Guardian Pharmacy Services (GRDN) investor relations material

Business overview and market positioning

• Focuses on institutional pharmacy services for assisted living, serving a highly acute elderly population with unique needs.

• Holds a 13% national market share in assisted living, with significant room for expansion.

• Competes against legacy skilled nursing-focused players and smaller independents, leveraging a specialized service model and scale.

• Provides tech-enabled platforms to improve medication adherence and outcomes while managing costs.

Growth strategy and financial outlook

• Guides to low double-digit long-term revenue growth, driven by organic share gains and M&A.

• Assisted living occupancy rates are a key business driver, with industry consolidation and demographic trends supporting growth.

• M&A strategy targets strong operators constrained by scale, integrating them over several years to corporate profitability standards.

• Recent market entries in Oregon and Washington showcase the model of acquiring quality operators and scaling them with national resources.

Pricing, reimbursement, and regulatory environment

• Scale provides leverage in reimbursement negotiations, with a shift to direct payer contracts enhancing value recognition.

• The Inflation Reduction Act (IRA) poses a headwind by reducing product margin on branded drugs, estimated at a $5M EBITDA impact in 2026.

• Mitigation efforts include commercial negotiations with payers and active policy engagement in Washington.

• Smaller independents may struggle more with IRA impacts due to weaker negotiating positions.