This report does not constitute a rating action. We expect LSCS Holdings Inc.’s (dba Eversana) revenue growth to accelerate in 2027, supported by a recovery in demand for outsourced pharmaceutical commercialization and a robust new business pipeline. While net revenue (excluding pass-through costs) experienced a modest, anticipated decline in 2025--largely due to market headwinds in the Agency segment--momentum shifted in the first half of 2026. Net revenue grew 1.6% year over year, fueled by broad-based improvement across business units, most notably Deployment Solutions, Waltz Health, and Professional Services. We believe Eversana is well-positioned to capitalize on favorable industry tailwinds, including heightened research and development (R&D) investment and a replenished drug launch pipeline. Furthermore, we view the Agency segment as a
