ELV · 10-Q · 2026Q2 · Full report

PBM Reform Legislation

Elevance Health, Inc. · 2026-07-15 · Importance 59 · Surprise 60

The Consolidated Appropriations Act of 2026 (enacted February 2026) includes pharmacy benefit manager (PBM) reforms that require PBMs to remit all rebates, fees (other than bona fide service fees) and other remuneration received from manufacturers and similar entities to commercial plan sponsors and to provide detailed commercial claims reporting, effective 30 months after enactment. The law also delinks PBM compensation in Medicare Part D by restricting Part D remuneration to bona fide service fees (not price-based), effective in 2028, and imposes extensive reporting requirements. Elevance notes these changes could materially affect pharmacy economics and PBM commercial and Medicare arrangements, and that similar or additional legislation may be adopted at state or federal levels. The company is monitoring the timing and operational implications for its CarelonRx business and affiliated plan customers.