Financial Data and Key Metrics Changes - For the full year 2025, net revenue was $5.6 billion, up 13% over the prior year, driven by balanced growth across acute and chronic therapies [13] - Gross profit dollars grew 7.4%, and adjusted EBITDA increased 6% to $471 million, with an EBITDA margin of 8.3% [14] - Adjusted diluted EPS was $1.72, growing 9%, reflecting strong operating performance and share repurchases [14] - The company generated $258 million in cash flow from operations for the full year 2025, finishing with a net debt to leverage ratio of 2.0 times [14] Business Line Data and Key Metrics Changes - Acute revenue grew in the mid-teens, while chronic therapies grew in the low double digits [13] - The company absorbed a revenue headwind of 160 basis points from patient transitions to Stelara biosimilars, impacting the chronic portfolio [13] Market Data and Key Metrics Changes - The company served over 315,000 unique patients across various therapeutic categories, completing over 2.5 million infusion events [6] - The company added five new programs with regional health plans and two additional with nontraditional payers, indicating a deepening partnership with payers [8] Company Strategy and Development Direction - The company is focused on transforming healthcare by improving outcomes, lowering total costs of care, and delivering hope to patients [5] - The strategy includes opening new infusion suites and pharmacies, deploying innovative technology, and expanding the formulary [7] - The company aims to leverage its platform to manage total costs of care while producing quality outcomes through clinical oversight [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the guidance for 2026, expecting revenue of $5.8 billion to $6 billion, reflecting a 4% growth at the midpoint [18] - The company anticipates a $25 million to $35 million gross profit headwind related to Stelara and its biosimilars conversion, expected to be realized evenly over the year [18] - Management noted that the pace of conversations with payers has increased, focusing on total cost of care and transitioning patients to lower-cost settings [24] Other Important Information - The company continues to invest in growth, adding talent across commercial sales, operations, and clinical teams [11] - The company operates over 20 enhanced programs in service to pharma manufacturers and expects to launch new programs in 2026 [10] - The company is actively identifying complementary tuck-in acquisitions while maintaining a disciplined approach to capital allocation [17] Q&A Session Summary Question: Can you discuss the affordability conversations with payers and hospital systems? - Management noted that conversations with payers have increased as they focus on total cost of care, and they are embedding RNs into hospital systems to facilitate patient transitions [24][25] Question: What is the outlook for acute and chronic growth in 2026? - Management expects mid-single-digit growth for acute offerings and high single-digit to low double-digit growth for chronic therapies, despite headwinds from biosimilars [50] Question: Can you quantify the impact of Stelara in the fourth quarter? - Management confirmed a $20 million to $22 million EBITDA impact from Stelara in the fourth quarter, aligning with expectations [46] Question: What are the key limiting factors for increasing the pace of new site openings? - Management indicated that state-level corporate practice of medicine and payer credentialing processes are significant factors affecting the pace of new site openings [42] Question: How does the company view its M&A strategy moving forward? - Management emphasized a focus on identifying strategic and financially attractive tuck-in acquisitions while continuing to invest in organic growth [73][74]