Guardian Pharmacy Services Inc (NYSE: GRDN) is a pharmacy services company that dispenses and delivers prescription medications to residents of long-term care facilities (LTCFs), with a focus on assisted living facilities (ALFs) and behavioral health facilities and group homes (BHFs). Revenue is generated on a per-prescription, transactional basis, reimbursed primarily through Medicare Part D health plans and other pharmacy benefit payors. More than two-thirds of annual revenue for each of the past three years came from ALF and BHF residents, with the remainder generated primarily from skilled nursing facility (SNF) residents (per 10-K filed 2026-03-11). As of December 31, 2025, the company operated 61 pharmacies, 54 of which are full-service, serving approximately 205,000 residents across approximately 8,400 LTCFs in 38 states. Growth is executed through acquisitions of institutional pharmacies and greenfield start-ups, typically within a 200-mile radius of each pharmacy location. Named LTCF operator customers include Brookdale Senior Living, Life Care Services, and Sunrise Senior Living.

Revenue model

Transactional revenue per prescription dispensed, reimbursed through Medicare Part D, Medicaid, and private health plan payors. Additional fee-based revenue from caregiver training, continuing education programs, and pharmacy consulting services including resident drug therapy evaluations and mock regulatory audits.

Products and services

Unit-dose and multi-unit-dose compliance packaging of prescription and non-prescription pharmaceuticals organized by Med Pass schedules. Daily medication delivery to LTCFs. 24-hour, seven-days-a-week on-call pharmacist services. Pharmacy workflow software with barcode tracking. Proprietary centralized data warehouse for analytics, purchasing, revenue cycle management, and payor negotiations. Caregiver training and continuing education programs. Mock regulatory audits and pharmacy consulting services.

Customers and end markets

Residents of LTCFs, primarily in ALFs and BHFs, with SNF residents representing a secondary market. LTCF operators, including local single-facility operators and large multi-location regional and national operators such as Brookdale Senior Living, Life Care Services, and Sunrise Senior Living. Health plan payors under Medicare Part D and Medicaid programs.

Value-chain role

Institutional pharmacy services provider sitting between drug manufacturers and wholesalers on one side and LTCF caregivers and residents on the other. Handles repackaging, compliance packaging, dispensing, delivery logistics, payor billing, clinical adherence support, and staff training directly at the facility level.

Geographic exposure

38 U.S. states as of December 31, 2025. Service radius of 200 miles or less from each of 61 pharmacy locations. No disclosed international operations.

Source: SEC 10-K, filed 2026-03-11

Industry: Retail-Drug Stores and Proprietary Stores