------------- --------------- Total noncurrent liabilities 2,579,898     3,001,538 --------------- --------------- Total liabilities 3,443,672     3,483,552 --------------- --------------- Stockholders' equity 3,497,863     3,505,712 --------------- --------------- Total liabilities and stockholders' equity $ 6,941,535     $ 6,989,264 --------------- --------------- The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc and Subsidiary Companies Condensed Consolidated Statements of Cash Flows, GAAP Basis (000s) Unaudited   June 30, 2013 ------------------------------- Three months Six months   ended   ended ---------------- -------------- Cash flows from operating activities: Net income $ 52,219     $ 106,573 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation 14,713     28,520 Amortization 20,613     40,528 Disposition of business, net 28,786     28,786 Changes in certain assets and liabilities, net of effects from acquisition and divestiture of businesses: Accounts receivable, net of provision for doubtful accounts 54,464     71,130 Inventories (20,359 )   (17,319 ) Current and noncurrent assets (15,141 )   (28,359 ) Accounts payable 4,788     1,146 Accrued employee compensation 17,200     (8,873 ) Current and noncurrent liabilities (3,509 )   40,537 ----------------- -------------- Net cash flows from operating activities 153,774     262,669 Cash flows from investing activities: Acquisition of businesses, net of cash received (298 )   (298 ) Disposition of business, net 675     675 Capital expenditures (23,708 )   (46,837 ) Other (229 )   625 ----------------- -------------- Net cash flows used in investing activities (23,560 )   (45,835 ) Cash flows from financing activities: Payments on term loans (5,313 )   (10,626 ) Payments on long-term borrowings and obligations (1,750 )   (3,434 ) Capped call transaction -     (38 ) Decrease in cash overdraft balance (459 )   (10,233 ) Payments for Omnicare common stock repurchases (100,000 )   (100,302 ) Proceeds for stock awards and exercise of stock options, net of stock tendered in payment 16,087     16,532 Dividends paid (14,287 )   (28,766 ) Other 1,050     1,180 ----------------- -------------- Net cash flows used in financing activities (104,672 )   (135,687 ) ----------------- -------------- Net increase in cash and cash equivalents 25,542     81,147 Cash and cash equivalents at beginning of period 509,818     454,213 ----------------- -------------- Cash and cash equivalents at end of period $ 535,360     $ 535,360 ----------------- -------------- The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc. and Subsidiary Companies Reconciliation Statement and Definitions, Non-GAAP Basis ($000s, except per share amounts) Unaudited   Three months ended   Six months ended -------------------------- --------------------------- June 30, June 30, June 30, June 30,   2013   2012   2013   2012 ------------ ------------- ------------- ------------- Adjusted earnings per share ("EPS") from continuing operations: Diluted earnings per share from continuing operations $ 0.48     $ 0.17     $ 0.98     $ 0.65 Special Items: (a) Settlement, litigation and other related charges 0.02     0.14     0.15     0.18 Other charges 0.18     0.27     0.20     0.34 Amortization of discount on convertible notes 0.03     0.03     0.07     0.07 Debt redemption costs -     0.02     -     0.02 ------------- ------------- ------------- ------------- Total Special Items 0.23     0.46     0.42     0.61 Cash EPS Adjustments 0.20     0.20     0.40     0.38 Adjusted cash earnings per diluted share from continuing operations $ 0.90     $ 0.83     $ 1.80     $ 1.64 ------------- ------------- ------------- ------------- Adjusted earnings before interest, income taxes ("EBIT", "Operating income"), depreciation and amortization ("EBITDA") from continuing operations: EBIT from continuing operations $ 114,636     $ 66,088     232,783     $ 190,918 Depreciation and amortization 35,326     34,843     69,048     67,304 Amortization of discount on convertible notes (6,187 )   (5,929 )   (12,256 )   (12,279 ) ------------- ------------- ------------- ------------- EBITDA from continuing operations 143,775     95,002     289,575     245,943 Special items (a) 34,780     75,302     61,405     94,017 ------------- ------------- ------------- ------------- Adjusted EBITDA from continuing operations 178,555     170,304     350,980     339,960 EBITDA from continuing operations to net cash flows from operating activities: EBITDA from continuing operations 143,775     95,002     289,575     245,943 (Subtract)/Add: Interest expense, net of investment income and amortization of discount on convertible notes (23,437 )   (29,645 )   (46,827 )   (54,129 ) Income tax provision (32,793 )   (11,822 )   (67,127 )   (50,079 ) Other operating activities (including debt redemption costs) -     39,185     -     39,288 Disposition of business, net 28,786     -     28,786     5,903 Changes in certain assets and liabilities, net of effects from acquisition and     divestitures of businesses 37,443     27,478     58,262     33,689 ------------- ------------- ------------- ------------- Net cash flows from operating activities of continuing operations $ 153,774     $ 120,198     $ 262,669     $ 220,615 ------------- ------------- ------------- ------------- Segment Reconciliations - Long-Term Care Group ("LTC") Adjusted Operating Income - LTC: Operating income from continuing operations (b) 131,049     130,102     267,781     274,922 Special items (a) 34,061     28,010     59,432     44,225 ------------- ------------- ------------- ------------- Adjusted operating income from continuing operations - LTC (b) 165,110     158,112     327,213     319,147 Segment Reconciliations - Specialty Care Group ("SCG") Adjusted Operating Income - SCG: Operating income from continuing operations (b) 29,887     24,370     60,852     47,678 Special items (a) -     200     -     200 ------------- ------------- ------------- ------------- Adjusted operating income from continuing operations - SCG (b) 29,887     24,570     60,852     47,878 The footnotes and definitions presented at the separate "Footnotes and Definitions to Financial Information" pages are an integral part of this financial information. Omnicare, Inc. and Subsidiary Companies Footnotes and Definitions to Financial Information (000s, except per share amounts and unless otherwise stated) Unaudited Footnotes: Non-GAAP Information: Omnicare, Inc. ("Omnicare" or the "Company") management believes that presenting certain non-GAAP financial measures, which exclude items not considered part of the core operating results of the Company and certain non-cash charges and also includes certain tax deduction amounts ("Special Items"), enhances investors' understanding of how Omnicare management assesses the performance of the Company's business.  Omnicare management uses non-GAAP measures for budgeting purposes, measuring actual results, allocating resources and in determining employee incentive compensation.  Omnicare's method of calculating non-GAAP financial results may differ from those used by other companies and, therefore, comparability may be limited. a. Financial results included Special Items and Cash EPS adjustments as described below:     Q2 2013   YTD 2013   Q2 2012   YTD 2012 ---------------------- ----------------------- ----------------------- ------------------------- After Tax After Tax After Tax After Tax     Pretax ((9))   Pretax ((9))   Pretax ((9))   Pretax ((9)) ---------------------- ----------------------- ----------------------- ------------------------- EBIT: Settlement, litigation and other related charges ((1))   $ 3,512   $ 2,173     $ 26,131   $ 16,086     $ 26,093   $ 16,014     $ 33,296   $ 20,444 Other charges Acquisition and other related costs ((2))   1,763   1,086     2,300   1,416     1,117   683     4,226   2,595 Disposition of businesses ((3))   28,786   17,721     28,786   17,721     -   -     5,903   5,903 Separation costs ((4))   719   444     4,188   2,578     13,000   7,980     15,500   9,517 Loss on debt repurchase( (5))   -   -     -   -     35,092   21,546     35,092   21,546 ----------------------- ----------------------- ----------------------- ------------------------- Subtotal - Other charges   31,268   19,251     35,274   21,715     49,209   30,209     60,721   39,561 ----------------------- ----------------------- ----------------------- ------------------------- Subtotal - EBIT Special Items   34,780   21,424     61,405   37,801     75,302   46,223     94,017   60,005 Interest Expense: Amortization of discount on convertible notes ((6))   6,187   3,812     12,256   7,545     5,929   3,633     12,279   7,539 Debt redemption costs ((5))   -   -     -   -     4,093   2,513     4,093   2,513 ----------------------- ----------------------- ----------------------- ------------------------- Subtotal - Interest Expense Special Items   6,187   3,812     12,256   7,545     10,022   6,146     16,372   10,052 ----------------------- ----------------------- ----------------------- ------------------------- Subtotal - Special Items   40,967   25,236     73,661   45,346     85,324   52,369     110,389   70,057 Cash EPS Items: Amortization of intangibles   9,414   5,800     19,013   11,704     10,752   6,591     21,505   13,204 Goodwill amortization tax deduction ((7))   -   9,387     -   18,834     -   10,915     -   21,774 Convertible debt tax deduction ((8))   -   6,657     -   13,283     -   5,650     -   9,087 ----------------------- ----------------------- ----------------------- ------------------------- Subtotal - Cash EPS Items   9,414   21,844     19,013   43,821     10,752   23,156     21,505   44,065 ----------------------- ----------------------- ----------------------- ------------------------- Grand Total - Special Items   $ 50,381   $ 47,080     $ 92,674   $ 89,167     $ 96,076   $ 75,525     $ 131,894   $ 114,122 ----------------------- ----------------------- ----------------------- ------------------------- 1. Operating income includes settlement, litigation and other related charges for resolution of certain large customer disputes, regulatory matters with various states and regulatory agencies, qui tam lawsuits and purported class and derivative actions against the Company.  Additionally, Omnicare has made, and will continue to make, disclosures to the applicable governmental agencies of amounts, if any, determined to represent over-payments from the respective programs and, where applicable, those amounts, as well as any amounts relating to certain inspections, audits, inquiries and investigations activity are included in the pretax special item reflected in the table. 2. Operating income includes acquisition and other related costs primarily related to professional fees and acquisition related restructuring costs for acquisitions. 3. In the second quarter of 2013, the Company completed the disposition of certain assets in its Medical Supply Services business and in 2012, completed the dispositions of its Canadian pharmacy and the Company's pharmacy operational software businesses, which were not considered, individually or in the aggregate,  significant to the operations of Omnicare.  The Company recorded a charge on the disposition of these businesses of $28.8 million in the three and six months ended June 30, 2013, respectively, and  $5.9 million in the six months ended June 30, 2012. 4. Operating income includes separation related costs for certain former employees. 5. Operating income and interest expense includes charges for debt redemption losses and costs related to the Company's previously announced refinancing transactions. 6. The Company recorded non-cash interest expense from the amortization of debt discount on its convertible notes. 7. The tax benefit of being able to deduct goodwill amortization. 8. The tax benefit of being able to deduct higher interest expense on our convertible debt than what is actually paid. 9. The tax effect was calculated by multiplying the tax-deductible pretax amounts by the appropriate effective tax rate. b. Beginning in the second quarter of 2013, the Company concluded that the operations of its hospice pharmacy business were better aligned with the operation of its LTC, and began to review and manage the operations of this business as part of LTC.  Accordingly, to align the reporting segments with the current way management reviews information to make operating decisions, assess performance and allocate resources, the results of the Company's hospice business are now reported in LTC.  All prior period segment information has been recast to reflect the new segment reporting. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Omnicare via Thomson Reuters ONE [HUG#1718174]