Healthcare Technology & Distribution: CVS adds back Lilly’s GLP-1s: First look at the many read-throughs

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Healthcare Technology & Distribution: CVS adds back Lilly’s GLP-1s: First look at the many read-throughs

herwise a very

compelling equity story and financial outlook). Although CVS is shifting away from the GLP-1 – glucagon-like peptide-1

rebate model over time, today’s news should theoretically add back the opportunity to

HIMS – Hims & Herscapture rebates from Lilly in 2026 and 2027, a positive.

MCK – McKessonWhy It Matters for HIMS/GoodRx: Lower GLP-1 prices

We put out a note this morning flagging continued growth of DTC GLP-1s as well as PBM – pharmacy benefit manager

rapidly expanding PBM coverage (see our note). The push and pull between growing

RxTS – Prescription Technologycash-pay prescriptions and lower costs under insurance are a key focus for investors and

Solutionsconsumers. Over the past 1-2 years, cash-pay prices have collapsed, driving a similar

collapse in net prices paid by PBMs and plan sponsors. CVS’s commentary that today’s

news will help health plans save another 10-15% is a continuation of this trend. As the

cost to cover GLP-1s continue to fall, affordable coverage for insured patients should

increase, driving more share away from direct-to-consumer offerings on the margin.

This effect will likely be gradual as opposed to a step-function change, and the

immediate impact to HIMS and GDRX should be immaterial/negligible, in our view.

Why It Matters for MCK: Multi-layered takeaways

Several weeks ago, we put out a note flagging the rapid growth of cash-pay

prescriptions and the risk to McKesson’s full-year FY27 RxTS guide (see our RxTS note).

Today’s news has multi-layered takeaways for MCK, in our view. On the one hand, CVS’s

broader coverage should drive more insurance availability of GLP-1s, which should help

MCK’s prior authorization business.