RPT-UPDATE 1-Medco profit tops views, sees strong 2010 growth

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* Q3 EPS ex items of 75 cents vs 72-cent Wall St view

* Sees 2010 EPS of $3.28-$3.38, ex items

NEW YORK, Nov 3 (Reuters) - Medco Health Solutions Inc (MHS.N) posted a better-than-expected third-quarter profit on Tuesday, as the pharmacy benefit manager dispensed more higher-margin generic drugs, and said earnings could rise more than 20 percent next year.

Net income rose to $335.6 million, or 69 cents per share, from $295.7 million, or 58 cents per share, a year earlier.

Excluding amortization of intangible assets, earnings were 75 cents per share. Analysts on average expected 72 cents per share, according to Thomson Reuters I/B/E/S.

Medco raised its 2009 forecast, excluding items, to a range of $2.80 to $2.82 per share, up from $2.76 to $2.81 previously.

On that basis, it expects 2010 profit of $3.28 to $3.38 per share, or growth of 16 percent to 21 percent. (Reporting by Lewis Krauskopf; Editing by Derek Caney)