The House on Tuesday released text of its Furthering Continuing Appropriations and Disaster Relief Supplemental Appropriations Act, 2025 which included the first formal language around pharmacy benefit manager reform, UBS tells investors. Based on conversations with industry expects, the Act, while incremental, does not include any adverse new ideas that would materially harm PBM profits, and the text allows enough room and time for PBMs to maneuver and adjust to limit downside risks, UBS says. The firm made no change to its Neutral rating or $62 price target on CVS Health (CVS) shares and says there may be a near-term relief in CVS stock.
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