Accredo Health, Inc. Announces Acquisition of Hemophilia Resources of America, Inc.

Business Editors/Health/Medical Writers

MEMPHIS, Tenn.--(BUSINESS WIRE)--June 4, 2004

Accredo Health, Incorporated (NASDAQ: ACDO) announced today that its wholly owned subsidiary, Hemophilia Health Services, Inc. (HHS), has entered into a definitive agreement to purchase 100% of the outstanding stock of privately held HRA Holding Corporation and its wholly owned subsidiary, Hemophilia Resources of America, Inc. ("HRA"). The purchase agreement is contingent on receiving all necessary regulatory approvals including Federal Trade Commission approval under Hart-Scott-Rodino Act (HSR). The HSR application will be filed as soon as possible with a response expected within 45 days from that date. If approved, the closing of this transaction is expected to occur early in the September, 2004 quarter.

"HRA had revenues of approximately $84 million in calendar year 2003 and we expect this acquisition to be immediately accretive to Accredo Health's earnings," stated David D. Stevens, chairman and CEO of Accredo Health. "Hemophilia Resources of America is one of the premier providers of care to the hemophilia community. We expect the acquisition of HRA to further strengthen our commitment to this important patient population."

Mark Scudiery, President and CEO of HRA, stated, "This is an exciting combination of two businesses with a shared commitment to the hemophilia community and proven track records of high growth and profitability. Joining with the market leader will benefit HRA's employees and further our goal of helping patients minimize the lifestyle impacts so often necessitated by hemophilia."

HRA is the leading private full service provider of hemophilia coagulation products and services for adults and children living with hemophilia and von Willebrand disease. The Company has corporate offices and a pharmacy in Pine Brook, NJ with branch pharmacies in Dalton, GA., Greensboro, NC and Liberty Township, OH serving patients in 30 states. HRA is currently owned by its founders, employees, and Summit Partners, a private equity and venture capital firm which invested in the Company in 1999.

Accredo Health, Incorporated provides specialized pharmacy and related services pursuant to agreements with biotechnology drug manufacturers relating to the treatment of patients with certain costly, chronic diseases. The Company's services include collection of timely drug utilization and patient compliance information, patient education and monitoring through the use of written materials and telephonic consultation, reimbursement expertise and overnight drug delivery.

In addition to historical information, certain of the statements in the preceding paragraphs, particularly those anticipating future financial performance, business prospects and growth and operating strategies constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as anticipate, believe, estimate, expect, intend, predict, hope or similar expressions. Such statements, which include estimated financial information or results and the quoted comments of Mr. Stevens above, are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, the loss of a biopharmaceutical relationship, our inability to sell existing products, difficulties integrating acquisitions, the impact of pharmaceutical industry regulation, the difficulty of predicting FDA and other regulatory authority approvals, the regulatory environment and changes in healthcare policies and structure, acceptance and demand for new pharmaceutical products and new therapies, the impact of competitive products and pricing, the ability to obtain products from suppliers, reliance on strategic alliances, the ability to expand through joint ventures and acquisitions, the ability to maintain pricing arrangements with suppliers that preserve margins, the need for and ability to obtain additional capital, the seasonality and variability of operating results, the Company's ability to implement its strategies and achieve its objectives and the risks and uncertainties described in reports filed by Accredo with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including without limitation, cautionary statements under the heading "Risk Factors" made in Accredo's Annual Report on Form 10-K for its year ended June 30, 2003.