FRANKLIN LAKES, N.J. (AP) — Pharmacy benefits manager Medco Health Solutions Inc., which said Thursday it will combine with its biggest competitor, said its profit fell 4 percent in the second quarter.

Medco also said health insurer UnitedHealth Group Inc. will not renew a pharmacy benefit services contract between the companies. That contract expires Dec. 31, 2012.

Medco said it earned 324.8 million, or 85 cents per share. A year ago it earned $356.9 million, or 77 cents per share. Excluding charges related to its spinoff from Merck & Co., Medco's profit totaled 96 cents per share. Revenue grew 4 percent, to $17.07 billion from $16.41 billion.

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