Guardian Pharmacy Services is a pharmacy services company focused on dispensing medications and providing clinical support to residents of long-term care facilities (LTCFs). As of December 31, 2025, Guardian operated 61 pharmacies serving approximately 205,000 residents across roughly 8,400 facilities in 38 states. Guardian's primary focus is assisted living facilities (ALFs) and behavioral health facilities (BHFs), which together account for more than two-thirds of revenue. Guardian makes money by dispensing prescriptions to LTCF residents and billing their pharmacy benefit plans — largely Medicare Part D, which accounts for roughly 71% of revenue. Guardian differentiates itself through a high-touch service model including compliance packaging, electronic medication administration record integration, clinical pharmacist reviews, insurance optimization, caregiver training, and 24/7 delivery. Because ALF residents choose their own pharmacy, Guardian must win residents individually; Guardian has achieved an 89% resident adoption rate at its ALF accounts. About 92% of scripts are generic drugs. Guardian grows through two channels: organic growth via new ALF accounts and higher resident adoption within existing facilities, and acquisitions of existing LTCF pharmacies. Guardian's M&A model typically retains acquired pharmacy owners as minority equity holders and local managers, with Guardian buying out minorities after three to five years. The business benefits from centralized corporate infrastructure in Atlanta shared across all pharmacies, creating operating leverage as the network grows. Newly acquired pharmacies are initially dilutive but typically reach mature profitability within four years.