CVS Health CVS Health Week Day 3: CVS’s PBM and Health Care Delivery Assets

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CVS Health CVS Health Week Day 3: CVS’s PBM and Health Care Delivery Assets

J P M O R G A N North America Equity Research

28 May 2026

CVS Health Overweight

CVS, CVS US

CVS Health Week Day 3: CVS’s PBM and Health Care Price (27 May 26):$92.07

Delivery Assets

Managed Care and Facilities

Lisa C. Gill AC

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

John Stansel, CFA

(1-212) 622-0083

john.stansel@jpmorgan.com

For Day 3 of CVS Health Week, we highlight CVS’s Health Services segment,

Benjamin Rossi

which includes its pharmacy services (Caremark Rx and Cordavis) and care

(1-212) 622-9603

delivery assets (Oak Street Health and Signify Health). We believe the Health benjamin.rossi@jpmorgan.com

Services segment is a core component of CVS’s integrated strategy, bringing Cole Harris

together innovative programs across medical and pharmacy benefits that reduce (1-212) 622-9068

costs and improve health outcomes. In our note, we discuss some of the company’s cole.harris@jpmorgan.com

unique PBM offerings and solutions, Caremark’s specialty pharmacy business, J.P. Morgan Securities LLC

and the long-term strategy to expand CVS’s care delivery capabilities with Oak

Street and Signify. We will be hosting a call this morning at 10:00am ET with David

Joyner, Chairman and CEO of CVS Health. Please reach out to us or your J.P.

Morgan sales contact for details.

• We estimate that Caremark is the second largest PBM in the U.S. The PBM

market has consolidated significantly over time, with the three largest players

now accounting for ~79% of total adjusted script volume in 2025, and the five

largest accounting for over 91% of market share. We believe this puts

Caremark in a privileged position and allows the business to leverage scale to