4Q Adjusted Earnings Per Share Increase 75%

4Q Adjusted EBITDA Margin Increases to 5.6%

Company Announces 2012 Earnings Guidance

Commenting on the Company?s results for the fourth quarter, Gregory S. Weishar, PharMerica Corporation?s Chief Executive Officer, said, ?Fourth quarter?s strong results clearly demonstrate PharMerica?s potential as we continue to benefit from improved purchasing terms and the accelerating conversion of brand drugs to generics. We are extremely pleased with our employees? dedication and performance during the past six months; service levels are at an all time high, and we are making excellent progress on our strategic initiatives, which are focused on improving client retention and operating margins. We emerged from the distraction of Omnicare?s hostile tender offer as a stronger company with a laser focus on driving customer value. Looking forward, we see continued improvements in client retention, margin expansion and a very favorable acquisition climate. The most recent acquisition of Pharmacy Management Group, which we completed at the end of 2011, solidifies our market presence in Ohio and Pennsylvania. We are confident that our strategic initiatives will continue to provide outstanding value to PharMerica shareholders during 2012 and beyond.?

The results for the fourth quarter and year are set forth below:

Fiscal 2012 Earnings Guidance

The Company announced its fiscal 2012 earnings guidance range as follows:

As is normal practice, the fiscal 2012 earnings guidance does not consider any integration, merger and acquisition related costs or other related charges the Company may incur, including but not limited to the application of new accounting pronouncements or other non-recurring charges. Also, the guidance does not consider any impairment charges, the potential impact of the tender offer by Omnicare, Inc., or the expected conversion to Average Manufacturers Price (?AMP?) because the effect of these items cannot be reasonably estimated at this time.

Conference Call

Management will hold a conference call to review the financial results for the fourth quarter and year ended December 31, 2011, on February 10, 2012, at 10:00 a.m. Eastern Time. To access the live webcast, visit the Investor Relations section of the Company?s website at www.pharmerica.com or go to www.earnings.com. To access a telephonic replay of the call, which will be available one hour after the conclusion of the call through February 24, 2012, please dial 1-888-286-8010 (617-801-6888 if calling from outside the U.S.) and use passcode 81497328.

About PharMerica

PharMerica Corporation is a leading institutional pharmacy services company servicing healthcare facilities in the United States. As of December 31, 2011, PharMerica operated 95 institutional pharmacies in 44 states. PharMerica?s customers are institutional healthcare providers, such as nursing centers, assisted living facilities, hospitals and other long-term care providers. The Company also provides pharmacy management services to long-term care hospitals.

Forward-looking Statements

This press release contains ?forward-looking statements? within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company?s current estimates, expectations and projections about its future results, performance, prospects and opportunities. Forward-looking statements include, among other matters, the information concerning the Company?s ?guidance? and possible future results of operations, the strength of the Company?s financial performance during 2012, the impact of the brand to generic drug conversions on the Company, the Company?s ability to identify and consummate future acquisitions, the Company?s ability to deliver outstanding value to its shareholders, the Company?s earnings growth potential, improvements in the Company?s client retention, margin expansion and a favorable acquisition climate, and the Company?s continued pursuant of its strategic initiatives including those focused on client retention and operating margins. Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as ?anticipate,? ?believe,? ?could,? ?estimate,? ?expect,? ?intend,? ?plan,? ?may,? ?should,? ?will,? ?would,? ?project? and similar expressions. These forward-looking statements are based upon information currently available to us and are subject to a number of risks, uncertainties and other factors that could cause the Company?s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Important factors that could cause the Company?s actual results to differ materially from the results referred to in the forward-looking statements we make in this press release are included in the Risk Factors section set forth in the Company?s Annual Report on Form 10-K filed with the SEC and in other reports, including Quarterly Reports on Form 10-Q filed with the SEC by the Company, and also include the outcome of, or developments concerning, the tender offer by Omnicare, Inc.; other potential commercial or business combination proposals that have or may be received in the future; the outcome of any litigation related to the tender offer by Omnicare, Inc. or any other offer or proposal and the Board?s recommendation to the shareholders concerning the tender offer by Omnicare, Inc.

You are cautioned not to place undue reliance on any forward-looking statements, all of which speak only as of the date of this press release. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on the Company?s behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release and in the Risk Factors section set forth in the Company?s Annual Report on Form 10-K filed with the SEC and in other reports filed with the SEC by the Company.

PHARMERICA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS

(In millions, except share and per share amounts)

% ofRevenue

% ofRevenue

% ofRevenue

% ofRevenue

Impairment of intangible assets

Integration, merger and acquisition related costs and other charges

Provision for income taxes

Three Months EndedDecember 31,

Year EndedDecember 31,

PHARMERICA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share amounts)

(As Adjusted)Dec. 31,2010

Dec. 31,2011

Preferred stock, $0.01 par value per share; 1,000,000 shares authorized and no shares issued at December 31, 2010, and December 31, 2011

Treasury stock at cost, 1,336,817 shares and 1,350,128 shares at December 31, 2010, and December 31, 2011, respectively

PHARMERICA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Three Months EndedDecember 31,

Year EndedDecember 31,

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

PHARMERICA CORPORATION

SUPPLEMENTAL INFORMATION

The following is a summary of integration, merger and acquisition related costs and other charges incurred by PharMerica for the three months and year ended December 31, 2010 and 2011 (unaudited).

Three Months EndedDecember 31,

Year EndedDecember 31,

CUSTOMER LICENSED BEDS UNDER CONTRACT AND PRESCRIPTION DATA

The following is a summary of customer licensed beds under contract and prescription data as of and for the three months and year ended December 31, 2010 and 2011 (unaudited).

(In whole numbers, except where indicated)

Three Months EndedDecember 31,

Year EndedDecember 31,

PHARMERICA CORPORATION

SUPPLEMENTAL INFORMATION (Continued)

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

Three Months EndedDecember 31,

Year EndedDecember 31,

UNAUDITED RECONCILIATION OF EARNINGS PER DILUTED COMMON SHARETO ADJUSTED EARNINGS PER DILUTED COMMON SHARE

Three Months EndedDecember 31,

Year EndedDecember 31,

UNAUDITED RECONCILIATION OF ADJUSTED EBITDATO NET CASH FLOWS FROM OPERATING ACTIVITIES

Three Months EndedDecember 31,

Year EndedDecember 31,

Integration, merger and acquisition related costs and other charges

PHARMERICA CORPORATION

SUPPLEMENTAL INFORMATION (Continued)

UNAUDITED RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TOADJUSTED CASH PROVIDED BY OPERATING ACTIVITIES

Three Months EndedDecember 31,

Year EndedDecember 31,

Use of Non-GAAP Measures

PharMerica calculates Adjusted EBITDA as provided in the reconciliation above and calculates Adjusted EBITDA Margin by taking Adjusted EBITDA and dividing it by revenues. PharMerica calculates and uses Adjusted EBITDA as an indicator of its ability to generate cash from reported operating results. The measurement is used in concert with net income and cash flows from operations, which measure actual cash generated in the period. In addition, PharMerica believes that Adjusted EBITDA and Adjusted EBITDA Margin are supplemental measurement tools used by analysts and investors to help evaluate overall operating performance and the ability to incur and service debt and make capital expenditures. Adjusted EBITDA does not represent funds available for PharMerica?s discretionary use and is not intended to represent or to be used as a substitute for net income or cash flows from operations data as measured under U.S. generally accepted accounting principles (?GAAP?). The items excluded from Adjusted EBITDA but included in the calculation of PharMerica?s reported net income and cash flows from operations are significant components of the accompanying unaudited condensed consolidated income statements and cash flows, and must be considered in performing a comprehensive assessment of overall financial performance. PharMerica?s calculation of Adjusted EBITDA may not be consistent with calculations of EBITDA used by other companies.

PharMerica calculates and uses adjusted earnings per diluted share, exclusive of the impact of the impairment of intangible assets, the impact of integration, merger and acquisition related costs and other charges and the impact of the tax accounting matters, as an indicator of its core operating results. The measurement is used in concert with net income and earnings per diluted share, which measure actual earnings per share generated in the period. PharMerica believes the exclusion of these charges in expressing adjusted earnings per share provides management with a useful measure to assess period to period comparability and is useful to investors in evaluating PharMerica?s operating results from period to period. Adjusted earnings per diluted share, exclusive of the impact of the impairment of intangible assets, the impact of integration, merger and acquisition related costs and other charges and the impact of the tax accounting matters, do not represent the amount that effectively accrues directly to stockholders (i.e., such costs are a reduction in earnings and stockholders? equity) and is not intended to represent or to be used as a substitute for earnings per diluted share as measured under GAAP. The impact of the impairment of intangible assets, the impact of integration, merger and acquisition related costs and other charges and the impact of the tax accounting matters excluded from the earnings per diluted share are significant components of the accompanying unaudited condensed consolidated income statements, and must be considered in performing a comprehensive assessment of overall financial performance.