Option Care Health: BofA Conference takes: OPCH confident foundation is strong; more share repo

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Option Care Health: BofA Conference takes: OPCH confident foundation is strong; more share repo

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Option Care Health

BofA Conference takes: OPCH confident

foundation is strong; more share repo

Reiterate Rating: NEUTRAL | PO: 22.00 USD | Price: 19.59 USD

OPCH views Stelara issues as limited, foundation strong 12 May 2026

At the BofA Healthcare Conference, we hosted a discussion with Option Care (OPCH) Equity

team, including John Rademacher, President & CEO, Meenal Sethna, CFO, and Nicole

Joanna Gajuk

Maggio, Senior VP. OPCH views Stelara transition as unique/non-recurring and the Research Analyst

foundation of the biz remains strong. Capital allocation was reprioritized towards share BofAS +1 646 855 3961

buybacks. We reiterate Neutral as we wait for LT growth visibility. joanna.gajuk@bofa.com

Kevin Fischbeck, CFA

Research AnalystTransition to new CID therapies was biggest surprise BofAS

Q1 was below expectations as the changes to the formularies and therapy mix were +1 646 855 5948

more negative than expected. It appears that the biggest surprise came from the lack of kevin.fischbeck@bofa.com

pickup by the next gen therapies (Tremfya and Skyrizi) that OPCH had assumed. Some of Joaquin Arriagada Martinez Research Analyst

that was driven by actions by PBMs (formulary changes and white labels) which drove BofAS

more patients to PBM-owned pharmacies. OPCH vies this dynamic as unique to Stelara +1joaquin.arriagadamartinez@bofa.com646 855 1654

and does not expect other biosimilar launches to see the same dynamics Katie FitzGerald

Research Analyst

Guide assumes CID census grows BofAS+1 646 556 2930

By end of Q1, OPCH has verified most of its CID patient census and has visibility into katie.fitzgerald@bofa.com

formulary changes now.