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# Guardian Pharmacy Targets $136 Million–$138 Million In Adjusted Earnings As Resident Base Expands
- URL: https://www.bullished.co/guardian-pharmacy-targets-136-million-138-million-in-adjusted-earnings-as-resident-base-59a07517/
- Published: 2026-11-06T20:20:49.000Z
- Updated: 2026-11-06T20:20:49.000Z
- Description: Drug-price reductions cut quarterly revenue 2%, but profitability improved and Guardian raised its annual revenue outlook.
- Author: Matteo Parrino
- Tags: Earnings, GRDN, Industry: Consumer Discretionary

Guardian Pharmacy Services, which dispenses and delivers medications to long-term care residents, raised its annual [adjusted earnings forecast](https://www.businesswire.com/news/home/20261105482269/en/Guardian-Pharmacy-Services-Reports-Third-Quarter-2026-Financial-Results-Raises-Full-Year-Guidance?ref=bullished.co) to $136 million–$138 million Thursday, with results furnished through an [SEC filing](https://www.sec.gov/Archives/edgar/data/0001802255/000162828026071046/grdn-20261105.htm?ref=bullished.co). Third-quarter revenue fell 2%, but the company served more residents and earned $19.1 million, compared with $9.6 million a year earlier.

## More Residents, Lower Drug Prices

Guardian's new forecast for adjusted earnings before interest, taxes, depreciation and amortization replaces a $129 million–$131 million range. Its annual [revenue outlook](https://www.sec.gov/Archives/edgar/data/0001802255/000162828026071046/grdn-earningsreleasexq32026.htm?ref=bullished.co) is now $1.44 billion–$1.46 billion, versus $1.43 billion–$1.45 billion previously; both forecasts exclude future acquisitions.

Quarterly sales totaled [$371.1 million](https://www.wusa9.com/article/syndication/associatedpress/guardian-pharmacy-q3-earnings-snapshot/616-a78fd4ad-6942-4c12-a6d5-c975f0b89b5c?ref=bullished.co), including drug-price reductions associated with the IRA. Approximately 218,000 residents were receiving Guardian's services at quarter-end, a 7% increase from a year earlier.

“Absent the price reductions from the IRA, revenues would have been up high single digits compared to the third quarter of 2025, mostly driven by organic growth,” President and CEO Fred Burke said in the [earnings statement](https://www.sec.gov/Archives/edgar/data/0001802255/000162828026071046/grdn-earningsreleasexq32026.htm?ref=bullished.co).

The earnings improvement extended beyond the bottom line: operating income reached $25.063 million, versus $16.354 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization rose 24% to [$33.9 million](https://www.businesswire.com/news/home/20261105482269/en/Guardian-Pharmacy-Services-Reports-Third-Quarter-2026-Financial-Results-Raises-Full-Year-Guidance?ref=bullished.co), and that measure's share of revenue reached 9.1%, compared with 7.2%. Diluted earnings per share were $0.29, versus $0.15; adjusted earnings per share were $0.33, versus $0.25.

## Acquisitions Feed The Local Network

Guardian provides medication packaging, reviews, insurance coordination and caregiver training for residents of assisted living and behavioral health facilities, group homes and skilled nursing facilities. Assisted living and behavioral health residents accounted for more than two-thirds of annual revenue in each of the past three years.

The company bought Wellness Concepts in July, adding a pharmacy serving Virginia's Shenandoah Valley. Its purchase of certain Nautilus assets brought residents previously served through a centralized mail-order operation across 14 states into Guardian's network; those residents were transferred to 18 existing pharmacies. Guardian said using existing capacity offered an opportunity to add earnings with limited further investment.

A small Sioux City, Iowa, pharmacy joined the network after quarter-end. Guardian also completed the purchase of Van's Institutional Pharmacy earlier this week, adding a business serving western Tennessee and Kentucky and bringing its Tennessee network to five locations.

Guardian's Lexington, Kentucky, pharmacy is now operating. Plans are advancing for Houston and Huntsville pharmacies, which would be its second locations in Texas and Alabama, respectively.

## Cash Builds, Employee Shares Stay Locked

Quarter-end cash was [$119.7 million](https://www.sec.gov/Archives/edgar/data/0001802255/000162828026071046/grdn-earningsreleasexq32026.htm?ref=bullished.co), with no long-term borrowing outstanding under Guardian's credit facility. Operating cash flow for the first nine months totaled $79.457 million, compared with $65.655 million in the corresponding prior-year period.

Approximately 13.5 million Class B shares converted to Class A on September 27, completing the conversion process begun with Guardian's September 2024 corporate reorganization and initial public offering. Founders, executives and other employees had agreed to lock up approximately 29.9 million shares—approximately 80% of the Class A stock held by founders, executives and other pre-IPO employee shareholders—through September 14, 2027, with limited exceptions.

GRDN shares soared about 8% to $42.91 in Friday trading. Guardian's market value was $2.5 billion in Friday trading.

The higher annual forecasts exclude future acquisitions, while Guardian continues adding purchased pharmacies and developing new locations.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Guardian Pharmacy Services, Inc. (GRDN)](https://www.sec.gov/Archives/edgar/data/0001802255/000162828026071046/grdn-20261105.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit grdn-earningsreleasexq32026.htm — Guardian Pharmacy Services, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001802255/000162828026071046/grdn-earningsreleasexq32026.htm?ref=bullished.co) — SEC EDGAR
- [Guardian Pharmacy: Q3 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/guardian-pharmacy-q3-earnings-snapshot/616-a78fd4ad-6942-4c12-a6d5-c975f0b89b5c?ref=bullished.co) — Associated Press
- [Guardian Pharmacy Services Reports Third Quarter 2026 Financial Results; Raises Full-Year Guidance](https://www.businesswire.com/news/home/20261105482269/en/Guardian-Pharmacy-Services-Reports-Third-Quarter-2026-Financial-Results-Raises-Full-Year-Guidance?ref=bullished.co) — businesswire.com