Option Care Health (OPCH) TD Cowen 46th Annual Health Care Conference summary

2025 performance and strategic achievements

• Exceeded growth and profitability commitments for 2025, setting a strong foundation for 2026.

• Prioritized capital allocation: organic investment, successful Intramed acquisition, and periodic share buybacks.

• Expanded partnerships across payer, pharma, and distribution channels, growing patient base to over 315,000.

STELARA impact and 2026 outlook

• 2025 faced a $70M headwind from higher STELARA procurement costs, with $5M in Q1 and $20M+ in each subsequent quarter.

• 2026 expects a $25M-$35M headwind, evenly spread, driven by therapy mix shifts and increased competition, not procurement.

• Q1 2026 year-over-year growth will be challenging due to lower headwind in Q1 2025; no further impact expected in 2027.

Market dynamics and growth opportunities

• Acute business expected to grow mid-single digits in 2026, outperforming a low single-digit market.

• Growth in acute driven by operational excellence and market exits by competitors, not just market conditions.

• Chronic and acute segments both require broad clinical and operational capabilities, with portfolio breadth as a key differentiator.