8-K
Option Care Health, Inc. (OPCH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) January 9, 2026
OPTION
CARE HEALTH, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-11993 | 05-0489664 |
|---|---|---|
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (IRS<br> Employer Identification Number) |
| 3000 Lakeside Dr. Suite 300N, Bannockburn, IL 60015 | ||
| --- | ||
| (Address<br> of principal executive offices) |
(312) 940-2443
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under<br>the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under<br>the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under<br>the Exchange Act (17 CFR 240.14d-2(b)) |
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| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under<br>the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br>Stock, $0.0001 par value per share | OPCH | Nasdaq Global Select Market |
Item 2.02. Results of Operations and Financial Condition.
On January 12, 2026, Option Care Health, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the three and twelve months ended December 31, 2025 and preliminary financial expectations for full year 2026. A copy of the press release is furnished with this Current Report on Form 8-K (this “Report”) and attached hereto as Exhibit 99.1.
Item 7.01. Regulation FD Disclosure.
In connection with its participation at the 44th Annual J.P. Morgan Healthcare Conference, the Company will present on January 13, 2026. A copy of the Company's presentation is furnished with this Report as Exhibit 99.2.
The information under Items 2.02 and 7.01 of this Report and the exhibits referenced therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On January 9, 2026, the Company’s Board of Directors approved an increase to its 2025 share repurchase program authorization from $500 million to $1 billion. This program has no specified expiration date. Shares may be repurchased under the program through open market purchases, privately negotiated transactions, block trades, or accelerated or other structured share repurchase programs. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company’s management.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| ExhibitNumber | Exhibit Description |
|---|---|
| 99.1 | Press Release dated January 12, 2026 |
| 99.2 | Investor Presentation dated January 13, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Option Care Health, Inc. | |||
|---|---|---|---|
| Date: | January 12, 2026 | By: | /s/ Meenal Sethna |
| Meenal Sethna | |||
| Chief Financial Officer |
Exhibit 99.1
OPTION CARE HEALTH ANNOUNCES PRELIMINARY FOURTHQUARTER & FULL YEAR 2025 FINANCIAL RESULTS AND PRELIMINARY FINANCIAL GUIDANCE FOR FULL YEAR 2026
BANNOCKBURN,IL., January 12, 2026 - Option Care Health, Inc. (the “Company” or “Option Care Health”) (Nasdaq: OPCH), the nation’s largest independent provider of home and alternate site infusion services, announced today preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025, and preliminary financial guidance for the full year 2026.
(Year-over-year comparisons unless otherwise noted; Growth comparisonsversus midpoint of range)
Fourth Quarter 2025 Preliminary Expected Results
| · | Net<br> revenue of $1.46 billion to $1.47 billion |
|---|---|
| · | GAAP<br> net income of $59.1 million to $62.4 million |
| --- | --- |
| · | GAAP<br> diluted EPS of $0.37 to $0.39 |
| --- | --- |
| · | Adjusted<br> diluted EPS of $0.46 to $0.49 |
| --- | --- |
| · | Adjusted<br> EBITDA of $123.7 million to $127.7 million |
| --- | --- |
Full Year 2025 Preliminary Expected Results
| · | Net<br> revenue of $5.645 billion to $5.655 billion |
|---|---|
| · | GAAP<br> net income of $208.2 million to $211.5 million |
| --- | --- |
| · | GAAP<br> diluted EPS of $1.27 to $1.29 |
| --- | --- |
| · | Adjusted<br> diluted EPS of $1.72 to $1.76 |
| --- | --- |
| · | Adjusted<br> EBITDA of $469.0 million to $473.0 million |
| --- | --- |
| · | Cash<br> flow from operations below $320 million |
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Full Year 2026 Preliminary Financial Guidance
| · | Net<br> revenue of $5.8 billion to $6.0 billion |
|---|---|
| · | Adjusted<br> diluted EPS of $1.82 to $1.92 |
| --- | --- |
| · | Adjusted<br> EBITDA of $480 million to $505 million |
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The Company expects to provide further information regarding its full year 2026 financial guidance on its fourth quarter earnings call in February.
Expanded Share Repurchase Program Authorization
On January 9, 2026, the Company’s Board of Directors approved an increase to its 2025 share repurchase program authorization, from $500 million to $1.0 billion. This program has no specified expiration date. Shares may be repurchased under the program through open market purchases, privately negotiated transactions, or other structured share repurchase programs. The timing and actual amount of shares repurchased will depend upon a variety of factors, including market conditions, regulatory requirements, and other corporate considerations, as determined by the Company’s management.
Under the 2025 share repurchase program, the Company repurchased approximately $95 million of shares during the fourth quarter of 2025 and approximately $307 million during the full year 2025. As of December 31, 2025, the 2025 share repurchase program had purchase capacity of approximately $193 million. The expanded authorization added an additional $500 million to the capacity.
Investor Conference Presentation
The Company will be participating in the 44th Annual J.P. Morgan Healthcare Conference, including a Company presentation at 10:30 a.m. P.T. on Tuesday, January 13, 2026. The presentation, including the presentation materials, can be accessed via live audio webcast that will be available online at investors.optioncarehealth.com.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 8,000 team members, including more than 5,000 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and teammates. To learn more, please visit our website at optioncarehealth.com.
Investor Contacts
Nicole Maggio
Senior Vice President, Corporate Controller
investor.relations@optioncare.com
Forward-Looking Statements - Safe Harbor
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company may make regarding future revenues, future earnings, other future financial results, regulatory developments, market developments, new products and growth strategies and the effects of any of the foregoing on its future results of operations or financial condition.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: changes in laws, regulations or trade policies applicable to its business model; loss of relationships with managed care organizations and other non-governmental third party payers; changes in the pharmaceutical industry, including limiting or discontinuing research, development, production and marketing of pharmaceuticals compatible with its services; changes in market conditions and receptivity to its services and offerings; and pending and future litigation or potential liability for claims not covered by insurance. For a detailed discussion of the risk factors that could affect its actual results, please refer to the risk factors identified in the Company’s SEC reports as filed with the SEC.
Any forward-looking statement made by the Company in this press release is based only on information currently available to it and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Preliminary Unaudited Financial Data
The preliminary financial information included in this press release is subject to completion of the Company’s year-end close procedures and further financial review. The Company has provided ranges, rather than specific amounts, because these results are preliminary and subject to change. Actual results may differ from these estimates as a result of the completion of the Company’s year-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”), and they should not be viewed as indicative of the Company’s results for any future period. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these estimated financial results and, accordingly, does not express an opinion or any other form of assurance with respect to these preliminary estimates.
Note Regarding Use of Non-GAAP Financial Measures
In addition to reporting financial information in accordance with generally accepted accounting principles (GAAP), the Company is also reporting Adjusted net income, Adjusted EBITDA and Adjusted diluted earnings per share ("EPS"), which are non-GAAP financial measures. These adjusted measures are not measurements of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, EPS, or any other performance measure derived in accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of the Company’s liquidity. In addition, the Company's definitions of Adjusted net income, Adjusted EBITDA, and Adjusted diluted EPS may not be comparable to similarly titled non-GAAP financial measures reported by other companies. As defined by the Company: (i) Adjusted net income represents net income before intangible asset amortization expense, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses, net of tax adjustments, (ii) Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses, and (iii) Adjusted diluted EPS represents Adjusted net income divided by weighted average common shares outstanding, diluted. As part of restructuring, acquisition, integration and other expenses, the Company may incur significant charges such as the write down of certain long-lived assets, temporary redundant expenses, professional fees, certain litigation expenses and reserves related to acquired businesses, potential retention and severance costs and potential accelerated payments or termination costs for certain of its contractual obligations. Management believes that these adjusted measures provide useful supplemental information regarding the performance of Option Care Health’s business operations and facilitate comparisons to the Company’s historical operating results. The Company has not reconciled Adjusted EBITDA guidance to net income or Adjusted diluted EPS guidance to GAAP diluted EPS as management believes creation of this reconciliation would not be practicable due to the uncertainty regarding, and potential variability of, material reconciling items. Full reconciliations of each historical adjusted measure to the most comparable GAAP financial measure are set forth below.
OPTION CARE HEALTH, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
| Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Low | High | Low | High | |||||||||
| Net income | $ | 59.1 | $ | 62.4 | $ | 208.2 | $ | 211.5 | ||||
| Interest expense, net | 12.8 | 12.8 | 54.6 | 54.6 | ||||||||
| Income tax expense | 23.3 | 22.2 | 75.6 | 74.5 | ||||||||
| Depreciation and amortization expense | 17.1 | 17.1 | 67.5 | 67.5 | ||||||||
| EBITDA | 112.3 | 114.5 | 405.9 | 408.1 | ||||||||
| EBITDA adjustments | ||||||||||||
| Stock-based incentive compensation | 9.4 | 9.4 | 40.0 | 40.0 | ||||||||
| Loss on extinguishment of debt | — | — | 4.7 | 4.7 | ||||||||
| Restructuring, acquisition, integration and other | 2.1 | 3.9 | 18.4 | 20.2 | ||||||||
| Adjusted EBITDA | $ | 123.7 | $ | 127.7 | $ | 469.0 | $ | 473.0 | ||||
| Net income | $ | 59.1 | $ | 62.4 | $ | 208.2 | $ | 211.5 | ||||
| Intangible asset amortization expense | 9.2 | 9.2 | 36.9 | 36.9 | ||||||||
| Stock-based incentive compensation | 9.4 | 9.4 | 40.0 | 40.0 | ||||||||
| Loss on extinguishment of debt | — | — | 4.7 | 4.7 | ||||||||
| Restructuring, acquisition, integration and other | 2.1 | 3.9 | 18.4 | 20.2 | ||||||||
| Total pre-tax adjustments | 20.6 | 22.4 | 100.0 | 101.8 | ||||||||
| Tax adjustments (1) | (6.0 | ) | (5.9 | ) | (26.6 | ) | (26.5 | ) | ||||
| Adjusted net income | $ | 73.8 | $ | 79.0 | $ | 281.6 | $ | 286.8 | ||||
| Earnings per share, diluted | $ | 0.37 | $ | 0.39 | $ | 1.27 | $ | 1.29 | ||||
| Adjusted earnings per share, diluted | $ | 0.46 | $ | 0.49 | $ | 1.72 | $ | 1.76 | ||||
| Weighted average common shares outstanding, diluted | 159,833 | 159,833 | 163,365 | 163,365 |
(1) Tax adjustments for fourth quarter and full year 2025 includes the estimated income tax effect on non-GAAP adjustments based on the expected effective tax rate
Exhibit 99.2
| Extraordinary Care<br>That Changes Lives<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Option Care Health, Inc.<br>44th Annual J.P. Morgan Healthcare Conference<br>January 13, 2026<br>1 | |||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Disclaimers<br>Forward-Looking Statements<br>This presentation may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements<br>can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking<br>statements include, among others, statements we may make regarding future revenues, future earnings, other future financial results, regulatory developments, market developments, new products<br>and growth strategies, and the effects of any of the foregoing on our future results of operations or financial conditions.<br>Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of<br>our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject<br>to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.<br>Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to<br>differ materially from those indicated in the forward-looking statements include, among others, the following: changes in laws, regulations or trade policies applicable to our business model; loss of<br>relationships with managed care organizations and other non-governmental third party payers; changes in the pharmaceutical industry, including limiting or discontinuing research, development,<br>production and marketing of pharmaceuticals compatible with our services; changes in market conditions and receptivity to our services and offerings; and pending and future litigation or potential<br>liability for claims not covered by insurance. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our reports as filed with the SEC.<br>Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to<br>publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.<br>Non-GAAP Measures<br>In addition to reporting financial information in accordance with generally accepted accounting principles (“GAAP”), we are also reporting Adjusted net income, Adjusted EBITDA, Adjusted EBITDA<br>margin, Adjusted earnings per share ("Adjusted EPS"), and Net Debt Leverage Ratio, each of which are non-GAAP financial measures. These adjusted measures are not measurements of financial<br>performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, net profit margin, earnings per share or any other performance measure derived in<br>accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of our liquidity. In addition, our definitions of Adjusted net income, Adjusted EBITDA, Adjusted<br>EBITDA margin, Adjusted EPS, and Net Debt Leverage Ratio may not be comparable to similarly titled non-GAAP financial measures reported by other companies. As defined by us: (i) Adjusted net<br>income represents net income before intangible asset amortization expense, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other<br>expenses, net of tax adjustments, (ii) Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, loss<br>on extinguishment of debt, and restructuring, acquisition, integration and other expenses; (iii) Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenue, (iv) Adjusted EPS represents<br>Adjusted net income divided by weighted average common shares outstanding, diluted, and (v) Net Debt Leverage Ratio represents gross debt less cash and cash equivalents on the balance sheet<br>divided by the trailing twelve months Adjusted EBITDA. Gross debt is defined as the current portion of long-term debt and long-term debt excluding discounts and unamortized debt issuance costs. As<br>part of restructuring, acquisition, integration and other expenses, we may incur significant charges such as the write down of certain long-lived assets, temporary redundant expenses, professional fees,<br>certain litigation expenses and reserves related to acquired businesses, potential retention and severance costs and potential accelerated payments or termination costs for certain of its contractual<br>obligations. Management believes that these adjusted measures provide useful supplemental information regarding the performance of our business operations and facilitate comparisons to our<br>historical operating results. We have not reconciled Adjusted EBITDA and Adjusted EPS guidance to net income as management believes creation of this reconciliation would not be practicable due to<br>the uncertainty regarding, and potential variability of, material reconciling items. Full reconciliations of each historical adjusted measure to the most comparable GAAP financial measure are set forth at<br>the end of this presentation.<br>44 2<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Disclaimers<br>Preliminary Unaudited Financial Data<br>The preliminary financial information included in this presentation is subject to completion of our year-end close<br>procedures and further financial review. We have provided ranges, rather than specific amounts, because these<br>results are preliminary and subject to change. Actual results may differ from these estimates as a result of the<br>completion of our year-end closing procedures, review adjustments and other developments that may arise between<br>now and the time such financial information for the period is finalized. As a result, these estimates are preliminary,<br>may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. These<br>preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with<br>GAAP, and they should not be viewed as indicative of our results for any future period. Our independent registered<br>public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these<br>estimated financial results and, accordingly, does not express an opinion or any other form of assurance with respect<br>to these preliminary estimates.<br>44 3<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 4<br>Our purpose<br>Provide extraordinary care that changes lives.<br>Our mission<br>Transform healthcare by providing innovative<br>services that improve outcomes, reduce<br>overall costs of care and deliver hope for<br>patients and families.<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 5<br>Reflecting on ’25, Looking Ahead to ’26<br>Confident in Our Strategy and Execution<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br> ’25<br>Highlights<br>Delivered strong preliminary ’25 results including 13% revenue growth, 6% Adj. EBITDA<br>growth & 10% Adj. EPS growth1<br>Served 315,000+ patients by capitalizing on changing industry dynamics, accelerating<br>patient acquisition & adding new limited distribution therapies<br>Expanded capacity & added capabilities through Intramed Plus acquisition and new<br>infusion clinics, pharmacies, clinical programs & operating efficiencies<br> ’26<br>Outlook<br>Well positioned for ’26; 5% Adj. EBITDA growth translates to 7% Adj. EPS growth2<br>,<br>incorporating Stelara and Stelara biosimilars-related headwind of ($25M) – ($35M)<br>Accelerate profitable growth by growing the core, expanding portfolio of therapies &<br>pharma programs, collaborating with payer partners & delivering excellent service<br>Prioritize capital deployment to continue reinvesting in the business, pursue adjacent &<br>accretive M&A and execute periodic share repurchases<br>1Growth represents ’25 midpoint of unaudited preliminary results range compared to 2024<br>2Growth represents ’26 midpoint of guidance compared to ’25 midpoint of unaudited preliminary results range | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Option Care Health is a Leading Independent Provider<br>of Home and Alternate Site Infusion Services<br>Stand-alone AIS and/or AIC2<br>Care Management Center1<br>National Scale with Local Responsiveness<br>o Resilient full-service<br>network that<br>supports a broad set<br>of clinical services<br>across a variety of<br>care sites<br>o Proven track record<br>of integrating and<br>leveraging high-quality, strategic<br>M&A<br>o Consistent strong<br>cash flow<br>generation and<br>attractive capital<br>structure<br>315,000+<br>Patients Served in 2025<br>5,000+<br>Multidisciplinary Clinicians<br>190+<br>Locations in the U.S<br>750+<br>Infusion Chairs<br>6<br>~90<br>Full-Service Pharmacies<br>Licensed in all 50 states<br>Top 10<br>Payers In-Network<br>96%<br>Coverage to Insured Lives<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>1Care Management Center (CMC) is defined as a location with both a pharmacy and AIS. Total count includes a small number of stand-alone pharmacies.<br>2AIS = Ambulatory Infusion Suite | AIC = Ambulatory Infusion Clinic (Advanced Practitioner Model) | |
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| Shifts Toward Cost-Effective Home and Alternate Site Care Models<br>o U.S. Home Infusion industry<br>projected to grow high single<br>digit % annually, driven by<br>therapy growth, cost pressures &<br>patient preference including<br> ‘aging in place’ trends<br>o Fragmented provider landscape<br>presents wide range of growth<br>opportunities<br>o National independent platform<br>enables economies of scale while<br>providing local responsiveness<br>U.S. Home<br>Infusion<br>$100B<br>Total U.S.<br>Infusion Other<br>Providers<br>Option Care<br>Health<br>Home Infusion Landscape<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 44 7<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>On the Right Side of Healthcare<br>Meeting Needs to Capture Growing Demand at Scale<br>1<br>1NHIF 2020 Trend Report, DHC data, and Management estimates | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 8<br>315,000+<br>Patients Served in 2025<br>2.5 million+<br>Infusions administered in 2025<br>600+<br>Therapies served in 2025, including limited<br>distribution drugs and pharma programs<br>88%<br>2025 revenue from Commercial payers<br>1<br>92%<br>Overall Patient Satisfaction<br>Durable and Resilient Portfolio<br>Therapies, Pharma Programs & Payer Partnerships<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>Expanding Patient Access and Increasing the Number of Patients Served<br>1Reflects preliminary FY 2025 revenue data; Commercial also includes Medicare Advantage plans, Managed Medicaid plans, pharmacy benefit managers, and self-pay patients | ||
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| Generic<br>Branded<br>Biosimilar<br>Generic<br>Branded<br>Biosimilar<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Gross Profit Mix<br>9<br>Revenue Mix<br>o Gross profit composed<br>primarily of multisource<br>generic & biosimilar<br>therapies<br>o Branded therapies<br>represent ~50% of revenue<br>but <20% of gross profit<br>o Expanding service to<br>additional specialty areas,<br>disease states & therapies<br>in ’26<br>No Single Therapy Represents More Than 4% of Company Gross Profit<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>1Reflects preliminary FY 2025 revenue and gross profit data; adjusted for projected 2026 Stelara contribution<br>Diversified Revenue & Gross Profit Mix Drives<br>Sustainable Growth1 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 44 10<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>FY ’25 Preliminary Results1<br>+ Growth vs. PY2<br>o Net Revenue $5.645B to $5.655B, +13%<br>o Adj. Diluted EPS $1.72 to $1.76, +10%<br>o Adj. EBITDA $469M to $473M, +6%<br>o Cash Flow from Operations less than $320M<br>o Strategic inventory purchases<br>o Repurchased $307M of shares<br>Delivered Strong Preliminary ’25 Results<br>1Represents range of unaudited preliminary results<br>2Growth represents ’25 midpoint of unaudited preliminary results range compared to 2024 | ||
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| ’26 Guidance<br>+ Growth vs. PY1<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 44 11<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>Guidance Key Assumptions<br>Well Positioned for Growth and Value Creation in ’26<br>1Growth represents ’26 midpoint of guidance compared to ’25 midpoint of unaudited preliminary results range<br>2<br>IRA = Inflation Reduction Act<br>o (400bps) revenue growth headwind driven<br>by Stelara IRA2 and Stelara biosimilars<br>conversion<br>o Includes GP$ headwind of ($25M) – ($35M)<br>from Stelara + Stelara biosimilars conversion<br>o Financial impact expected to be realized evenly<br>over full year ’26<br>o Stelara + Stelara biosimilars represent <1% of<br>company revenue and gross profit in ’26 &<br>onward<br>o Net Revenue $5.8B to $6.0B, +4%<br>o Adj. Diluted EPS $1.82 to $1.92, +7%<br>o Adj. EBITDA $480M to $505M, +5% | ||
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| 1Represents ’25 midpoint of unaudited preliminary results range<br>Strong Record of Revenue Growth & Operating Leverage<br>Demonstrated Ability to Execute and Deliver on Growth Commitments<br>$3.0B<br>$5.7B<br>2020 2025<br>Preliminary<br>$222M<br>$471M<br>7.3% 8.3%<br>2020 2025<br>Preliminary<br>Revenue Adj. EBITDA + Margin<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 12<br>+13%<br>CAGR<br>+16%<br>CAGR<br>1<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>1 | ||
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| $166M<br>CapEx<br>$303M<br>M&A $715M<br>Share<br>Repo<br>$1.2B<br>deployed since ’21<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>~$1.4B<br>Operating Cash Flow | ’21 – Q3 ’25<br>Strong and consistent cash generation profile<br>~$700M 1.9x<br>Liquidity1 Net Debt Leverage Ratio1<br>Robust balance sheet and strong liquidity position<br>7 $300M<br>Acquisitions M&A deployed since ’21<br>Track record of value creation from strategic M&A<br>Strategic Capital Deployment | ’21 – Q3 ’25<br>44 13<br>th Annual J.P. Morgan Healthcare Conference | January 2026<br>Strategic Capital Deployment<br>Balancing Growth & Return to Shareholders<br>Capital Deployment Priorities:<br>o Internal investments for profitable growth<br>o Strategic tuck-ins and near-adjacency acquisitions<br>o Periodic share repurchases<br>1As of Sept 30 ’25 |
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| Shifts Toward Cost-Effective Home &<br>Alternate Site Care Models<br>National Scale with<br>Local Responsiveness<br>Diversified, Resilient<br>Portfolio of Therapies &<br>Pharma Programs<br>Longstanding Payer<br>Partnerships with 96%<br>Coverage to Insured Lives<br>Track Record of Double-Digit Growth<br>Revenue & Adj. EBITDA<br>Proven, Experienced<br>Management Team<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 14<br>High Quality Care at an Appropriate Cost in a Patient-Centric Setting<br>Compelling Investment Proposition<br>44<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| Contact Us Our Website<br> © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>investors@optioncarehealth.com optioncarehealth.com<br>44 15<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Reconciliation to Non-GAAP Measures<br>For historical reconciliations of non-GAAP financial measures, please see our SEC filings and other financial reports, which are available on our website at investors.optioncarehealth.com<br>44 16<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Reconciliation to Non-GAAP Measures<br>For historical reconciliations of non-GAAP financial measures, please see our SEC filings and other financial reports, which are available on our website at investors.optioncarehealth.com<br>44 17<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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| © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED<br>Reconciliation to Non-GAAP Measures<br>For historical reconciliations of non-GAAP financial measures, please see our SEC filings and other financial reports, which are available on our website at investors.optioncarehealth.com<br>44 18<br>th Annual J.P. Morgan Healthcare Conference | January 2026 | ||
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