BrightSpring Health Services, Inc. (BTSG)

BrightSpring Health Services reported second-quarter 2026 revenue of $3,873 million on 31 July, up 23.0 percent from $3,148 million a year earlier 3.

Net income was $87 million, against $9 million a year earlier 3. Adjusted EBITDA, a profit measure that adds back items the company treats as one-offs, was $206 million, up 44.2 percent 3.

Pharmacy Solutions revenue rose 22 percent to $3,407 million, and Provider Services revenue rose 30 percent to $466 million 3. The pharmacy gain came from a higher revenue per prescription, $314.20 against $257.11, while prescriptions dispensed were flat at about 10.8 million 3.

Results now leave out the Community Living business, whose divestiture the company completed on 30 March 2026 3. The company raised its full-year 2026 guidance and now expects revenue of $15,100 million to $15,425 million 3.

The open question is the Amedisys and LHC branches purchase: the company expects the last three branches to close in 2026, subject to regulatory approvals 2.

The pharmacy side of the business goes back to PharMerica, which affiliates of KKR and Walgreens acquired in December 2017 1. In March 2019 the company acquired BrightSpring Health Holdings Corp. and its subsidiaries, and it took its present name in May 2021 1.

The company completed its initial public offering in January 2024, and its common stock began trading on Nasdaq on 26 January 2024 1. It used part of the proceeds to repay $343.3 million of its first lien term loan and to repay all of its second lien debt 1.

Interest expense, the cost of carrying that debt, was $157.3 million in 2025, down 17.4 percent 1.

Acquisitions added to growth, as the company completed eight in 2024 and three in 2025, for about $110.6 million and $247.0 million 1.

One was Haven Hospice, a Florida hospice and palliative care provider bought on 1 September 2024 1. The aggregate purchase price was $64,750 thousand 1.

Revenue rose 28.2 percent in 2025, to $12,910.6 million from $10,072.2 million 1. Operating income, profit from running the business before interest and tax, rose 173.5 percent to $295.3 million 1.

The pharmacy segment drove most of it, as its revenue rose 30.7 percent to $11,445.8 million, mainly because each prescription brought in more revenue 1. Infusion and specialty pharmacy revenue rose 39.4 percent, on more prescriptions of certain specialty branded drugs 1.

Provider Services revenue rose 11.1 percent to $1,464.8 million, which the company ties to volume growth and rate increases 1.

On 17 January 2025 the company agreed to divest its Community Living business, which served people with intellectual and developmental disabilities, to National Mentor Holding for $835 million 1. The deal closed on 30 March 2026 2.

In December 2025 the company closed on 103 branches and 4 branches bought from Amedisys and UnitedHealth Group, for $238.5 million net of cash acquired 1. The purchase added 110 branches in all once complete 1.

On 28 May 2026 the company used part of the Community Living proceeds to repay $300.0 million of its term loan and refinance the rest at SOFR plus 2.00 percent 2. The company said the refinancing resulted in interest savings 3.

Pharmacy Solutions

This is the larger segment, about 88.7 percent (computed) of 2025 revenue 1. It dispenses medicine to people in homes and community settings, such as seniors in living communities and hospice patients, not to retail shoppers 1.

The company filled over 43 million prescriptions in 2025 from over 175 pharmacies across all 50 states 1. Segment EBITDA, earnings before interest, taxes, depreciation and amortization, was $543.5 million, up 37.7 percent 1.

Infusion and specialty pharmacy gives medicine through a vein or by injection, and handles drugs for cancer and other complex disease 1. The company reports 149 limited distribution oncology drugs in the market, which drug makers route to a few pharmacies 1.

Home and community pharmacy had revenue of $2,349.9 million in 2025, up 5.5 percent 1. It delivers within about 100 miles of a pharmacy, often several times a day 1.

Provider Services

Provider Services sends nurses, therapists and aides to patients at home 1. In 2025 home health revenue was $767.9 million, up 17.2 percent, rehab care was $294.7 million and personal care was $402.2 million 1.

In the second quarter of 2026 the home health average daily census was 46,448, against 30,085 a year earlier 3. The company also builds home-based primary care, doctors visiting patients where they live, which it calls central to its plans 1.

People, sites and rivals

Jon Rousseau is Chairman, President and Chief Executive Officer 3. Jennifer Phipps is Executive Vice President and Chief Financial Officer 4.

The company leases about 100,000 square feet for its Louisville headquarters, owns 2 properties and leases 849 more in the United States 1. About 76 percent of the leased sites serve provider services and 24 percent are pharmacies 1.

In infusion and specialty pharmacy the annual report names Option Care Health, Coram (CVS), Accredo (Cigna) and Optum Specialty Pharmacy as rivals 1. In home and community pharmacy it names Omnicare, a CVS division 1.

Risks the company lists include changes to Medicare and Medicaid payment rates and several ongoing qui tam actions, lawsuits brought by private citizens on the government's behalf 1. Leverage, debt measured against earnings, was 2.15x at 30 June 2026 3.

The umbrella, in words

The company operates through subsidiaries including BrightSpring Health Holdings Corp., its wholly-owned ResCare, Inc., and PharMerica Corporation, which it owns 1. It owns Haven Hospice in Florida and the 103 and 4 Amedisys and LHC branches closed in December 2025 1.

A KKR entity, KKR Stockholder, beneficially owned about 32.2 percent of the voting power when the annual report was filed 1. In March and June 2026 KKR and certain managers offered 20,000,000 and 14,999,771 shares in secondary offerings, and the company received no proceeds from them 2.

The company bought back 1,026,465 shares for $60.0 million alongside the June offering 3. Its 6.75% tangible equity units also trade on Nasdaq as BTSGU 4.

For the full year 2026 the company expects revenue of $15,100 million to $15,425 million, or 17.0 percent to 19.5 percent growth over 2025 without Community Living 3. It expects Pharmacy revenue of $13,200 million to $13,500 million and Provider revenue of $1,900 million to $1,925 million 3.

It expects total Adjusted EBITDA of $820 million to $845 million, or 32.8 percent to 36.8 percent growth 3. It expects the Amedisys and LHC branches to add about $35 million of Adjusted EBITDA in 2026 3.

The guidance excludes the effects of any future closed acquisitions 3. The company expects the last three branches of the Amedisys purchase to close in 2026 2.

The company says it expects to keep expanding its footprint within the United States by opening new locations near existing ones 2. Its refinanced term loan matures on 21 February 2031, with quarterly principal payments of 0.25 percent starting in the third quarter of 2026 2.