Universal Health Services Inc.: Headquarters Visit Takeaways

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Universal Health Services Inc.: Headquarters Visit Takeaways

Equity Research

U.S. Healthcare Facilities & Managed Care

22 May 2026

Universal Health Services Inc.

Headquarters Visit Takeaways

Overall, we came away with a greater appreciation for the

role of bed additions in accelerating core growth, alongside a

clearer view of the company’s outpatient strategy and UHS OVERWEIGHT U.S. Healthcare Facilities &

Managed Careevolving payer mix dynamics. NEUTRAL

Price Target USD 238.00

Price (21-May-26) USD 162.45

Headquarters Visit: On Thursday (5/21), we participated in investor meetings at UHS’s Potential Upside/Downside +46.5%

corporate headquarters in King of Prussia with CFO Steve Filton; VP of Investor Relations Darren Source: Bloomberg, Barclays Research

Lehrich; EVP and Acute Division President Eddie Sim; SVP of Finance, Acute Division Jim Clark;

SVP of Finance, Behavioral Division Tom Day; and SVP of Strategic Services Mike Nelson. Overall, U.S. Healthcare Facilities & Managed

we came away with a greater appreciation for the role of bed additions in accelerating core Care

growth, alongside a clearer view of the company’s outpatient strategy and evolving payer mix Andrew Mok, CFA

dynamics. +1 212 526 5496

andrew.mok@barclays.com

Bed Adds to Existing Facilities Contribute to Ramping Growth: UHS is adding 178 beds BCI, US

across California, Florida, and Nevada, with the majority completed by May and therefore

Thomas Walsh

positioned to support 2Q volume growth. In Inland, California, the additions primarily +1 212 526 5096

addressed room configuration changes, while the Lakewood, Florida and Henderson, Nevada thomas.walsh@barclays.com

projects relieved capacity constraints and should translate into a more immediate volume BCI, US

benefit.