LOUISVILLE - Onco360, the nation's prominent independent specialty pharmacy, has been chosen as the national pharmacy partner for a suite of newly approved medications targeting advanced cancers and blood diseases. These drugs represent a significant advancement in the treatment of rare and life-threatening conditions.
The medications include ITOVEBI™ for certain types of breast cancer, Rytelo™ for myelodysplastic syndromes, Voranigo® for brain tumors in adults and children over 12, PIASKY® for a blood disorder known as paroxysmal nocturnal hemoglobinuria in patients 13 and older, Tevimbra® for metastatic esophageal cell carcinoma, LAZCLUZE™ for non-small cell lung cancer, Revuforj® for acute leukemias with a specific gene translocation, and Vyloy®, a monoclonal antibody for gastric tumor cells.
BrightSpring Health Services, the parent company of Onco360 and a provider of home- and community-based health solutions, highlighted the importance of these therapies in expanding care options for patients with rare cancers and blood diseases. Jon Rosseau, President and CEO of BrightSpring, expressed pride in Onco360's role in distributing breakthrough treatments.
Onco360 was founded in 2003 and has since become a key player in the oncology pharmacy sector, offering services to oncologists, patients, hospitals, cancer centers, manufacturers, health plans, and payers. The company dispenses nationally through its URAC- and ACHC-accredited Specialty Pharmacies and is a subsidiary of PharMerica Corporation.
The selection of Onco360 as the pharmacy partner for these drugs underscores the company's commitment to providing specialized support in the cancer treatment process. This partnership is expected to facilitate the delivery of these vital medications to patients across the United States.
The information for this article is based on a press release statement from BrightSpring Health Services.
In other recent news, BrightSpring Health Services has seen significant developments. The company announced the resignation of board member Matthew D'Ambrosio, with no reasons provided for his departure. BrightSpring Health's third-quarter results displayed strong performance, with a 16% year-over-year increase in EBITDA noted by analysts from KeyBanc Capital Markets. The company's Chief Legal Officer, Steven S. Reed, also announced his retirement, transitioning to a senior legal counsel role until 2025.
BrightSpring Health reported positive impacts on earnings and revenue from a series of acquisitions, including a $60 million acquisition of Haven Hospice assets in Florida. Investment firm KKR & Co. Inc. agreed to purchase over 11 million of BrightSpring's common stock shares from Walgreens Boots Alliance (NASDAQ:WBA). Analyst firms KeyBanc and BTIG provided coverage on BrightSpring, with KeyBanc maintaining a Sector Weight rating and BTIG upgrading its outlook for the company.
The analyst outlook for BrightSpring Health is positive, particularly for the year 2025, with expected EBITDA growth benefiting from recent mergers and acquisitions, as well as investments into the company's Infusion services during 2024. These are the recent developments for BrightSpring Health Services.
InvestingPro Insights
As BrightSpring Health Services (BTSG) continues to make strides in the healthcare sector through its subsidiary Onco360, investors may find value in examining the company's financial health and market performance. According to InvestingPro data, BrightSpring has shown impressive revenue growth, with a 25.72% increase in the last twelve months as of Q3 2023, reaching $10.59 billion. This growth aligns with the company's expanding role in distributing critical medications and providing specialized healthcare services.
InvestingPro Tips highlight that BrightSpring is a prominent player in the Healthcare Providers & Services industry, which is consistent with its selection as a national pharmacy partner for advanced cancer treatments. The company's market position is further strengthened by analysts' expectations of profitability this year, despite not being profitable over the last twelve months.
Investors should note the strong market performance of BrightSpring, with a 73% price return over the past year and a significant 68.11% return in the last six months. This positive momentum could be attributed to strategic moves like the partnership for distributing new cancer medications.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for BrightSpring Health Services, providing a more comprehensive view of the company's potential and challenges in the evolving healthcare landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.