Guardian Pharmacy Services, Inc. · NYSE:GRDN
Guardian Pharmacy Services — J.P. Morgan Healthcare Conference 2026
34 slides from Guardian Pharmacy Services's conference presentation, January 2026
Slide 1: Smarter Growth, Better Service
Smarter Growth, Better Service Guardian Pharmacy Services 2025 | 1
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements: This presentation (including oral commentary that accompanies this presentation) has been prepared by Guardian Pharmacy Services, Inc. (“Guardian,” the “Company,” “we” or “us”) and contains forward-looking statements. Forward-looking statements are all stateme
Slide 3: Management team
Fred Burke David Morris David Morris Kendall Forbes shley Ashley Stockton Stockton President, CEO, Co-founder EVP, CFO, Co-founder EVP, Sales and Operations Head of Investor Investor Relations Relations EVP, CFO, Co-founder • Co-founded Guardian Pharmacy • Co-founded Guardian Pharmacy • Co-founded G
Slide 4: Guardian: A Differentiated LTC Pharmacy Services Company
Guardian: A Differentiated LTC Pharmacy Services Company Transforming Medication Management for Seniors in Assisted Living Facilities (ALF) Who is Guardian? Our Solution? ALFs need dedicated medication Purpose-built to provide medication A leading provider of ALF care and coordination - rising pharm
Slide 5: Guardian's Proven Model: Scaled, Profitable, Resilient
Guardian’s Proven Model: Scaled, Profitable, Resilient Multi-pronged growth strategy focused on expanding market share: Secular growth, organic growth, and disciplined M&A Scale drives key profitability levers, and data analytics optimizes them: Purchasing, reimbursement, and national account levera
Slide 6: Leading the Way in "ALF"
Leading the Way in “ALF” Assisted Living Facilities Guardian Pharmacy Services 2025 | 6
Slide 7: Focused on Highly Attractive ALF Market
Focused on Highly Attractive ALF Market ALF & Memory Care Pharmacy Market ~$7 Billion OTC Ancillary Large Existing Market Opportunity Med A 6% 1% 1,000,000+ Residents 7% Commercial Secular Tailwind 5% Increasing occupancy/aging population Medicaid Highly Fragmented Market 10% 1,200+ Independent phar
Slide 8: Built for the Unique Needs of ALF
Built for the Unique Needs of ALF More than a Pharmacy – A Medication Care Coordination Partner in ALF Drug Regimen Review Proper Formulary Refill Authorization Compliance Packaging Ensure Drug Administration Training/Compliance Consulting Guardian Pharmacy Services 2025 | 8
Slide 9: A Market Leader in ALF
Large # of A Market Leader Residents Served (1) Unique and Scalable Model ~140,000+ ALF Residents in ALF ~204,000+ Total Residents Local Service Model + Strong Centralized Support Volumes/Scale ~28 mm Prescriptions(2) High ALF Market Share Adoption Rates in ALF 13% Nationwide(3) ~90%(1) (1) As of Se
Slide 10: ALF & Memory Care Market Share – 13% Nationwide
ALF & Memory Care Market Share – 13% Nationwide National Reach, Local Impact 54 Pharmacy Locations (1) Market Share by State(2) 65% Most Mature Pharmacy 60% 55% 50% Large opportunity ahead for 45% continued market share gains in 40% existing states 35% 30% Average 25% 20% 15% 10% 5% 0% (1) Locations
Slide 11: Favorable Competitive Landscape/High Barriers to Entry
Favorable Competitive Landscape/High Barriers to Entry Competitors Institutional Independent Pharmacies Pharmacies Skilled Nursing (SNF) Focused/Centralized Strong Local Service/Less Profitable High Barriers to Entry • Large Investments • Reimbursement complexity • Long timeline to profitability • R
Slide 12: Growth Levers
Growth Levers Organic + Acquisitions Guardian Pharmacy Services 2025 | 12
Slide 13: Multiple Organic Growth Drivers
Multiple Organic Growth Drivers Organic Growth Drivers LAUNCH GREENFIELD INCREASE STARTUPS ADOPTION RATES ADD NEW FACILITIES Guardian Pharmacy Services 2025 | 13
Slide 14: Organic Growth – Greenfield Start-Ups
Organic Growth – Greenfield Start-Ups Expansion into Adjacent and New Underserved and Growth Markets Growth seeded by existing residents in contiguous pharmacy market Recent Greenfields (2020-2025) 20 Greenfields 2025 SW + SE Florida Naples 2024 Cincinnati Columbus 2024 Des Moines/Grand island Omaha
Slide 15: Acquisitions
Acquisitions Measured and Strategic Approach to M&A Guardian’s Priority Geography Typical Target Size • A leader who can develop the local • Answer national ALF demand • ~$10 - $30 mm revenue team to manage growth • Fill white spaces in growth markets • ~2,000 - 3,500 residents • An operator who see
Slide 16: Goal: Targeted Level of Accretion by Year 4
Goal: Targeted Level of Accretion by Year 4 Year 1 Year 2-3 Year 4+ Launch collaborative Integration integration process Pouring concrete - the foundation Build Team & Execution Systems Integration Optimization Margin Profitability Reimbursement Management National Sales Purchasing Tools Accounts Gr
Slide 17: Acquisition & Greenfield Impact Opportunity
Acquisition & Greenfield Impact Opportunity Multiple Locations Projected to Achieve Targeted Accretion Ahead High single-digit organic Pharmacies collectively operating growth at targeted operating COVID-19 Pandemic @ ~breakeven margin 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 • Cincinnati,
Slide 18: Competitive Advantage: Service & Technology
Competitive Advantage Service & Technology Guardian Pharmacy Services 2025 | 18
Slide 19: Integrated Ecosystem – Service Led, Data-Driven
Integrated Ecosystem – Service Led, Data-Driven Clinical Intelligence Powering Financial Optimization and Better Outcomes “Financial Engine” “Clinical Brain” Drive Margin Improvement Improve Resident Outcomes • Purchasing • Clinical interventions • Reimbursement optimization • Regimen optimization •
Slide 20: Better Outcomes, Lower Costs
Better Outcomes, Lower Costs Proper Drug Regimen Clinical Interventions Formulary Optimization Savings ~112,558(1) $41 mm(1) Savings to Residents Allergies, Duplicate Meds, Drug-Drug Interactions, Clarification, Medicine Reconciliation (1) For full-year 2024. Guardian Pharmacy Services 2025 | 20
Slide 21: Smarter Tech, Better Service
Smarter Tech, Better Service Proprietary Ecosystem Amplified by Supporting Technology Robotics Advanced Robotics Promotes Accuracy (dispensing/screening) Improves accuracy/efficiency Near 100% + eMAR Integration with ALF Promotes Adherence Adherence rate Guardian Pharmacy Services 2025 | 21
Slide 22: Financial Performance
Financial Performance Consistent Execution & Results Guardian Pharmacy Services 2025 | 22
Slide 23: Consistent Track Record of Growth
Consistent Track Record of Growth $1,500 Revenue Adjusted EBITDA 1440 $125 $1,350 $115 1228 $1,200 $105 $105 Adjusted EBITDA ($ in millions) ~16% Estimated 1046 Revenue ($ in millions) $1,050 Revenue CAGR 2012-2025 $95 909 $91 $900 $85 792 736 $750 698 $76 $75 600 $600 $66 $65 506 425 $56 $450 $54 $
Slide 24: Resident and Prescription Growth
Resident and Prescription Growth Resident Count Prescription Growth (in thousands) (in millions) 204 186 28 163 151 24 22 20 (1) 2022 2023 2024 2025 YTD 2022 2023 2024 2025E (2) Organic Acquired (1) As of September 30, 2025. (2) 2025E based on annualized prescription data as of September 30, 2025 Gu
Slide 25: Demonstrated Durable Margin Profile
Demonstrated Durable Margin Profile 10.0% 22.0% Excl. 9.5% Acquisitions & 21.0% Greenfields in 9.0% 2024/2025 Adjusted EBITDA Margin 8.5% 20.0% 8.0% Gross Margin 19.0% 7.5% 18.0% 7.0% 6.5% 17.0% 6.0% COVID-19 pandemic 16.0% 5.5% 5.0% 15.0% 2020 2021 2022 2023 2024 2025E Adjusted EBITDA(1) Gross Marg
Slide 26: Strong Cash Flow and Stewards of Capital
Strong Cash Flow and Stewards of Capital Return focused Steady Cash Build ($ in millions) $37 ~60% $19 Cash Conversion(1) $14 1Q 2Q 3Q (1) Cash conversion for YTD as of September 30, 2025. Defined as Adjusted EBITDA ($75.7 million) minus capex ($15.3 million) and taxes ($14.6 million), divided by Ad
Slide 27: Outlook
Outlook Guardian Pharmacy Services 2025 | 27
Slide 28: IRA Update
IRA Update IRA Negotiated Lower Prices (MFP) under Medicare Part B and D for certain high-spend, branded Inflation drugs with no generic alternative Reduction Act Branded drugs selected for 2026: Anticoagulants: Eliquis, Xarelto Diabetes/CKD/HF therapies: Januvia, Farxiga, Jardiance Others: Enbrel,
Slide 29: IRA – Mitigation Initiatives
IRA – Mitigation Initiatives 2024 2025 2026 - 2027 IRA Impact on Key Insulin Inhalers Branded Drugs Business Initiatives: Efficiency Improvements and Purchasing Optimization, etc. Coordination with Payors Guardian Pharmacy Services 2025 | 29
Slide 30: Projected 2025/2026 Financial Outlook
Projected 2025/2026 Financial Outlook Summary 2025 Guidance(1) 2026 Guidance (1) Revenue Revenue Adjusted EBITDA Adjusted EBITDA $1.43-$1.45 Billion $1.40-$1.42 Billion $115-$118 million $104-$106 million 7.4% Adjusted >8% Adjusted EBITDA EBITDA Margin Margin (1) 2025 and 2026 Guidance are as report
Slide 31: Projected 2025/2026 Financial Outlook
Projected 2025/2026 Financial Outlook REVENUE Adjusted EBITDA ($ in millions) ($ in millions) $1,440 $116.5 $1,410 Reported Revenue Low Double-Digit Growth ~~High HighSingle Digit ~$1,290 Revenue Single-Digit Growth $105.0 Growth 2025E (The Midpoint) 2025E (Adjusted for the IRA)* 2026E (The Midpoint
Slide 32: Q&A
Q&A Guardian Pharmacy Services 2025 | 32
Slide 33: Appendix
Appendix Guardian Pharmacy Services 2025 | 33
Slide 34: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA 2025 YTD as of September 30, 2025. Guardian Pharmacy Services 2025 | 34
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