Even Brighter

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Even Brighter

Update

July 31, 2026 11:40 AM GMT

Morgan Stanley & Co. LLCMBrightSpring Health Services | North America Erin Wright

Equity Analyst

Even Brighter Erin.Wright1@morganstanley.comMichelle Foley +1 212 761-6137

Research Associate

Michelle.Foley@morganstanley.com +1 212 761-4056

AlphaSignals Earnings Reaction Linda Bolduc

Unchanged Modest upside Modest revision higher Linda.Bolduc@morganstanley.com +1 617 856-8009

Impact to our thesis Financial results versus consensus Direction of next 12-month Derek Gross

consensus EPS

Source: Company data, Morgan Stanley Research Derek.Gross@morganstanley.com +1 212 761-2455

Craig Hettenbach

Pre-Call View - Shares Should Grind Higher as BTSG Continues to Post Robust Equity Analyst

Craig.Hettenbach@morganstanley.com +1 212 761-6435

Growth Ahead of Expectations; 2026 Guide Raised Further: 2Q EBITDA of $206M

Jialin Jin

was above MSe/Cons $182M/$196M, rising an impressive +44% y/y. Revenue growth Research Associate

was also well ahead at +23% vs. MSe/Cons 14%/16%, largely on continuing Jay.Jin@morganstanley.com +1 212 761-3913

momentum across Pharmacy Solutions (+22% vs. MSe/Cons 12%/15%), a key growth BrightSpring Health Services (BTSG.O, BTSG US)

driver for BTSG. More specifically, Pharmacy was fueled by another strong Specialty Healthcare Services & Distribution | United States of

and Infusion experience, up +30%, while in Provider Services (+30%/in line), Home America

Health growth +50% supported the segment (aided by AMED). BTSG raised 2026 Stock Rating Overweight

Industry View Attractive

guidance, calling for revenue growth +17-19% (from 14-18% vs. Cons 16.6%) and Price target $80.00

EBITDA $820-845M (+32-37% growth), +$23M at the midpoint from prior (vs. + Shr price, close (Jul 30, 2026) $72.88

Mkt cap, curr (mm) $17,439