Magellan Health, Inc. announced that, for 2015, it expects to generate net revenue in the range of $4.25 billion to $4.49 billion, and net income in the range of $51 million to $67 million, which translates into diluted earnings per share (EPS) in the range of $1.90 to $2.50, inclusive of share repurchases to date. Adjusted net income1 for 2015 is expected to be in the range of $88 million to $100 million, which equates to adjusted EPS1 in the range of $3.28 to $3.73. For 2015, the company is assuming weighted average shares outstanding of 26.8 million. The company also expects segment profit2 to be in the range of $265 million to $285 million. Cash flow from operations is expected to be in the range of $171 million to $195 million.

The company completed its previous $300 million share repurchase authorization, and has now begun the new, two year, $200 million program approved by the board of directors in October. Under this new program, through yesterday, December 15, the company has repurchased approximately 117,000 shares for a total cost of $7.2 million.

With respect to 2014, the company confirmed its guidance, which was most recently updated in October.

“We’ve made great progress this year on our plan for growth, primarily related to our Magellan Complete Care and Pharmacy Management initiatives,” said Barry M. Smith, chairman and chief executive officer of Magellan Health. “In MCC, we are managing the total care of individuals with complex needs. We serve those with serious mental illness in Florida, and Medicaid Managed Long Term Care recipients in New York. In our pharmacy business, we now offer full service pharmacy capabilities to manage the entire drug spend of populations for health plan, employer, and government customers. We will continue to solidify our leadership position in population health management in the coming years across our behavioral health, pharmacy and specialty solutions businesses.”

“Looking ahead to 2015, we are poised for solid growth,” said Jonathan N. Rubin, chief financial officer. “We are projecting revenue growth of slightly less than 20 percent, and expect to report revenues of over $4 billion for the first time in the company’s history. We are reiterating our long-term compound annual growth objectives for both revenue and adjusted EPS of more than 20 percent, and for segment profit of more than 15 percent. Our 2015 plan and guidance represent a meaningful step forward towards these long-term goals.”