Healthcare Services June Checkup: Evaluating Shifting Sentiment and Data Points Across Managed Care, Distributors and Facilities

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Healthcare Services June Checkup: Evaluating Shifting Sentiment and Data Points Across Managed Care, Distributors and Facilities

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

08 June 2026

Healthcare Services

June Checkup: Evaluating Shifting Sentiment and Data

Points Across Managed Care, Distributors and Facilities

Managed Care and Facilities

Lisa C. Gill AC

(1-212) 622-6466

lisa.c.gill@jpmorgan.com

John Stansel, CFA AC

Sentiment in Healthcare Services has shifted across our subsectors, with managed (1-212) 622-0083

john.stansel@jpmorgan.com

care gaining favor while we believe facilities and the pharmacy supply chain are

Benjamin Rossi ACviewed less favorably by investors after multi-year outperformance. For managed

(1-212) 622-9603

care, we think investors are becoming increasingly comfortable that MCOs have benjamin.rossi@jpmorgan.com

a handle on trend based on both commentary (MCO CEOs in our call series have

Cole Harris

sounded good) and added data points, providing a case for further upward revisions (1-212) 622-9068

as most target margin improvement in 2026/2027. The areas we are most focused cole.harris@jpmorgan.com

on are: (1) UNH’s upside to guidance progressing through 2026 and 2027; (2) MA J.P. Morgan Securities LLC

trend and outlook for 2027 and the path to margin improvement; (3) PBM upside,

model changes, and CVS’s HSS rebate guarantees; and (4) the progression of trend

commentary, particularly in the ACA Exchanges and Medicaid. For

pharmaceutical distributors, we appreciate that 1Q was disappointing, but we view

investor pessimism as overdone, given solid core and specialty growth. We remain

constructive given the healthy organic growth and limited policy risk for the group.

For the hospitals, we believe Medicaid supplemental programs continue to come