Guardian Pharmacy Services, Inc.

# Signal Note: Driehaus Capital Initiates GRDN Position **What happened:** Driehaus Capital, a dedicated growth investor with significant biotech exposure, established a new $15.2M stake in Guardian Pharmacy Services, a specialty pharmacy operator. This represents a meaningful position for the fund and suggests conviction in Guardian's business model or near-term catalysts. **Why it matters:** Specialty pharmacies benefit from secular tailwinds (complex medication distribution, adherence services) and are positioned to capture margin expansion as they scale; the timing of Driehaus's entry may signal confidence in upcoming earnings, payer contracts, or pipeline-driven volume growth for high-touch therapies.