PharMerica Names New Chairman of the Board

PharMerica Corporation (NYSE: PMC), a national provider of institutional pharmacy and hospital pharmacy management services, announced today that Thomas P. Mac Mahon, the Company’s non-executive Chairman, is transitioning PharMerica’s Chairmanship to fellow Board member Geoffrey Meyers. Mr. Mac Mahon will remain a member of the PharMerica Board of Directors and a member of the Compensation Committee. Mr. Meyers will become non-executive Chairman on January 1, 2011. Mr. Meyers joined the PharMerica Board in 2009 and is a member of the Company’s Nominating and Governance Committee. He is a recognized leader in the long-term care industry.

Greg Weishar, the Company’s Chief Executive Officer, stated, “PharMerica is very grateful to Tom for his dedicated leadership and the many contributions he has made to the Company during his tenure as Chairman. We look forward to his ongoing contribution as a Board member. We are also pleased to have Geoffrey Meyers assume the role of non-executive Chairman. His industry experience and leadership provide valuable guidance to the Company. I look forward to continuing our excellent working relationship.”

Mr. Mac Mahon was elected as PharMerica’s first Chairman in July 2007 as the Company became public. At that time, Mr. Mac Mahon agreed to accept the responsibilities as Chairman during the Company’s formative years. “This timing of my decision is consistent with my original commitment to the Company. I am proud to have served as Chairman of PharMerica and am pleased with the development of the Company over the past three years. Given the progress of the Company, I believe that now is the right time to transition the Chairmanship to Geoffrey Meyers, a proven leader.”

Mr. Meyers is the retired Chief Financial Officer and Executive Vice President and Treasurer for Manor Care, Inc., where he had responsibility for administration and financial management from 1988 until 2006 and was a director of Health Care and Retirement Corp., a predecessor of Manor Care, Inc., from 1991 to 1998.

About PharMerica

PharMerica Corporation is a leading institutional pharmacy services company servicing healthcare facilities in the United States. PharMerica operates 95 institutional pharmacies in 43 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 Company’s ability to purchase acquisition targets, the accretive affect of completed acquisitions on the Company’s operating results and financial position, the Company’s ability to improve generic profitability in its payor and supplier contracts, the Company’s ability to mitigate bed loss and margin compression, and the strength of the Company’s financial performance during 2010. 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 current reports on Form 10-Q, filed with the SEC by the Company.

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.