New study from CVS Caremark and Employee Benefit News shows how employers rely on their pharmacy benefit manager to create sustainable pharmacy solutions

Rhea-AI Summary

CVS Health (NYSE: CVS), through its CVS Caremark pharmacy benefit manager, released findings from The State of Pharmacy Management Survey conducted with Employee Benefit News. Employers cited high drug prices, GLP-1 coverage and specialty medications as top concerns, and view PBMs as key partners in cost control and access.

According to CVS Caremark, only 49% of employers currently encourage biosimilar substitution and 12% educate employees, despite biosimilars’ cost-saving potential. CVS Caremark reports more than $3.3 billion in gross Humira-related savings since April 2024 and, as of July 1, 2026, has preferred Stelara biosimilars Pyzchiva and Yesintek on common commercial formularies, often at $0 member cost.

The company highlights GLP-1 weight management strategies, noting clients using its CVS Weight Management program spent up to 26% less on GLP-1 weight-loss drugs. CVS Caremark also invests over $770 million annually in technology and promotes its TrueCost pricing model to improve transparency and predictability for plan sponsors.

Market Context

CVS's customer-experience awards announcement recorded a -0.66% 24-hour reaction. That platform reco...

Analysis

CVS's customer-experience awards announcement recorded a -0.66% 24-hour reaction. That platform record adds context to this survey's cost and access claims; recent net selling is a risk factor, while follow-through on reported savings is worth watching.

Key Figures

Employers concerned about medication prices: 91% Employers viewing PBMs as cost reducers: 88% Employers identifying PBM access opportunity: 64% +5 more

8 metrics

Employers concerned about medication prices 91% Survey finding

Employers viewing PBMs as cost reducers 88% Survey finding

Employers identifying PBM access opportunity 64% Affordable specialty medications

Employers encouraging biosimilar substitution 49% Survey finding

Gross biosimilar-related savings more than $3.3 billion Since April 2024; Humira-related

Employers concerned about GLP-1 coverage cost 77% Survey finding

Employers limiting or considering GLP-1 limits 80% Weight-loss coverage

Lower GLP-1 medication spending up to 26% less Clients adopting CVS Weight Management versus non-adopters

Historical Context

5 past events · Latest: Aug 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 05	Q2 earnings	Positive	-5.1%	Reported Q2 revenue growth, higher EPS, and raised full-year 2026 guidance.
Aug 05	GLP-1 offering	Positive	-5.1%	Expanded direct-to-consumer GLP-1 weight-management access through digital and pharmacy support.
Aug 04	Employer awards	Positive	-0.9%	AI Learning Academy received two Gold and one Silver Stevie Awards.
Jul 30	Customer awards	Positive	-0.7%	Named Overall Winner and received four gold awards at customer experience event.
Jul 29	Privacy accreditation	Positive	-3.1%	Health100 mobile app earned accreditation for consumer data privacy and security.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

CVS's five recent news events were followed by negative 24-hour price reactions despite generally positive announcement content.

Key Terms

glp-1, pbm, biosimilar, formulary

4 terms

glp-1 medical

"managing GLP-1s, encouraging biosimilar substitution"

GLP-1 (glucagon-like peptide-1) is a natural hormone in the body that helps regulate blood sugar levels and appetite. Its significance to investors lies in its role as the basis for a class of medications that address conditions like type 2 diabetes and obesity, which are large and growing markets. Advances or investments in GLP-1-based treatments can signal opportunities in healthcare innovation and potentially impact pharmaceutical companies’ growth.

pbm financial

"employers are increasingly relying on their pharmacy benefit manager (PBM)"

A PBM (pharmacy benefit manager) is a company that manages prescription drug benefits for insurers, employers and government plans, negotiating prices with drug makers and pharmacies and deciding which medicines are covered. For investors, PBMs matter because they sit between drugmakers and patients and can influence drug prices, volumes and profit margins across the healthcare system—think of them as the gatekeeper and negotiator that can shape revenue flows in the pharmaceutical supply chain.

biosimilar medical

"biosimilars represent one of the largest untapped opportunities"

A biosimilar is a medicine created to be highly similar to an existing complex drug made from living cells, matching its safety and effectiveness while allowing for small, natural variations. For investors, biosimilars matter because they introduce lower-cost competition when patents end, which can cut prices, shift market share, and change revenue forecasts for companies selling the original drugs, much like a generic version does for simpler chemical medicines.

formulary medical

"biosimilar formulary strategy has helped CVS Caremark clients"

A formulary is a list of prescription drugs that a health insurer, hospital system, or government program has approved for coverage and payment. Think of it like an approved menu or shopping list that determines which medicines patients can get with financial help. For investors, formulary placement affects a drug maker’s potential sales, pricing power and market access, so being included—or excluded—can materially change a company’s revenue outlook.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Key opportunities include: managing GLP-1s, encouraging biosimilar substitution and employing technology to simplify and personalize the member experience

WOONSOCKET, R.I., Aug. 12, 2026 /PRNewswire/ -- CVS Caremark, part of CVS Health® (NYSE: CVS), today announced the findings of a survey conducted in partnership with Employee Benefit News that reveals why employers are increasingly relying on their pharmacy benefit manager (PBM) partners to use their expertise, scale and purchasing power to help them manage their top concern: battling rising drug prices and maintaining access to quality care.

This year's The State of Pharmacy Management Survey findings show HR decision makers and executive leaders are focused on navigating the rising price of prescription drugs, managing access to expensive treatments such as GLP-1s, and encouraging the use of more cost-effective biosimilars.

Key Findings

• 91% of employers are concerned about the high prices of medication for employees
• 88% of employers see PBMs as especially well positioned to reduce prescription drug costs for their businesses
• 64% say PBMs have the greatest opportunity to improve access to affordable specialty medications

"This data reveals the urgency behind employers' need for PBM partners who can address cost, first and foremost," said Ed DeVaney, President, CVS Caremark. "There's a clear opportunity to help employers navigate the evolving pharmacy benefits landscape while driving sustainable benefits for clients and members."

Opportunity for employers to encourage greater use of biosimilars
The survey findings also illustrate that biosimilars represent one of the largest untapped opportunities for employers to reduce drug costs in the U.S. health care market, offering clinically equivalent therapies to improve affordability and enhance access without compromising safety or efficacy.

Today, only about half of employers (49%) are encouraging biosimilar substitution while another 40% are actively considering or exploring it. With just 12% of employers reporting that they are educating employees about the cost savings potential, this study illustrates a significant opportunity for employers to do more to both create better awareness and understanding of the benefits of biosimilars and help their members access them.

CVS Caremark has been an industry leader in promoting biosimilar adoption. Since April 2024, biosimilar formulary strategy has helped CVS Caremark clients and members realize more than $3.3 billion in gross savings related to Humira® (adalimumab), and the company is committed to expanding the use of low-cost biosimilars across multiple therapeutic categories.

On July 1, 2026, CVS Caremark transitioned from Stelara® (ustekinumab) on its most common commercial template formularies to prefer lower-cost, interchangeable biosimilar alternatives — Pyzchiva® and Yesintek®. Most members will pay $0 out-of-pocket for their therapy.

Employers are planning for emerging areas of pharmacy spend, including GLP-1 weight management
Weight management has moved into the benefits mainstream, becoming a core component of modern benefits strategy. Seventy-seven percent of employers say the high cost of GLP-1 coverage is a concern — with 80% having either already limited GLP-1 coverage for weight loss or considering limits.

CVS Caremark is focused on improving affordability and access to GLP-1s by increasing access to GLP-1 weight management medications this year with expanded coverage options. In addition to negotiating lower prices with drug manufacturers, CVS Caremark works with clients to leverage the right GLP-1 management strategies for each employee population, including utilization management, personalized clinical and nutrition support and more. 

The lifestyle-first approach of the CVS Weight Management™ program has driven sustainable weight loss results for members and cost savings for plan sponsors. Clients who adopted the program spent up to 26% less on GLP-1 medications for weight-loss compared to those who did not, and members who were previously on anti-obesity medication nearly doubled their pre-program weight loss while working with program clinicians on diet and lifestyle.

Digital innovation is central to pharmacy benefits
As AI and digital enablement continue to transform the health care experience, employers are looking for pharmacy benefits partners who can leverage digital tools to make support more accessible, personalized and navigable for plan members, with 88% saying that digital tools and innovation as part of the health care experience are "here to stay."

CVS Caremark invests over $770 million in technology each year dedicated to member innovation, combining human touch with streamlined digital processes so members can receive the treatment they need quickly. As a founding partner of the Coalition for Health AI (CHAI), CVS Caremark is also helping lead the way in safe and ethical use of AI in health care, all in support of improved health outcomes and a streamlined experience for members, clients and providers.

Employers see pharmacy benefit costs as harder to control than other benefits
Only 30% of employers said they have significant influence over pharmacy costs, compared to 73% who said they have significant influence over the overall cost of maintaining a competitive benefits package. At the same time, employers are looking for PBMs to help manage pharmacy spending while maintaining access to affordable treatment options. Of those surveyed, 91% say they are very concerned about high medication costs for employees.

CVS Caremark helps employers control drug costs and make medications more accessible by working with drug manufacturers to negotiate affordable drug prices for clients and members. Through the industry-leading pricing model, TrueCost™, CVS Caremark allows clients to see true drug costs through acquisition-cost-based pricing and drug-level rebate values, enabling more pricing transparency, predictability and sustainability for plan administrators and members and improving affordability for high-quality treatment.

View The State of Pharmacy Management report.

About CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of June 30, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.

Media contact
Phil Blando
202-258-4978
Phillip.Blando@CVSHealth.com

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SOURCE CVS Health

FAQ

What did the August 12, 2026 CVS Caremark survey reveal about employer concerns over pharmacy costs (NYSE: CVS)?

The survey found most employers are highly concerned about high medication prices and specialty drug costs. According to CVS Caremark, 91% worry about medication affordability and 64% see pharmacy benefit managers as having the greatest opportunity to improve access to affordable specialty medications for employees.

How is CVS Caremark (CVS) using biosimilars to lower drug costs for employers in 2026?

CVS Caremark reports its biosimilar formulary strategy has generated more than $3.3 billion in gross Humira-related savings since April 2024. According to CVS Caremark, it also shifted from Stelara to lower-cost biosimilars Pyzchiva and Yesintek on many commercial formularies starting July 1, 2026.

What changes did CVS Caremark (NYSE: CVS) make to Stelara coverage on July 1, 2026?

On July 1, 2026, CVS Caremark began preferring Stelara biosimilars Pyzchiva and Yesintek on its most common commercial template formularies. According to CVS Caremark, these interchangeable alternatives are lower-cost options, and most members using them will pay $0 out-of-pocket for their therapy.

How is CVS Caremark addressing GLP-1 weight management medication costs for employers (CVS)?

CVS Caremark is expanding coverage options and negotiating lower prices for GLP-1 weight management drugs while using utilization management and clinical support. According to CVS Caremark, clients using the CVS Weight Management program spent up to 26% less on GLP-1 weight-loss medications than non-participants.

What technology and AI investments is CVS Caremark (CVS) making in its pharmacy benefit programs?

CVS Caremark invests over $770 million annually in technology to support member-focused innovation and digital tools. According to CVS Caremark, it combines human support with streamlined digital processes and participates in the Coalition for Health AI to promote safe, ethical AI use in health care.

What is CVS Caremark’s TrueCost pricing model and how could it affect CVS (NYSE: CVS) plan sponsors?

TrueCost is CVS Caremark’s acquisition-cost-based pricing model that reveals drug-level rebate values to clients. According to CVS Caremark, it is designed to improve pricing transparency, predictability and sustainability for plan sponsors, helping them better understand and manage pharmacy spending while preserving medication access.