PharMerica to purchase $25 million of common stock

PharMerica Corporation (NYSE: PMC), a national provider of institutional pharmacy and hospital pharmacy management services, today announced that its Board of Directors has authorized an increase in its existing share purchase program that will allow the Company to purchase up to $25 million of its common stock in the open market through unsolicited or solicited privately negotiated transactions, or in such other appropriate manner, and will be funded from available cash.

The amount and timing of the purchases will be determined by the Company's management and will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions. Common stock acquired through the share purchase program will be held as treasury shares and may be used for general corporate purposes.

Commenting on this action, Gregory S. Weishar, Chief Executive Officer of PharMerica Corporation, noted, "We remain confident in PharMerica's long-term growth prospects. Given the market dynamics following the termination of the tender offer, we see the Company's stock as significantly undervalued, giving us a unique opportunity to drive shareholder value."

The Company will provide an update regarding purchases made under the purchase program when it reports its results of operations for the quarter ended June 30, 2012.