BrightSpring Health Services: BofA Conference takes: Confident in its moat in Oncology, Rare pharmacy

Research evidence excerpt

BrightSpring Health Services: BofA Conference takes: Confident in its moat in Oncology, Rare pharmacy

Accessible version

BrightSpring Health Services

BofA Conference takes: Confident in its

moat in Oncology, Rare pharmacy

Reiterate Rating: BUY | PO: 66.00 USD | Price: 55.50 USD

Bullish tone; reiterate Buy 12 May 2026

At the BofA Healthcare Conference, we hosted a discussion with Jennifer Phipps, CFO of Equity

BrightSpring Health (BTSG). The tone was bullish coming out of another beat and raise.

BTSG remains confident in its LT EBITDA growth target of 15-20% to be supplemented

Key Changes

by acquisitions. We raise our PO to $66 on a higher multiple (20x 2026E EBITDA vs

19.2x prior) on the increased confidence in execution. We reiterate Buy on attractive (US$) Previous Current

organic growth powered by Oncology/Specialty Pharmacy. Price Obj. 63.00 66.00

BTSG targets a narrow specialty pharmacy mkt JoannaResearchGajukAnalyst

The company does not target the broader specialty pharmacy with the focus on the BofAS

+1 646 855 3961

therapies that require high touch services. BTSG remains confident in its moat and does joanna.gajuk@bofa.com

not expect to see material competition from the PBM owned pharmacies given its focus Kevin Fischbeck, CFA

on therapies that require high level of services, especially rare and orphan therapies. The Research Analyst

BofAS

pipeline of new oncology therapies is very robust, and the company continues to expand +1 646 855 5948

in rare/orphan therapies where drug makers are increasingly focused on exclusive and kevin.fischbeck@bofa.com

narrow networks. This is largely due to the limited patient population targeted and the Joaquin Arriagada Martinez

Research Analyst

cost of the product.