Brightspring Health Services Inc at UBS Global Healthcare Conference Transcript

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

Question: AJ Rice - UBS AG - Analyst : That's great. I know there's probably some people that are new to the BrightSpring story. Can you just remind us how you think about a long-term growth algorithm; and how we think about the company in the next couple of years, achieving that?

Question: AJ Rice - UBS AG - Analyst : That's great. When you think about '26, specifically, (inaudible) coming off a good year, like, it looks like '25 will end up being, does that create a hurdle for you? Can you maintain it? Maybe even just talk about headwinds and tailwinds that people should keep in mind, as you think about '26?

Question: AJ Rice - UBS AG - Analyst : Is there any update on the divestiture and where that sits and so forth?

Question: AJ Rice - UBS AG - Analyst : Okay. Okay. Was that delayed somewhat by the government shutdown, I assume? Did that have an impact?

Question: AJ Rice - UBS AG - Analyst : Okay. What about -- since you mentioned the (inaudible), that's a purchase for you guys, where does that sit?

Question: AJ Rice - UBS AG - Analyst : Okay. Is there any gating factor to getting that closed? Are you still waiting for regulatory approval, financing, or anything? No.

Question: AJ Rice - UBS AG - Analyst : Okay. Maybe just on the Pharmacy, Infusion Specialty revenues grew about 42% in the third quarter. You've had a great year. When you think about the different sub-components -- oncology, rare and orphan, infusion -- talk about where there's been strength. Is that consistent, going forward? Any comments on breaking that down a little further?

Question: AJ Rice - UBS AG - Analyst : Okay. I think, just to drill down a little bit on each one of those, in the limited distribution drug pipeline, I think you came into the year thinking 16 to 18 LDDs would be introduced over the next 12 to 18 months. And then, I think at one point this year, you said, well, it's actually going to happen within a year. You're saying next year looks pretty good, too. Is it the 16 to 18 over 12 to 18 months? Is that the benchmark way to think about it?

Question: AJ Rice - UBS AG - Analyst : Okay. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 11, 2025 / 4:00PM, BTSG.OQ - Brightspring Health Services Inc at UBS Global Healthcare Conference

Question: AJ Rice - UBS AG - Analyst : I was going to ask you how much lead time you get so it's about a year, typically?

Question: AJ Rice - UBS AG - Analyst : When do they typically pick you to be one of their exclusives? Is it in that timeframe or is it a little tighter than that?

Question: AJ Rice - UBS AG - Analyst : Would you describe the competitive landscape for those deals as steady or is it anything disrupted?

Question: AJ Rice - UBS AG - Analyst : One of the incremental drivers, not only new limited distribution drugs but conversion of some of those drugs to biosimilar, has that paced as you expected? I think you always said a couple a year, maybe one or two a year would be the driver -- and that's almost more of a driver on the profitability line -- is that what you're seeing? Any update, thoughts, on that?

Question: AJ Rice - UBS AG - Analyst : In Infusion, I think you're in a low-single-digit national market share, with a goal, that over three to five years, to get to 10% or so. What are the building blocks to get you to that? What needs to happen? Is your geographic footprint sufficient and you just need more penetration? Do you need to expand your geographic footprint? What are some of the other things?

Question: AJ Rice - UBS AG - Analyst : Okay. The IRA is expected to have some impact on the business. What are you seeing there? What's the latest in that?

Question: AJ Rice - UBS AG - Analyst : Okay. I think in terms of cost efficiencies, you guys have -- and you talked about investments earlier -- talked about [30 million] to [40 million]. Is that an annual? I think that's an annual thing you're talking about.

Question: AJ Rice - UBS AG - Analyst : Okay. Maybe for a couple minutes on the Provider Services side of the business: We've been waiting for the Home Health update. Any thoughts on that? Any word?

Question: AJ Rice - UBS AG - Analyst : When you think about the (inaudible) transaction, even if we got the rate as proposed, do you think that would still be accretive to you next year?

Question: AJ Rice - UBS AG - Analyst : Say we get clarity, whatever comes out, you feel like you've got a roadmap for what reimbursement looks like, would we then expect you to step up the pace of Home Health deals, at that point?

Question: AJ Rice - UBS AG - Analyst : When you think about the growth trajectory of Personal Care, Rehab, Hospice, anything to call out there?

Question: AJ Rice - UBS AG - Analyst : I think, just as we wind down here, operating cash flow this year should be north of [375 million]. I don't see a reason why that would diminish next year. M&A, at one point, you were saying [100 million] a year could be order of magnitude. I think you'll get back on track for that. I know you participated in the recent divestiture or sale by [KKR] of shares. Is that something that's going to be part of this, ongoing?

Question: AJ Rice - UBS AG - Analyst : Okay. Well, with that, we'll wrap this up. Appreciation to BrightSpring for participating in the conference this year. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 11, 2025 / 4:00PM, BTSG.OQ - Brightspring Health Services Inc at UBS Global Healthcare Conference Thanks, everyone. Have a good afternoon.