Trends in Profitability and Compensation of PBMs and PBM Contracting Entities

Nephron Research analysis of the primary sources of pharmacy benefit manager (PBM) profitability finds a significant shift over the last decade. While the value of rebates paid to PBMs continues to grow, fees and specialty pharmacy now drive a greater share of PBM profits, with estimated PBM profits derived from fees increasing fourfold and specialty pharmacy more than doubling since 2012 .