Accredo Health, Inc. Announces Approval of HRA Acquisition.

MEMPHIS -- Accredo Health, Incorporated (NASDAQ: ACDO) announced today that the Federal Trade Commission has closed its investigation of the proposed acquisition by Accredo's wholly-owned subsidiary, Hemophilia Health Services, Inc. of Hemophilia Resources of America, Inc. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 will expire today and the parties are expected to consummate the transaction next week.

Accredo also acknowledged the press release issued yesterday by Standard & Poor's rating services ("S&P"). Accredo confirmed that it is in the process of amending and expanding the terms of its credit facility, consistent with the terms set out in the S&P press release.

Accredo Health, Incorporated provides specialized pharmacy and related services 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 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.