Best Smidcap Ideas: BTSG Remains Best Exposure To Specialty & Oncology Growth

研报英文原文证据摘录

Best Smidcap Ideas: BTSG Remains Best Exposure To Specialty & Oncology Growth

TD Cowen Health Care Technology & Distribution: Specialty Pharmacy

Global Research

BrightSpring Health Services Incorporated

TD SECURITIES (USA) LLC BEST SMIDCAP IDEAS 2026

Price: $64.43 (06/17/2026) Best Smidcap Ideas: BTSG Remains Best

Price Target: $81.00 (Prior $65.00) Exposure To Specialty & Oncology Growth

BUY (1)

ESG SCORE: 60/100

Charles Rhyee THE TD COWEN INSIGHT

646 562 1376

Our Best Smidcap Idea is BTSG (also '25 pick), as we think its leading oncology specialty

charles.rhyee@tdsecurities.com

pharmacy business represents one of the best ways invest in the specialty drug market.

Lucas Romanski We believe BTSG's exposure to high-growth markets (oncology, specialty, infusion), strong

646 562 1352 execution, and long runway in its markets could drive growth above its +15-20% adj. EBITDA

lucas.romanski@tdsecurities.com

long-range plan.

Key Data

Symbol NASDAQ: BTSG Summary Of Our Thesis

Beta: 1.87

We think BTSG and its leading oncology specialty pharmacy business represent one of the

52-Week Range: $64.43-$19.36

best ways for investors to capitalize on the growing specialty drug market. We believe BTSG's

Market Cap: $12.6B

exposure to high-growth markets (i.e. oncology, specialty, infusion), strong execution, and

Net Debt (MM): $1,810.9 long market expansion runway (particularly in infusion) present the opportunity for growth to

Cash/Share: $1.86 track above its +15-20% adj. EBITDA LRP through 2028.

Dil. Shares Out (MM): 221.3

Enterprise Value What Is Underappreciated Or Misunderstood?

$16,081.2

(MM):

BV/Share: $10.24 We believe the market underappreciates the opportunity set in front of BTSG in its Pharmacy

Dividend: $0.00 segment and how well-positioned BTSG is to see adj.