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    Sarah Conrad • Goldman Sachs

    Sarah Conrad's questions to Option Care Health Inc (OPCH) leadership

    Sarah Conrad's questions to Option Care Health Inc (OPCH) leadership • Q2 2025

    Question

    Sarah Conrad, on behalf of Jamie Perce, inquired about the expected progression of acute therapy growth for the remainder of the year and into 2026 as the company annualizes competitor exits, and also asked for the drivers of the 10% SG&A growth.

    Answer

    CFO Mike Shapiro explained that acute growth is driven by broad execution, not just competitor exits, but noted that year-over-year comps will get tougher in Q4. He declined to give 2026 guidance. He broke down the SG&A growth, attributing it to acquisition impacts (Intramed) and accelerated investments in clinical capabilities and new therapy launches.

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    Sarah Conrad's questions to Option Care Health Inc (OPCH) leadership • Q4 2024

    Question

    Sarah Conrad, on behalf of Jamie Perse at Goldman Sachs, asked about the drivers behind the step-up in SG&A spending in Q4 and whether this represents a good run rate for 2025. She also requested an update on the traction and unit economics of the rare disease drug VYJUVEK.

    Answer

    CFO Michael Shapiro attributed the Q4 SG&A increase to investments in commercial and operational resources to capture acute market opportunities, and suggested it was a reasonable baseline for 2025. He noted that SG&A as a percentage of revenue continues to decline. Regarding VYJUVEK, Shapiro described it as a clinical success story and reiterated that such rare and orphan drugs typically have a mid-single-digit gross margin profile but are attractive on a dollar gross profit basis, with no fundamental change to those economics.

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