CVS · 10-Q · 2026Q3 · Full report

PBM Rebate and Pricing Pressure

CVS HEALTH Corp · 2026-11-04 · Importance 38 · Surprise 24

CVS continues to pass a larger portion of pharmaceutical manufacturer rebates, fees and discounts to clients and typically offers minimum pricing guarantees that it may not achieve. Manufacturers are also applying increasing pressure around rebate calculation and collection. Marketplace dynamics and regulatory changes have limited CVS’s ability to offer plan sponsors pricing that includes retail network differential or spread, and the company expects these trends to continue.

Key facts

• CVS Health continues to share a larger portion of pharmaceutical manufacturer rebates, fees and discounts with clients and typically offers minimum pricing guarantees that cannot always be achieved. source
• CVS Health faces increasing pharmaceutical manufacturer pressure over rebate calculation and collection; marketplace dynamics and regulatory changes have limited its ability to offer retail network differential or spread pricing, and it expects these trends to continue. source
• The federal 340B drug pricing program environment remains dynamic and may continue to affect CVS Health's Health Services segment. source