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Revenue growth of 26% was driven by broad-based momentum across both Pharmacy and Provider segments, supported by high-quality care metrics and patient satisfaction.

Pharmacy Solutions performance was bolstered by a 30% increase in specialty script growth and the addition of 4 exclusive ultra-narrow Limited Distribution Drugs (LDDs).

Provider Services growth of 28% was significantly aided by the integration of acquired Amedisys and LHC branches, which contributed $79 million in revenue during the quarter.

Adjusted EBITDA margin improved by 70 basis points year-over-year, primarily attributed to favorable product mix and realized operational efficiencies across the organization.

Management emphasized a disciplined operating model that focuses on high-acuity patients in lower-cost home and community settings to reduce total system costs.

The divestiture of the Community Living business for $811 million allowed for significant deleveraging, bringing the leverage ratio down to 2.27x from 2.99x, with a pro forma leverage of 2.40x after accounting for upcoming tax payments.

Full-year 2026 guidance was updated to reflect expected total revenue between $14.725 billion and $15.225 billion, excluding the divested Community Living business.

Management expects the acquired Amedisys and LHC assets to contribute approximately $30 million in adjusted EBITDA during their first year of integration.

The company anticipates a total 2026 revenue impact of approximately $175 million from the Inflation Reduction Act (IRA) within the Home and Community Pharmacy segment.

Strategic focus remains on expanding the chronic specialty infusion portfolio and scaling value-based care initiatives, including applications for the new LEAD ACO program.

Operational efficiency targets include further cost-to-fill reductions in pharmacy and the deployment of AI-driven automation for intake and revenue cycle processes.

The sale of the Community Living business resulted in approximately $100 million in cash taxes to be paid out in the second quarter of 2026.

Home and Community Pharmacy revenue declined 9% due to the expected $50 million IRA impact and a strategic decision to exit uneconomic customer contracts.

Management noted that while they are underweight in chronic specialty infusion, this represents a significant geographic and therapeutic expansion opportunity.

The company maintains a long-term leverage target in the mid-2s, providing flexibility for future disciplined M&A and capital structure optimization.

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Management reported double-digit growth in both acute and chronic specialty infusion, and launched a new concierge program for IVIG therapies in early Q2.

Specialty growth is being driven by expansion into therapeutic areas beyond oncology, supported by increased sales representation on the West Coast.

The company will prioritize geographical expansion and 'tuck-in' acquisitions in the range of 5 to 10 locations to enter new markets quickly.

Management intends to remain disciplined, targeting a leverage ratio under 3x even when pursuing more sizable transactions.

Management stated they have minimal exposure to current PBM private-label biosimilar trends, noting that the predominant form factor in their Onco360 and CareMed businesses is oral solids rather than the subcu or infusion products often targeted by these trends.

The company views biosimilars as a potential future growth 'swim lane' rather than a near-term risk to their existing specialty revenue.

The increase in GP per script was driven by four factors: specialty mix, brand-to-generic conversions, procurement scale, and high-margin fee-for-service hub programs.

While management expects stability, they do not necessarily project continued significant gains in this specific metric beyond current levels.

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