BrightSpring Health Services (BTSG) Morgan Stanley 24th Annual Global Healthcare Conference summary

Financial performance and guidance

• Raised 2026 adjusted EBITDA guidance to $820M–$845M, reflecting strong first-half results and broad-based volume growth across pharmacy and provider businesses.

• Achieved 44% year-over-year EBITDA growth in the first half, with continued sequential growth expected for the remainder of the year.

• Lean and automation efficiency initiatives have been implemented, supporting improved margins and confidence in guidance.

• Gross profit per script saw significant year-over-year increases, driven by mix, volume, and price appreciation seasonality, with stability or slight benefit expected for the rest of the year.

• Long-term organic EBITDA CAGR guidance of 15%-20% through 2028, ahead of prior targets.

Growth drivers and business mix

• Specialty pharmacy, especially oncology, remains a key growth area, with 93% of specialty pharmacy business tied to oncology.

• New LDD (limited distribution drug) wins and a robust pipeline, including recent launches in rare, orphan, and oncology drugs, are expected to drive future growth.

• Provider business grew nearly 20% organically, with additional contribution from the Amedisys acquisition.

• Infusion business is expanding, with focus on both acute and chronic segments and differentiated patient support programs.

• Home and community pharmacy faces revenue pressure from IRA and customer exits, but EBITDA growth is supported by efficiency initiatives.

Pipeline, innovation, and partnerships

• LDD pipeline remains strong, with ongoing collaboration with manufacturers for upcoming launches through 2027.

• Recent participation in new FDA-approved drugs, such as RYZONVY for pancreatic cancer and ORLADEYO for rare diseases.

• High patient and physician satisfaction, rapid time to first fill, and strong adherence metrics are key competitive advantages.

• Hub services and fee-for-service programs are deepening manufacturer relationships and contributing to specialty pharmacy growth.