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OPCH · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Option Care Health, Inc. Common Stock (OPCH) stock moving?
Option Care Health is under a definitive agreement to be acquired by CD&R (majority owner) and McKesson (minority owner) for $32.05 per share in cash, a deal valued at about $5.8 billion in enterprise value, announced Oct 6. Since then the buyers have engaged banks to arrange $3.1 billion of financing, which supports the deal's funding. Q3 results on Nov 4 beat estimates on sales ($1.494B vs $1.476B) and adjusted EPS ($0.49 vs $0.48), but guidance was withdrawn because of the pending deal, so the business outlook is no longer provided. The stock closed at $31.65 on Nov 10, about 1.3% below the offer price. The spread was roughly 2.7% in late October (closes near $31.22), so it has narrowed as the deal advances. Trading has been tight, between $31.22 and $31.88 since Oct 22, and volume has faded from the 11.8M shares on Oct 29 to 1.41M on Nov 10. The provided items do not detail closing conditions, regulatory timing, or shareholder approval, so the remaining risk is that the deal is delayed or fails. Upside is effectively capped near the $32.05 offer price.
News behind the analysis
- McKesson and Clayton, Dubilier & Rice Secure Financing for Option Care Health AcquisitionMcKesson and CD&R have engaged Wall Street banks to arrange $3.1 billion of financing for their acquisition of Option Care Health.
- Option Care Health Reports Third Quarter 2026 Financial ResultsRevenue and net income grew in the quarter ended September 30, 2026, but the company withdrew financial guidance due to the pending acquisition.
- Option Care Health Q3 Adj. EPS $0.49 Beats $0.48 Estimate, Sales $1.494B Beat $1.476B EstimateThird-quarter adjusted EPS of $0.49 and sales of $1.494B both came in above analyst estimates.
- CD&R and McKesson Corporation Sign Agreement to Acquire Option Care HealthCD&R and McKesson agreed to acquire Option Care Health for $32.05 per share in cash, a total enterprise value of about $5.8 billion, with CD&R holding majority ownership.
About Option Care Health, Inc. Common Stock
Option Care Health, based in Bannockburn, Illinois, calls itself the largest independent US provider of home and alternate-site infusion services, giving IV and injectable drugs to patients at home or in its own infusion suites instead of in a hospital. In October 2026 it agreed to be bought by private-equity firm Clayton, Dubilier & Rice together with McKesson for $32.05 per share in cash, which would take the company private, and it has withdrawn its financial guidance while the deal is pending.
How it makes money
Nearly all of its revenue comes from dispensing infused and injectable drugs and providing the nursing, pharmacy and clinical support that goes with them. Insurers, Medicare and Medicaid pay for these services. The work covers chronic therapies, such as specialty biologics, immunoglobulin and drugs for rare diseases, as well as acute therapies like IV antibiotics and nutrition. Revenue was about $5.65 billion in 2025 and about $1.49 billion in Q3 2026, up about 4% from a year earlier. Profit margins are thin, with adjusted EBITDA of roughly 8% of revenue, because the cost of the drugs makes up most of the revenue.
What usually moves OPCH
- Progress and approvals on the pending McKesson/CD&R buyout at $32.05 per share
- Insurer and government payment rates for home infusion
- Mix of high-cost specialty drugs versus acute therapies
- Drug supply, pricing and relationships with drug makers
- Competition from insurer-owned and hospital infusion providers