Tracking Prescription Volumes by Channel

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Tracking Prescription Volumes by Channel

(Part B), payor (Medicare/Medicaid) and whether the magnitude of utilization is priced in

within EVH’s specific contracts with customers. Management noted that embedded

FY26 oncology utilization is expected to remain largely in line with FY25 (approximately

11% - 12%), reflecting stable trends, per commentary on the 1Q26 earnings call.

Separately, we track prescription utilization via IQVIA and the source estimates a -2.3%

decline in total Rx data in May from y/y calendar changes vs. a -0.1% impact in April.

Based on investor inbounds, May data has been an area of scrutiny with the y/y

weakness in May weekly scripts leading up today’s full month data under close watch.

We believe that CAH’s lower earnings exposure to chemotherapy script trend could

account for the relative outperformance of late vs. COR and MCK (CAH +14% in the last

month vs. flat at MCK vs. COR’s +6%).

Pharmacy Chains: 7/3/26 vs. 7/4/25: y/y TRx Growth +8.1%; Chain GRx Above

Independent.

Y/Y growth:

Figure 2: Pharmacy Chains TRx/NRx

Pharmacy Chains TRx /NRx

Source: UBS Research. The above material includes information based on market research information obtained

under license from the following information service(s): IQVIA National Prescription Audit. Copyright IQVIA. All

Rights Reserved.

Pharmacy chains Generics Share of All TRx: 84.5% (+31bps y/y), while Independent

pharmacies Generics Share of All TRx: 81.6% (+63 bps y/y). Distributors (CAH, COR,

MCK) generate higher profits from GRx, specifically generics in the independent

channel.

Mail Order Units: 7/3/26 vs. 7/4/25 : y/y TRx Growth +1.5%, Share 6.7%.

Figure 3: Mail Order Units TRx/NRx

Mail Order Units T Rx/NRx

Mail Order Share All Drugs EUTRX: 6.7% (-54 bps y/y); Mail Order Share Generics