Global Pharmaceuticals: Stranded rebates or M&A opportunity?

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Global Pharmaceuticals: Stranded rebates or M&A opportunity?

Global Research

17 July 2026ab

Global Pharmaceuticals Equities

Europe including UKStranded rebates or M&A opportunity?

Pharmaceuticals

Matthew Weston, PhD

Our recent report looking at US rebate trends raised a lot of great investor dialogue. One Analyst

recurring theme of Q&A was a focus on Rebate Walls and how they may influence matthew.weston@ubs.com

company strategy in the mid-term. Following the proposed acquisition of Apogee by +44-20-7567 4055

AbbVie, we were specifically asked which companies have rebates that they can Michael Yee

leverage to accelerate in-house pipeline launches (e.g. J&J's Icotyde) and which Analyst

companies currently pay high rebate dollars to PBMs but have no follow-on pipeline in michael.yee@ubs.com

an adjacent therapeutic category to capitalise on this Rebate Wall potential. For those +1-305-536 9101

companies with seemingly 'stranded' rebates, this may also indicate areas of focus for Dominic Lunn, CFA

future BD. We directly address these questions in this report. Analyst

dominic.lunn@ubs.com

Rebate walls are most effectively leveraged within the same therapeutic area (TA), where +44-20-7567 3621

manufacturers can bundle rebate economics across related products to support Colin White, PhD

formulary access. Cross-TA bundling is generally less effective and faces greater antitrust Analyst

scrutiny. colin.white@ubs.com

+44-20-7567 8657

Whilst rebate walls can be a commercial advantage/challenge for some companies, they Alek Ebbeling

Associate Analyst

are less relevant for companies with less exposure to chronic prescription drugs (e.g. for

alek.ebbeling@ubs.com

Roche, who's business is mostly in specialty care/the hospital setting). +44-20-7567 3764