Option Care Health (OPCH) Morgan Stanley 24th Annual Global Healthcare Conference summary

Business momentum and growth outlook

• Stabilization and renewed momentum observed after a challenging first quarter, with growth vectors identified in acute therapies and specialty pharmacy services.

• Expansion of the specialty product portfolio and deployment of additional resources are expected to capture greater market share.

• Unique national network and clinical capabilities position the company as a preferred partner for pharma and payers, supporting site-of-care initiatives and cost management.

• Confidence in the business model remains strong, with ongoing evaluation of chronic inflammatory disease implications.

• Long-range planning for 2027 and beyond is underway, with more details to be provided in the coming months.

Portfolio diversification and biosimilar dynamics

• No single product accounts for more than 4% of gross profit, reflecting a highly diversified portfolio of over 600 products.

• Specialty pharmacy capabilities support patient transitions from IV to subcutaneous therapies, with no anticipated midterm disruptions.

• Biosimilar competition typically leads to improved gross profit and volume, with the STELARA situation noted as unique due to simultaneous biosimilar launches and significant price reductions.

• The company leverages its scale and patient census to negotiate favorable acquisition costs and supports biosimilar introductions.

Acute therapies and market positioning

• Acute segment grew at high single digits in Q2, outperforming the market, driven by strong hospital relationships and rapid response capabilities.

• Investments in embedding nurses and commercial resources in hospitals enhance patient identification and discharge transitions.

• Acute portfolio is largely generic, with ongoing efforts to achieve procurement savings and best acquisition costs.

• The business model is highly responsive, enabling same-day therapy delivery and supporting continued market share gains.