Rx Supply Chain: May Specialty script growth moderates while retail chains lose some share

研报英文原文证据摘录

Rx Supply Chain: May Specialty script growth moderates while retail chains lose some share

blished

6). Total brand sales grew 7.5% y/y in 1Q'26 vs. 15.2% y/y in 1Q'25. Total generic sales Rx Supply Chain: Following Allen Lutz 24 June

grew (1.0%) y/y in May vs. 0.3% y/y in Apr. and 1.4% y/y in Mar. (Exhibit 7). Total generic NorthStar Part 3: CORs Eylea 2026

sales grew 3.3% y/y in 1Q’26 vs. 3.8% y/y in 1Q'25. Branded price per script grew 5.9% opportunity and learnings from

Stimufend

y/y in May vs. 3.5% y/y in Apr. and 4.6% y/y in Mar. Generic price per script grew (0.7%)

y/y in May vs. (0.3%) in Apr. and (0.2%) y/y in Mar. Guardian Pharmacy Services: Allen Lutz 22 June

Internal succession plan 2026

Rx mix shifting from chain stores to non-retail channels supports continuity

Prescription demand is stable, with LSD growth but volumes may be shifting across CVS Health: CVS leans into GLP- Allen Lutz 22 June

channels. Chain stores TRx have seen LSD to MSD declines since late 2025, while all 1 virtual/cash-pay opportunity 2026

with integrated model

other major channels (food stores, independent, mail and long-term care) are seeing

positive growth, offsetting the weakness (Exhibit 11). As a result, chain store share has DD – double-digits

decreased to 52% of TRx (LTM May 2026) from 53% prior, suggesting a gradual mix

shift away from traditional retail toward alternative fulfillment channels (Exhibit 14). HSD - high single-digits

These dynamics carry implications across the Rx supply chain ecosystem. For CVS, IQVIA IRA – Inflation Reduction Act

data suggests a potential shift in Rx mix from retail pharmacy toward mail-order PBM.

Direct-to-consumer platforms such as HIMS and GDRX may benefit from the migration LDD - low double-digits

toward mail/non-retail fulfillment.