GRDN - Takeaways From Pharmacy Site Visit, Opportunity On Multiple Fronts

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GRDN - Takeaways From Pharmacy Site Visit, Opportunity On Multiple Fronts

Truist Securities

Equity Research Report June 17, 2026

HEALTHCARE: Long-Term Care Guardian Pharmacy Services, Inc. (GRDN)

Pharmacy Services

GRDN - Takeaways From Pharmacy Site Visit, Opportunity On

David S. MacDonald Multiple Fronts

617-646-5033

David.Macdonald@truist.com

We remain bullish on GRDN post a tour of their Cincinnati pharmacy highlighting the

Clarke Murphy company's local approach, focus on customer service/relationships and both organic/

617-646-5032 inorganic growth opportunity. The M&A pipeline remains full, we think the IRA likely

Clarke.Murphy@truist.com accelerates opportunity and see significant embedded profitability among ramping M&A.

Organic growth remains strong, and we continue to view GRDN's differentiated tech

Grayson McAlister capabilities as driving cost savings, satisfaction and improved payer relationships. Financial

404-836-4742 flexibility remains superb, allowing for ongoing execution on growth investment/M&A.

Grayson.McAlister@truist.com Reiterate Buy, raising PT to $47 (vs. prior $43) - estimates unchanged.

Takeaways From Upbeat Pharmacy Visit – Local Operating Autonomy A Key

Stock Rating BUY Differentiator. We remain bullish on GRDN following an upbeat investor event at the

Unchanged company’s Cincinnati pharmacy, where we spoke with various local leaders including

GRDN’s Central Region Leader along with its OH Regional Pharmacy President.

Price Target $47.00 Management highlighted meaningful advantages provided by the company’s local

↑ leadership model, allowing operators to respond to local market needs/trends and better

from serve national account clients. Both leaders commented on the significant capabilities