Option Care Health, Inc. (OPCH) reported first‑quarter 2026 results on April 30, 2026, with total revenue of $1.35 billion, a 1.3% year‑over‑year increase that fell short of the $1.40 billion consensus estimate. The shortfall was driven by a patient census reset in the chronic inflammatory disease portfolio, including conversions to Stelara biosimilars, which reduced revenue by roughly 600 basis points relative to the prior year.
GAAP diluted earnings per share were $0.29, below analysts’ estimate of $0.37. However, adjusted EPS rose to $0.40, beating the consensus of $0.37–$0.38 by 5.3% to 8.1%. The adjusted beat reflects disciplined cost management and a favorable mix shift toward the high‑margin acute therapy segment, which grew in the high single digits while the chronic segment declined.
Operating margin contracted to 5.4% from 5.9% in the prior year, a compression largely attributable to the chronic therapy headwind and the impact of the Inflation Reduction Act on pricing. Despite margin pressure, the company maintained its full‑year adjusted EPS guidance of $1.82 to $1.92 per share, unchanged from the February outlook, signaling confidence in cost control and the resilience of its acute therapy business.
Full‑year revenue guidance was lowered to $5.675 billion–$5.775 billion from the previous $5.800 billion–$6.000 billion range, a cut of $125 million to $225 million. The revision reflects management’s concern over continued headwinds in the chronic inflammatory disease portfolio and the broader impact of Stelara biosimilar conversions on revenue growth.
The company also expanded its revolving credit facility from $400 million to $850 million, providing additional liquidity to support ongoing operations and potential strategic initiatives. Share repurchases continued, with $17.5 million bought back in Q1 2026, underscoring management’s commitment to returning value to shareholders while maintaining financial flexibility.
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