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    Linda Bolduc • Morgan Stanley

    Linda Bolduc's questions to Brightspring Health Services Inc (BTSG) leadership

    Linda Bolduc's questions to Brightspring Health Services Inc (BTSG) leadership • Q1 2025

    Question

    Linda Bolduc, on for Erin Wright, asked for more detail on the cadence for the remainder of 2025, inquiring about any unique quarterly dynamics related to margin expansion, utilization, or generic launches.

    Answer

    CFO Jennifer Phipps reiterated the full-year operating cash flow guidance of over $300 million, which implies that subsequent quarters may be lower than the $102 million generated in Q1. She noted the company remains focused on managing DSO and inventory while maintaining flexibility for strategic investments, expressing confidence in delivering on the annual target.

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    Linda Bolduc's questions to Brightspring Health Services Inc (BTSG) leadership • Q3 2024

    Question

    Linda Bolduc from Morgan Stanley, on for Erin Wright, asked for clarification on the specific drug on the IRA list and its exposure. She also asked to parse out the drivers of the Pharmacy segment's growth between market share gains and new drug launches.

    Answer

    CEO Jon Rousseau clarified the specialty oncology drug is IMBRUVICA, and the company feels confident about managing the situation. He attributed the Pharmacy segment's strong growth primarily to favorable market dynamics rather than just share gains. Key drivers include the high-growth oncology market, a robust pipeline of innovative and generic drugs, and BrightSpring's effectiveness as a launch partner for new LDDs due to its high service levels.

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    Linda Bolduc's questions to Phibro Animal Health Corp (PAHC) leadership

    Linda Bolduc's questions to Phibro Animal Health Corp (PAHC) leadership • Q2 2025

    Question

    Speaking on behalf of Erin Wright, Linda Bolduc asked about the potential implications of new tariffs on Phibro, the expected progression of EBITDA margins throughout the year, and the company's latest view on underlying demand trends across key animal species.

    Answer

    CEO Jack Bendheim stated that the impact from announced Chinese tariffs is expected to be 'very, very small.' CFO Glenn David added that the company expects continued strong adjusted EBITDA margin improvement driven by the Phibro Forward initiative and the Zoetis portfolio. He also confirmed a positive demand outlook for the rest of the year, citing strong profitability for customers across poultry, swine, and cattle.

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