Brightspring Health Services Inc at Morgan Stanley Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Erin Wright - Morgan Stanley - Analyst : Okay. And then can you talk about kind of the organic growth prospects and key drivers across each of the two segments. M&A is a component of sort of the strategy to you. But from an organic perspective, can you talk about some of those key drivers?

Question: Erin Wright - Morgan Stanley - Analyst : Okay. And M&A, yeah, is part of the strategy, but it's not a new strategy for you. You do have a track record here, and I think that, that's an important dynamic to speak to. But also can you talk about where the pipeline sits today and some of those recent transactions that you've completed, the hospice deal, for instance, the nature of some of those transactions and some proof points around how profitability has evolved since closing. Sorry, that's a lot in there, but you know.

Question: Erin Wright - Morgan Stanley - Analyst : And then the latest on the Amedisys transaction, and why you're excited about some of these assets?

Question: Erin Wright - Morgan Stanley - Analyst : Yeah. Okay. And we'll get into some of the regulatory questions to you. But also on the expansion kind of questions, but de novo expansion. De novos are a key part of also kind of your strategy. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 6:35PM, BTSG.OQ - Brightspring Health Services Inc at Morgan Stanley Global Healthcare Conference What's the latest in terms of your outlook on that? I think the prior targets were like 20 de novo expansions a year. Is that still the case?

Question: Erin Wright - Morgan Stanley - Analyst : Okay. And then from a regulatory standpoint, there's still a lot of unknown from a drug pricing perspective, whethere it's MFN or tariffs, or how we should think about sort of IRA and Part D and dynamics across that segment, too. Can you talk a little bit about how you see this playing out from your perspective from a drug pricing? And where you're exposed, I guess?

Question: Erin Wright - Morgan Stanley - Analyst : Okay. And then your pharmacy, I want to switch gears to the Pharmacy Solutions segment a little bit more, so it continues to grow at a rapid clip. How sustainable is the 30% plus growth that we've been seeing across that segment as we head into 2026?

Question: Erin Wright - Morgan Stanley - Analyst : Okay. Within Infusion to digging a little bit into some of the subsegments within the pharmacy solutions. I guess, what is your view on the growth opportunities across acute and chronic therapies? And also just like bigger picture, what are those areas within the pharmacy segment that you're most excited about, like in terms of breaking out specialty and infusion, where you have on the specialty side more oncology exposure, but also the Home & Community Pharmacy too?

Question: Erin Wright - Morgan Stanley - Analyst : You mentioned the near-term pipeline of about 18 launches on the limited distribution drug side. So can you talk a little bit about that process, like in terms of that your relationships with the pharma companies on that front? What can you bring to the table for them? And what gives you confidence in your ability to continue to win those LDDs?

Question: Erin Wright - Morgan Stanley - Analyst : Drug distributor earlier today was talking a lot about kind of the biosimilar pipeline and generic conversion kind of momentum over the next 12 months and beyond. I guess, can you just take a step back and talk about the implications across your business? Because I think sometimes that's misinterpreted in terms of how that flows through because there's obviously, -- can be some compelling profit opportunity.

Question: Erin Wright - Morgan Stanley - Analyst : Okay. And then can -- I'll do one more on the pharmacy side. I guess, hospital partnerships and just how you're thinking about sort of the future in terms of those partnerships providing infusion capabilities and potentially even more services there on. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 6:35PM, BTSG.OQ - Brightspring Health Services Inc at Morgan Stanley Global Healthcare Conference

Question: Erin Wright - Morgan Stanley - Analyst : Switch to the Provider Services segment. So of the subsegments within that, you have home health, rehab care, personal care. What are the growth profiles of these businesses? What are some of the biggest opportunities to accelerate growth?

Question: Erin Wright - Morgan Stanley - Analyst : And I think going back to the IPO, I think some of the things that you talked about, too, from a labor perspective, like you've really highlighted retention rates across the business. How are those and how do those stack up in staffing levels, use of contractors, wage investments and wage dynamics. Can you talk a little bit about the labor environment, please?

Question: Erin Wright - Morgan Stanley - Analyst : And it sounds like you're confident as we kind of even head into 2026. But just bigger picture, just to end with this is, some -- what are some of those big themes and key drivers? And maybe even leave us with some key headwinds, tailwinds as we think about 2026 on a bigger picture.

Question: Erin Wright - Morgan Stanley - Analyst : Okay. Great. Thank you so much for the time. I really appreciate it.