PBMs often cite low profit margins as evidence they don’t drive up drug costs. However, a new Schaeffer Center white paper shows these margins are heavily influenced by accounting choices and that industry consolidation has further obscured
#PBM profits.
PBM Profits Obscured by Mergers and Accounting Practices, USC Schaeffer White Paper Shows - January 22, 2026 - USC Schaeffer
PBMs' slim profit margins may be strongly influenced by their accounting practices, and widespread industry consolidation has made assessing PBM profitability more difficult. - January 22, 2026
