BrightSpring Health Services (BTSG) Jefferies Global Healthcare Conference summary

Business overview and growth drivers

• Achieving broad-based, double-digit growth across all service lines, focusing on large, high-need senior and specialty populations.

• Operates three pillars: Pharmacy Services, Provider Services, and expanding Home-based Primary Care, targeting a $1 trillion market.

• Specialty Pharmacy, especially oncology, is the fastest-growing segment, outpacing industry growth by 2–3x.

• Home and Community Pharmacy grew 14% in Q1, serving diverse settings with a focus on scale and rapid delivery.

• Provider services include home health, hospice, and behavioral care, with steady growth and high-quality metrics.

Financial performance and guidance

• Q1 revenue grew 27% year-over-year, with double-digit EBITDA growth and strong margin performance.

• Seven-year CAGR of 14% for both revenue and EBITDA, driven by complementary business contributions.

• 2024 EBITDA expected to grow 9%–12%, maintaining industry-leading growth rates for a company of this size.

• Specialty Pharmacy led Q1 growth, with mid-30% revenue increase; Home and Community Pharmacy and Provider segments also contributed.

Specialty Pharmacy and market positioning

• Oncology represents 40% of Specialty Pharmacy, growing at 15%; company growth is 2–3x industry average.

• Holds 117 limited distribution drugs (LDDs), expecting 18 more in 16 months, leveraging high Net Promoter Scores and strong biopharma relationships.

• Pipeline of new oncology drugs at the FDA is robust, supporting future growth.

• Generics are a significant tailwind, with 11 major brands going generic in the next 5–6 years.