Option Care Health Stock Earnings Reports

Option Care Health reported mixed Q1 2026 results: revenue of $1.4 billion, up ~1% year-over-year, below prior expectations due to a larger-than-anticipated reset in chronic inflammatory disease (CID) patient census driven primarily by Stelara-related formulary, benefit design and biosimilar shifts. Acute therapies performed strongly (high-single-digit growth), IG neuro grew solidly, infusion clinic utilization and oncology traction improved, and strategic payer and pharma relationships remain intact. Management now expects a ~600 bps CID-related revenue headwind (up from prior ~400 bps expectation) and estimates an approximately $55 million gross profit headwind for 2026 tied mainly to lost CID patient annuity and unfavorable therapy mix. They narrowed and lowered full-year revenue guidance to $5.675B–$5.775B (≈+1% at midpoint) but maintained full-year Adjusted EBITDA ($480M–$505M) and adjusted EPS ($1.82–$1.92) guidance by offsetting lower revenue with cost/variable compensation actions, reinvestment prioritization, and continued momentum in acute and other portfolios. Net debt/adjusted EBITDA ended Q1 at ~2.2x; revolver expanded to $850M; repurchased ~$17M of stock in Q1. Management expects sequential improvement beginning in Q2 (mid-single-digit revenue growth vs Q1; high-single-digit EBITDA growth vs Q1) and believes the Q1 patient census reset is largely complete with no expected carryover headwinds into 2027. Key near-term priorities: sharpen commercial coverage, improve referral-to-start conversion, operational excellence, targeted investments in commercial resources, and capture growth from payer/pharma initiatives and clinic expansion.