Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

The following unaudited pro forma condensed combined financial statements of PharMerica Corporation (the “Corporation”) and Chem Rx Corporation and Subsidiary (“Chem Rx” or the “Seller”), have been prepared to give effect to the acquisition of Chem Rx by the Corporation on November 4, 2010. The acquisition was accounted for under the acquisition method of accounting. The sale was consummated pursuant to the Asset Purchase Agreement, dated as of September 26, 2010, between the Corporation and Chem Rx. The Purchase Agreement was entered into in connection with the Seller’s filing of voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) and was completed pursuant to Section 363 of the Bankruptcy Code.

For purposes of these unaudited pro forma condensed combined financial statements, the total purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based upon the historical unaudited Chem Rx September 30, 2010 balance sheet, included herein by reference, and the Corporation’s preliminary estimate of certain fair values. The excess purchase price over the fair value of the net assets acquired was recorded as goodwill. The final purchase price allocation may differ from the pro forma amounts reflected herein. The allocation of the purchase price will be adjusted in accordance with the acquisition method of accounting, to the extent that actual amounts differ from the amounts included in the pro forma financial information.

The unaudited pro forma condensed combined balance sheet combines the unaudited condensed consolidated balance sheet of the Corporation as of September 30, 2010 and the unaudited condensed consolidated balance sheet of Chem Rx as of September 30, 2010, and gives effect to the acquisition as if it had been completed on September 30, 2010, including any adjustments to the fair value of assets and liabilities required, in accordance with the acquisition method of accounting.

The unaudited pro forma condensed combined statement of income for the nine months ended September 30, 2010, combines the historical results of the Corporation and the historical results of Chem Rx, and gives effect to the acquisition as if it had occurred on January 1, 2009.

The unaudited pro forma condensed combined statement of income for the year ended December 31, 2009, combines the historical results of the Corporation and the historical results of Chem Rx and the Corporation’s previous acquisition of Integrity Pharmacy Services, LLC and Integrity Medical Supplies, LLC (collectively “Integrity”) on December 31, 2009, and gives effect to both acquisitions as if they had occurred on January 1, 2009.

The unaudited pro forma condensed combined financial statements presented are based on the assumptions and adjustments described in the accompanying notes.

The unaudited pro forma condensed combined financial statements are presented for illustrative purposes only and do not purport to represent what the financial position or results of operations of the Corporation would actually have been if the acquisitions occurred as of the dates indicated or what such financial position or results will be for any future periods. The pro forma information gives effect only to the adjustments set forth in the accompanying notes and does not reflect any anticipated synergies which may be realized by the Corporation. The unaudited pro forma condensed combined financial statements are based upon the respective historical and pro forma financial information of the Corporation, Chem Rx and Integrity, and derived from the following sources:

The Corporation expects to incur additional costs associated with integrating the businesses of Chem Rx. The unaudited pro forma condensed combined financial statements do not reflect the cost of any integration activities or benefits that may result from synergies that may be derived from any integration activities.

Based upon the Corporation’s preliminary review of Chem Rx’s summary of significant accounting policies disclosed in its audited financial statements, incorporated herein by reference, the nature and amount of any adjustments to the historical financial statements of Chem Rx to conform Chem Rx’s accounting policies to those of the Corporation’s are not expected to be significant, except for the accounting policy associated with billings from institutional healthcare providers previously accounted for on a cash basis. The Corporation is continuing to assess the impact this change in policy will have on the results of operations.

Some reclassifications may be necessary to further reclassify the unaudited pro forma condensed combined financial statements to conform to those classifications that are determined by the Corporation to be most appropriate.

PHARMERICA CORPORATION

Pro Forma Condensed Combined Balance Sheet

As of September 30, 2010

(Unaudited)

(in millions, except share and per share data)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

PHARMERICA CORPORATION

Pro Forma Condensed Combined Income Statement

For the Nine Months Ended September 30, 2010

(Unaudited)

(in millions, except share and per share data)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

PHARMERICA CORPORATION

Pro Forma Condensed Combined Income Statement

For the Year Ended December 31, 2009

(Unaudited)

(in millions, except share and per share data)

See Notes to Unaudited Pro Forma Condensed Combined Financial Statements

Notes to Unaudited Pro Forma Condensed Combined Financial Statements

(dollars in millions)

Historical Data:

Pro Forma Adjustments:

The Corporation acquired Integrity on December 31, 2009; the assets acquired and liabilities assumed with the Integrity acquisition are included in the Corporation’s column of the unaudited pro forma condensed combined balance sheet presented as of September 30, 2010; and included in the Corporation’s column of the unaudited pro forma condensed combined income statement presented for the nine months ended September 30, 2010.

Reduction in cash and cash equivalents to record an adjustment of $80.3 million as a result of the Chem Rx acquisition as if the transaction had taken place on September 30, 2010. The total net cash outflow represents the $70.6 million purchase price, representing amounts paid for assets acquired, and adjustments of $8.2 million for cash retained by the estate in bankruptcy and acquisition costs incurred of $1.5 million. The Corporation acquired Integrity on December 31, 2009 and the net cash outflow associated with the Integrity acquisition is included in the PharMerica Corporation column of the pro forma balance sheet presented as of September 30, 2010.

Increase in Accounts receivable due to fair value adjustment for billings of institutional healthcare providers previously accounted for on the cash basis (see (a)).

To reflect the elimination of certain assets not acquired as a result of the Chem Rx acquisition.

To reflect the fair market value adjustment of property, plant and equipment (see (a)).

To reflect the adjustment of $62.6 million for intangibles not acquired in the transaction, net of the identifiable intangibles identified by the Corporation of $4.0 million. The fair value of identifiable intangible assets and their weighted average useful lives were the following for the Chem Rx acquisition (see (a)):

To reflect the elimination of $4.6 million of certain assets not acquired and record $5.0 million of other assets recognized as a result of the Chem Rx acquisition.

To reflect the elimination of certain liabilities not assumed as part of the Chem Rx acquisition, partially offset by the fair market value adjustment of $9.8 million associated with an unfavorable operating lease (see (a)). The operating lease fair market value adjustment was recorded as follows:

To reflect the elimination of Term Debt not acquired as a result of the Chem Rx Acquisition and elimination of the historical Stockholders’ Deficit of Chem Rx.

To reflect the decrease in depreciation expense due to the adjustment of equipment and leasehold improvements to fair market value; the reduction of rental expense classified in cost of goods sold as a result of the fair value adjustment associated with the unfavorable operating lease adjustment (see (a)); the reclassification of rebates; and the reclassification of costs to conform to PharMerica presentation.

A summary of the pro forma cost of goods sold adjustment follows:

To reflect the decrease in selling, general and administrative expenses of Chem Rx for the nine months ended September 30, 2010 and the twelve months ended December 31, 2009 due to (i) the decrease in depreciation expense due to the adjustment of equipment and leasehold improvements to fair market value; (ii) to adjust the net decrease in executive compensation and employer taxes related to certain executive positions (the Corporation did not permanently retain the services of these individuals upon the closing of the transaction); (iii) the fair market value adjustment of $9.8 million associated with an unfavorable operating lease (see (a)); (iv) the elimination of legal and professional fees incurred as a result of the Chem Rx bankruptcy and (v) the reclassification of costs to conform to PharMerica presentation.

To reflect the decrease in selling, general and administrative expenses of Integrity for the twelve months ended December 31, 2009 due to (i) the decrease in depreciation expense due to the adjustment of equipment and leasehold improvements to fair market value; (ii) to adjust the net decrease in executive compensation and employer taxes related to certain executive positions (the Corporation did not permanently retain the services of these individuals upon the closing of the transaction) and (iii) the reclassification of costs to conform to PharMerica presentation.

A summary of the pro forma selling, general and administrative expenses adjustment follows:

Net decrease in amortization expense to reflect the adjustment for intangibles not acquired in the transactions, net of the amortization expense of identifiable intangible assets arising from the purchase price allocations. Identifiable intangible assets are being amortized using the straight-line method and their weighted average useful lives.

To reflect the decrease in interest expense for Chem Rx and Integrity as the Corporation did not assume debt nor did the Corporation incur any debt as a result of the two acquisitions.

Adjustment to record the elimination of Equity Loss that was not included in the acquisition of Chem Rx.

To reflect the income tax effect of the pro forma adjustments using an estimated effective tax rate of 40.0%.